increasing number of recreational and adventure sports activities is driving the Powersports Market
Technavio analyzes that the Powersports Market is expected to grow at a CAGR of 5.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12838.7 million.There are various factors that contribute to the growth of the market. The Powersports market is experiencing significant growth due to the increasing popularity of recreational and adventure activities. More consumers are seeking thrilling experiences, leading to a surge in demand for powersports vehicles such as motorcycles, all-terrain vehicles (ATVs), and personal watercraft. This trend is expected to continue as the desire for adrenaline-pumping experiences remains strong among both young and old demographics.
The Powersports market is dominated by side-by-side vehicles, which are widely adopted for both off-road and on-road applications due to their short-travel suspension, high-power-rated motors, and ample cargo space. These vehicles, including ATVs and UTVs, boast deep-treaded pneumatic tires, bench or bucket seating for multiple occupants, and foot pedals for acceleration and braking. Polaris Inc.'s introduction of the single-seater vehicle, the Sportsman Ace, with a roll cage, steering wheel, and foot pedals, further expands the side-by-side category's offerings. These vehicles' lightweight design, high suspension, and short wheelbase ensure optimal handling and stability in extreme terrain conditions.
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Powersports Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Powersports Market encompasses various recreational activities including motorcycles, snowmobiles, personal watercraft, off-road biking, scooters, and ATVs/SxS vehicles. These power sports vehicles come in different engine types such as diesel, gasoline, and new energy like electric. The market caters to extreme operating conditions for adventure sports and tourism, with on-road and off-road applications. OEM manufacturers offer vehicle modifications and accessories for fuel-efficient vehicles, catering to both on-highway and off-highway use. The Global Powersports Market is evolving with electrification and innovation in recreational infrastructure.
The Powersports market, a segment of the larger leisure products industry, encompasses recreational activities such as Surfing, Off-road Biking, Snowmobiling, and the use of All-terrain Vehicles (ATVs). This sector contributes significantly to the market's growth, which is projected to expand due to several key drivers. The increasing popularity of health and fitness, evidenced by rising memberships in fitness clubs, fosters demand for leisure activities. Additionally, the market's diversity caters to various consumer preferences, with offerings ranging from Diesel Engines and Gasoline Engines to New Energy Vehicles. Technavio, a leading global technology research agency, calculates the size of the household durables market by aggregating revenues from manufacturers in this sector, including leisure products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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