Power Sports Market is estimated to exhibit 4% CAGR with USD 14 billion by 2024. Power sports market, a highly lucrative vertical of the overall automotive and transportation sphere, has been gaining renewed acclaim lately. The industry primarily banks on the popularity of recreational activities that have been surging across the globe, on account of the robustly expanding tourism industry and the consequently rising interest for luxury sports. The demand for power sport vehicles such as snowmobiles, personal watercrafts, and ATVs has been tremendously increasing in recent times, having taken note of which, prominent powersports industry contenders have been going the whole hog to innovate an all-new range of vehicles for these recreational sports.
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While North America is a global hub for the expansion of powersports market size, it has been observed that the Asia Pacific has lately been emerging as a highly popular investment ground for powersports industry. The reason for the same can be essentially attributed to the rising disposable incomes in the region that has led to the masses spending unabashedly on luxury sports, thereby accelerating the sales of ATVs, heavyweight vehicles, and the like. Led by the emerging economies such as India and China, APAC power sports market size is anticipated to register a modest CAGR of 4.5% over 2018-2024.
Power Sports Market by Vehicle
Side By Side Vehicles
The APAC power sports market has also been experiencing commendable growth on account of the fact that leading industry contenders have been vying with one another to pour in investments in the region and consolidate their stance in the regional business sphere. Prominent players such as Polaris have also been expanding their distribution channels to capture a sizable proportion of the industry share.
Speaking along the same lines, it is vital to mention that Polaris is indeed one of the most powerful participants across APAC, especially in India. A popular American manufacturer of powersport vehicles, Polaris has been touted to pretty much be the leader in India powersports industry, especially in terms of ATV sales. As per estimates, Polaris sold 1,000 units of ATVs in India in the past three years. Out of all the sales in India by Polaris, 15% come from government sectors like police and defense. The company expects to sell another 3,000 units by 2020 due to the expansion of Powersport market and rise in demand for adventure sport.
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All-terrain vehicle dominates power sports market with application in athletic and recreational activities. These vehicles can easily be adopted in activities including camping and other motorsports with minor changes. Rise in outdoor facilities such as recreational parks is continuously augmenting product demand. In addition, product offering no-clutch and semi-automatic transmission will further fuel the industry growth.
Side by side power sports market will foresee around 3% CAGR owing to its demand for sports operations along with ability of the vehicle offering multiple seating facility. The vehicles provide higher functionality and smooth riding experience in difficult terrains. SSV provide multiple driving mode, better suspension and disc break that improves passenger safety and support industry growth. Snowmobile segment will witness sturdy growth in regions including Europe and North America.
Key power sports vehicle manufacturers include Kubota, Kymco, Kawasaki Motors, John Deere, Suzuki Motors, BRP, Can-Am, Arctic Cats, Harley Davidson, Yamaha Motors, Honda Motors and Polaris Industries. Companies are adopting merger & acquisition strategy for increasing their production capacity and boost their industry share. For instance, in January 2017, Textron Specialized Vehicles, a global manufacturer of utility and personal transportation vehicle acquired Arctic Cat at approximately USD 247 million. This will help the company to enhance product innovation and expand their distribution network to improve consumer reach.
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