Press release
Power Sports Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Power Sports
What Is the Projected Growth of the Power Sports Market?
In recent times, there has been a substantial expansion in the size of the power sports market. Projections show an increase from $35.24 billion in 2024 to $37.53 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.5%. Several factors have contributed to this growth during the historic period. These include a surge in demand for recreational and outdoor activities, a rise in off-road and adventure sports, expansion of motorsports and racing, development of high-performance vehicles, as well as the influence of safety and emissions regulatory standards.
In the coming years, the power sports market size is predicted to experience robust growth. The market is set to expand to $50.1 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. This predicted growth in the forecast period can be credited to factors such as the development of tailored power sports vehicles for niche requirements, increased availability of electric and environmentally-friendly options, a growing interest in electric motorcycles and e-bikes, advances in autonomous and intelligent vehicles, and their elevated application in urban mobility solutions. Notable trends during the forecast period encompass electric and hybrid power sports vehicles, adherence to power sports safety regulations, smart and interconnected power sports experiences, autonomous and semi-autonomous power sports, personalized power sports experiences, and rentals.
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What Are the Different Power Sports Market Segments?
The power sports market covered in this report is segmented -
1) By Vehicle Type: All-Terrain Vehicle, Side-By-Side Vehicle, Personal Watercraft, Snowmobiles, Heavyweight Motorcycle
2) By Model: Multi Personal, Sit Down, Stand Up
3) By Application: On-Road, Off-Road
Subsegments:
1) By All-Terrain Vehicle (ATV): Utility ATVs, Sport ATVs, Youth ATVs
2) By Side-By-Side Vehicle (SxS): Utility SxS, Sport SxS, Recreational SxS
3) By Personal Watercraft (PWC): Sit-Down PWCs, Stand-Up PWCs
4) By Snowmobiles: Mountain Snowmobiles, Trail Snowmobiles, Crossover Snowmobiles, Utility Snowmobiles
5) By Heavyweight Motorcycle: Cruisers, Touring Motorcycles, Adventure Motorcycles, Sport Motorcycles
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What Are the Primary Drivers Shaping the Power Sports Market?
The upswing in participation in sports is projected to catalyze the expansion of the power sports market. This refers to any involvement in sports, spanning from coaching to officiating, and partaking in things such as practices and competitions. The escalating allure of power sports is tied to its exhilarating experiences and affiliation with outdoor recreational pursuits, fostering an augmented demand. For instance, in January 2023, data from the Department of Health and Aged Care, an Australian Government body, revealed that over 90% of adults relished partaking in sports. Approximately three million young individuals and close to 13 million adults are engaged in athletics every year. Each year sees 3.1 million Australians offering their services as volunteers in sports and active leisure. Thus, the rise in sports activities fuels the growth trajectory of the power sports market.
Which Companies Are Leading in the Power Sports Market?
Major companies operating in the power sports market include Polaris Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Yamaha Motor Co. Ltd., Honda Motor Company Ltd., Suzuki Motor Corporation, Harley-Davidson Inc, Kubota Corporation, Kymco, Arctic Cat Inc., Bombardier Recreational Products Inc., Textron Inc., Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd, Feishen Group, Zero Motorcycles Inc, Hisun Motors Corp, American Honda Motor Co., KTM AG, BMW Motorrad, Piaggio & C. SpA, CFMOTO Powersports Inc, Deere & Company, Mahindra & Mahindra Ltd., Caterpillar Inc, J.C. Bamford Excavators Ltd., Komatsu Ltd., Atturo Tire Corporation, Logan Powersports Group, Sportech Inc., STR Motorsports
What Are the Major Trends Shaping the Power Sports Market?
Leading corporations in the power sports industry are aiming to incorporate advanced technologies such as safety and driver assistance systems. Their objective is to diminish motor accident-related fatalities, bolster collision prevention, spur customer demand, and fortify their market presence. Safety and driver-assistive systems allude to technologies that enable drivers to operate vehicles safely by using devices like sensors and cameras to identify obstacles and prevent accidents. For instance, in November 2022, Honda Motor Co., Ltd, a global automaker, motorcycle, and power equipment manufacturer, revealed enhancements to the functionality of its Honda Sensing 360 and Honda Sensing Elite systems. Honda Sensing 360 represents an upgraded version of the existing driver assistance systems, enriched by additional sensors to provide a comprehensive 360-degree view of the vehicle's surroundings. By 2030, the upgraded Honda Sensing 360 system will come standard on every new Honda and Acura vehicle sold in the United States.
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What Are the Top Revenue-Generating Geographies in the Power Sports Market?
North America was the largest region in the power sports market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power sports market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Sports Market?
2. What is the CAGR expected in the Power Sports Market?
3. What Are the Key Innovations Transforming the Power Sports Industry?
4. Which Region Is Leading the Power Sports Market?
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