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Global Powersports Market Size to Grow at a CAGR of 5.60% in the Forecast Period of 2023-2028

03-23-2023 12:04 PM CET | Logistics & Transport

Press release from: Expert Market Research

Global Powersports Market Size to Grow at a CAGR of 5.60% in

The 'Global Powersports Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global powersports market, assessing the market on the basis of its segments like vehicle type, application, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Powersports Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 9.28 billion
• Forecast CAGR (2023-2028): 5.60%

With the growing popularity of ATVs, the market for powersports is anticipated to expand during the forecast period. In comparison to other vehicles, these machines are less complicated to manoeuvre and have lower age limits. In regions such as North America and Europe, there are more ATV paths being added to parks and beaches, as well as new recreational sites being developed. The powersports market expansion is significantly accelerated by their affordability, and by travel agencies, trail maps, and travel guides progressively promoting snowmobile tourism.

Get a Free Sample Report with Table of Contents - https://www.expertmarketresearch.com/reports/powersports-market/requestsample

The market share of powersports vehicles is growing due to their high torque and durable shock absorbers. A favourable climate for the market is being created by the initiatives of various governments to develop the tourism sector by helping various recreational clubs improve their service offerings. An important factor driving the global powersports market is the increase in participation in leisure activities like surfing, off-road biking, and snowmobiling, which has led to an increased demand for powersports vehicles. The development of personal watercrafts, as a result of technical advancements, is another important factor driving the growth of the global powersports market.

Powersports Industry Definition and Major Segments

Powersports, a subgenre of motorsports, involves the use of motorcycles, ATVs, snowmobiles, and personal watercrafts (PWCs) for recreational and racing purposes, among others. One of the features that sets this activity apart from others is the usage of handlebars on the vehicles, the rider mounting on the machine rather than going inside, and the rider's exposure to the weather.

Read Full Report with Table of Contents - https://www.expertmarketresearch.com/reports/powersports-market

On the basis of vehicle type, the market is divided into:

• All-terrain Vehicles (ATV)
• Side-by-side Vehicles
• Snowmobiles
• Personal Watercraft
• Heavyweight Motorcycle

Based on application, the market is bifurcated into:

• On-road
• Off-road

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Powersports Market Trends

The personal watercraft segment is expected to account for a significant portion of the market during the forecast period as these devices offer a lot of power while being ecologically responsible. They are also frequently used by both young and old people because they are built with safety for the rider in mind and have features like engine cut-off lanyards. In the event that the rider disengages from the steering wheel and becomes separated from the vehicle, this feature engages to ensure that the engine is switched off. These factors will likely accelerate the powersports market expansion.

Off-road applications of powersports are a growing trend in the market due to the increasing development of vehicles designed for off-road use, with durability and capacity to operate on various types of terrain. Key market players are augmenting their market share and boosting their revenue streams by expanding their product lines of UTVs and SSV vehicles. For example, brands like Kawasaki Motor Corporation and Arctic Cat, Inc. are releasing new side-by-side vehicles.

Key Market Players

The major players in the global powersports market report are

• Polaris Inc.
• Arctic Cat Inc.
• Bombardier Recreational Products Inc.
• Suzuki Motor Corporation
• Yamaha Motor Co., Ltd.
• Kawasaki Motors, Ltd.
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Media Contact:

Company Name: Claight Corporation
Contact Person: Alex, Business Consultant
Email: sales@expertmarketresearch.com
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients' requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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