Selbyville, Delaware, Jan. 18, 2023 (GLOBE NEWSWIRE) --
Power Sports Market is expected to record a valuation of USD 69 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies promising R&D operations in the field and the growing popularity of off-roading events as the chief drivers of the power sports industry. Additionally, the positive outlook of the tourism industry, especially in the LATAM and MEA regions, is bolstering product adoption. These areas have vast stretches of deserts and barren lands that are highly suitable for off-road championships and events such as ATV riding and off-road biking.
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In terms of vehicle, the power sports market from personal watercraft segment is slated to witness global sales of over 160 thousand units by 2032. The demand for personal watercraft is driven by an increase in water sporting events globally. The reduced weight adds to an improved power-to-weight ratio and considerably increases craft efficiency. PWCs' faster speeds combined with better cornering skills further improve the craft's maneuverability, which is speculated to accelerate product adoption.
The heavy demand for gasoline-powered sports vehicles. The power sports market revenue from gasoline segment is poised to surpass over USD 19 billion by 2032. This growth is attributed to high consumer attraction due to their low initial purchase costs as compared to diesel counterparts. Moreover, gasoline-backed cars provide high mileage, cleaner energy, and higher resale value, which is forecast to propel segment expansion.
Europe power sports market size is predicted to expand at more than 6% gains through 2032. The region may emerge as a major hub for this industry owing to the soaring adoption of recreational operations as a result of various adventurous trails, adventure parks, and varied landscapes in the region. Furthermore, favorable cross-country UTV championships in countries such as the UK, Spain, and France are encouraging maximum youth participation every year, thereby enhancing the uptake of power sports vehicles in the region.
The competitive landscape of the power sports market is speculated to witness a series of product diversification efforts, acquisitions, and production expansion initiatives by industry players to maintain their market position. Some key participants profiled in the industry include Kawasaki Motors Corporation, Polaris Industries, Yamaha Motor Corporation, Honda Motors, and BRP, among others.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Power sports industry 3600 synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Vehicle trends
2.4 Propulsion type trends
2.5 Regional trends
Chapter 3 Power Sports Market Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing focus on R&D investments and product innovation
3.9.1.2 Introduction of electric power sport vehicles in Europe
3.9.1.3 Growing inclination towards recreational activities in Asia Pacific
3.9.1.4 Rising number of off-roading events in North America
3.9.1.5 Positive outlook of tourism industry in Latin America and MEA
3.9.2 Industry pitfalls & challenges
3.9.2.1 High initial cost of power sports vehicles
3.9.2.2 Increasing safety and environmental impact concerns
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
