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In-Depth Examination of Segments, Industry Trends, and Key Competitors in the Power Sports Market
Power Sports Market
Power Sports Market Size and Growth Outlook
The power sports market is projected to reach a value of $48.15 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.8%. This upward trend is fueled by the customization of power sports vehicles tailored to specific user requirements, the rising availability of electric and environmentally friendly options, and the increasing popularity of electric motorcycles and e-bikes. Additionally, breakthroughs in autonomous and smart vehicle technology, along with expanded use in urban mobility, are key contributors to market expansion. Leading trends anticipated during this period include the adoption of electric and hybrid power sports vehicles, adherence to safety regulations, the integration of smart and connected features, autonomous and semi-autonomous vehicle functions, and growing demand for personalized experiences and rental services.
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Top Companies Driving the Power Sports Industry
Several prominent players currently shape the landscape of the power sports market. These 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., and STR Motorsports.
Noteworthy Acquisition Strengthening Market Position
In January 2022, The Toro Company, a US-based leader in outdoor environment solutions, acquired The Intimidator Group Inc. for $400 million. This strategic acquisition aims to bolster Toro's standing in the zero-turn mower segment and solidify its presence in the market. The Intimidator Group Inc. specializes in manufacturing side-by-side vehicles in the United States, making this move a significant step in expanding Toro's product portfolio.
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Safety Innovations Driving Power Sports Market Expansion
Leading companies in power sports are increasingly focusing on next-generation technologies, such as safety and driver-assist systems, to lower traffic collision fatalities and improve accident prevention. These systems utilize sensors and cameras to assist drivers in safely operating vehicles by detecting obstacles and avoiding crashes. For example, in November 2022, Honda Motor Co., Ltd., a Japanese automaker and power equipment manufacturer, announced upgrades to its advanced safety and driver assistance platforms, Honda Sensing 360 and Honda Sensing Elite. The enhanced Honda Sensing 360 system offers a 360-degree awareness of a vehicle's surroundings through additional sensors and will become standard on all new Honda and Acura models sold in the U.S. by 2030.
Leading Segments in the Power Sports Market
The power sports market segmentation includes various product types such as hair care, hair removal, oral care, and other personal care appliances. Distribution channels are divided into online and offline platforms, while end users are categorized as female or male. More detailed subsegments cover hair care products like hair dryers, straighteners, curlers, and brushes; hair removal devices including electric shavers, epilators, laser devices, and creams; oral care items such as electric toothbrushes, water flossers, mouthwash dispensers, and teeth whitening devices; and other products like facial cleansing brushes, foot massagers, body groomers, and nail care instruments.
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