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Growing Number Of Sports Activities Fuels Power Sports Market Growth: Powering Innovation and Expansion in the Power Sports Market by 2025
Power Sports
What Is the Expected CAGR for the Power Sports Market Through 2025?
In recent times, the power sports market has experienced considerable growth. Its valuation is projected to rise from $35.24 billion in 2024 to $37.04 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. The remarkable growth observed in the historical period can be credited to factors such as increased demand for outdoor and recreational activities, a rise in off-road and adventure sports, growth in the motorsports and racing sectors, the creation of high-performance vehicles, as well as regulatory standards put in place for safety and emissions.
What's the Projected Size of the Global Power Sports Market by 2029?
Anticipation runs high for the power sports market as robust expansion is projected in the foroming years. The market size is set to soar to a staggering $48.15 billion by 2029, driven by a compound annual growth rate (CAGR) of 6.8%. Several factors contributing to this projected growth within the forecast period include customized power sports vehicles catering to specific requirements, advancements into electric and eco-friendly options, the upswing in electric motorcycles and e-bikes, as well as newer tech innovations in autonomous and smart vehicles, especially for urban mobility. Key trends to look out for during the forecast period encompass novel electric and hybrid power sports variants, stringent safety regulations in power sports, smarter and connected power sports experiences, progress in autonomous and semi-autonomous power sports, tailored power sports experiences, and an uptrend in power sports rentals.
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Top Growth Drivers in the Power Sports Industry: What's Accelerating the Market?
The power sports market is anticipated to grow with the increasing involvement in sports activities. This encompasses any sports-related role such as coaching, refereeing, or active participation in training sessions or actual games. The increasing demand for power sports is linked to the excitement and outdoor fun it offers, contributing to its growing popularity. As an example, the Australian Government's Department of Health and Aged Care reported in January 2023 that over 90% of adults were fond of participating in sports activities. Each year sees the participation of three million youngsters and nearly 13 million adults in athletics. Furthermore, 3.1 million Australians volunteer annually in sports and other active leisure activities. This surge in sports participation is a key driver for the expansion of the power sports market.
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What Are the Key Trends Driving Power Sports Market Growth?
The major players in the power sports industry are employing increasingly advanced technologies like safety and driver-assist systems, with the aim of reducing fatalities from traffic collisions and improving collision avoidance, thus boosting customer demand and securing their market positions. Safety and driver assistive systems encompass technologies that assist drivers in operating their vehicles safely, including the use of sensors and cameras to detect obstacles and evade crashes. For instance, in November 2022, Japan-based automaker, motorcycle, and power equipment manufacturer, Honda Motor Co., Ltd., declared significant improvements to its sophisticated safety and driver assistance systems, Honda Sensing 360 and Honda Sensing Elite. The Honda Sensing 360 system advances upon the brand's existing advanced driver assistance systems (ADAS), offering additional sensors to create a 360-degree view of the car's surroundings. This enhanced Honda Sensing 360 system is set to become a standard feature in all new Honda and Acura vehicles sold in the United States by 2030.
What Are the Main Segments in the Power Sports Market?
The power sportsmarket 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 Top Companies are Driving Growth 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
Which Regions Will Dominate the Power Sports Market Through 2029?
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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