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Sport Side by Sides (SxS) Market SWOT Analysis, Business Growth Opportunities, Future Challenges and Forecast to 2021-2027
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Market Overview
Sport side by side vehicle captured considerable market presence over the past few years and expected to have influential growth in the forecasted period. The factors that are driving the demand for sports side by side vehicle are surging disposable income of the consumer that has increased its adoption in various activities such as sports, agriculture and entertainment purpose. In addition, leading industry players such as Arctic Cat, BRP Inc., Honda Motor Co. Ltd., Harley Davidson, Polaris Industries, Inc., John Deere, Kawasaki Motor Corporation, Yamaha Motor, Kymco, and Kubota are making investments in R&D activities to lower the cost of ownership for these vehicles, aiding in market growth. Moreover, the U.S. accounts for a major portion in the pie, owing to the increasing consumer disposable income and rising outdoor recreational spending.
COVID-19 Impact
The outbreak of coronavirus in 2020 had severely impacted the economic conditions around the globe. The global lockdown and travel restrictions imposed by government authorities across the world has severely impacted the sports side by side vehicle market. It is mainly owing to the restriction imposed on social gatherings, cancellation of racing events, and lockdown to prevent the spread of coronavirus have lowered the sales of power sports products. However, the industry has witnessed demand from the young consumer segment over this period due to temporary closure of colleges and universities, compelling families to spend on power sports-based activities.
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Global Sport Side by Sides (SxS) Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into:
• Displacement (CC): ≤ 400
• Displacement (CC): 400-800
• Displacement (CC): ≥ 800
Based on Product Type, Currently, displacement CC 400-800 segment generated revenue of USD -- billion in 2020. The segment is expected to grow at a CAGR of --% during the forecast period to reach a market valuation of USD -- billion by 2027 mainly due to ensure maximum features and enhanced safety of the vehicle.
By Application, the market is mainly segmented into:
• Work
• Entertainment
Currently, the entertainment segment grabbed --% market share of the global sport side by sides (SxS) market and gathered revenue of USD -- billion in 2020. The segment is expected to grow at a CAGR of --% during the forecast period to reach a market valuation of USD -- billion by 2027 owing to the increasing off-road desert championships and enhancement of recreational infrastructure including racetracks, recreational parks, and boating places.
Global Sport Side by Sides (SxS) Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World
Based on the estimation, North America dominated the market in 2020. North America constitutes the largest market for the industry and generated revenue of USD -- billion in 2020 predominantly owing to increasing consumer disposable income and rising outdoor recreational spending.
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The major players targeting the market includes:
• Polaris
• John Deere
• Honda
• Kawasaki
• Kubota
• Arctic Cat
• Yamaha Motor
• CFMOTO
• HSUN Motor
• Linhai Group
• KYMCO
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Sport Side by Sides (SxS) Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Global Sport Side by Sides (SxS) Market?
• Which factors are influencing the global sport side by sides (sxs) market over the forecast period?
• What are the global challenges, threats, and risks in the global sport side by sides (sxs) market?
• Which factors are propelling and restraining the global sport side by sides (sxs) market?
• What are the demanding global regions of the global sport side by sides (sxs) market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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