Press release
2025-2034 Power Sports Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Power Sports
What Will the Power Sports Industry Market Size Be by 2025?
Recent years have witnessed significant growth in the size of the power sports market. It is projected to increase from $35.24 billion in 2024 to $37.53 billion in 2025, at a compound annual growth rate (CAGR) of 6.5%. This growth during the historical period is due to multiple factors: the rising demand for outdoor and leisure activities, the surge in off-road and adventure sports, the expansion of the motorsports and racing industry, the evolution of high-performance vehicles, and regulatory norms concerning safety and emissions.
What's the Long-Term Growth Forecast for the Power Sports Market Size Through 2029?
Expectations are high for the power sports market, with predictions for substantial growth in the coming years. By 2029, the market is set to grow to $50.1 billion, experiencing a compound annual growth rate (CAGR) of 7.5%. This projected increase in the prediction period can be associated with the provision of tailored power sports vehicles for specific uses, the advancement and proliferation of eco-friendly and electric alternatives, a surge in electric motorcycles and e-bikes, as well as innovations in autonomous and intelligent vehicles, and their rising use in urban mobility solutions. Key trends expected in the outlook period consist of hybrid and electric power sports vehicles, adherence to regulations on power sports safety, interconnected and intelligent power sports experiences, autonomous and semi-autonomous power sports, personalized power sports experiences, and rentals.
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What Are the Key Growth Drivers Fueling the Power Sports Market Expansion?
A surge in engagement with sports activities is predicted to catalyze the expansion of the power sports market in the future. Engaging in sports activities can be understood as partaking in sports in any form, ranging from coaching to officiating, and including involvement in practice and competitions. The escalating appeal of power sports, associated with exhilarating experiences and outdoor leisure activities, has stimulated increased demand for power sports. For instance, in January 2023, data from the Department of Health and Aged Care, a segment of the Australian Government, revealed that over 90% of adults relished engaging in sports. Every year, the field attracts three million young participants and nearly 13 million adults. Annually, 3.1 million Australians devote their time volunteering in sports and active recreation. Thus, the escalation in sports engagements acts as a key driver for the growth of the power sports market.
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What Are the Key Trends Driving Power Sports Market Growth?
Leaders in the power sports industry are shifting their focus toward the integration of next-generation technologies such as safety and driver-assistive systems. These innovative technologies, aimed at reducing traffic fatalities and improving collision avoidance, are expected to meet growing customer expectations and solidify their standings in the market. Safety and driver-assistive systems encompass technologies designed to enable safer vehicle operation, employing sensors, and cameras to identify potential hazards to prevent accidents and crashes. In a recent example of this trend, Honda Motor Co., Ltd., a Japan-based automotive and power equipment manufacturer, unveiled enhancements to its cutting-edge safety and driver-assistance features - the Honda Sensing 360 and the Honda Sensing Elite - in November 2022. The Honda Sensing 360 system, which presents an upgraded version of Honda's pre-existing advanced driver-assistance systems (ADAS), deploys additional sensors to create a 360-degree overview of the vehicle's outside environment. Honda has confirmed that the upgraded Honda Sensing 360 system will come as a standard feature in all its new Honda and Acura models sold in the United States by 2030.
How Is the Power Sports Market Segmented?
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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Which Companies Are Leading the Charge in Power Sports Market Innovation?
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
Which Regions Are Leading the Global Power Sports Market in Revenue?
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.
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