Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global power sport vehicle tire market was valued at US$ 4.89 Bn in 2022 and is projected to expand at a CAGR of 4.0% from 2023 to 2031. Rise in popularity of power sport activities, increase in disposable income, and technological advancements are driving demand for power sport vehicle, which is fueling the power sport vehicle tire market.
Availability of a range of power sport vehicles, including motorcycles, UTVs, and ATVs, offers lucrative market opportunities. These vehicles require specially designed tires for safety, durability, and optimal performance in tough terrains and riding conditions.
The power sport vehicle tire industry is propelled by rise in popularity of power sports vehicles across the world. These vehicles are widely used in off-road exploration, motorsports, recreational purposes, and adventure activities.
The power sport vehicle tire industry is engaged in the manufacture and supply of tires specifically for power sports vehicles. These vehicles include ATVs, UTVs, snowmobiles, motorcycles, and other off-road and recreational vehicles.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 4.89 Bn | |
| Estimated Value | US$ 6.96 Bn | |
| Growth Rate - CAGR | 4.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 195 Pages | |
| Market Segmentation | By Vehicle Type, End-user, Propulsion, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Michelin, Bridgestone, Pirelli, Dunlop (Goodyear), Continental, Metzeler (Pirelli), Shinko, Maxxis, Kenda, IRC Tire, Mitas, Avon Tyres, CST, Duro Tire, Cheng Shin Rubber (CST) | |
Key Findings of Study
Rise in Demand for Power Sports Vehicles – Increase in participation in sports and recreational activities is a key driver of the power sport vehicle tire market. Rise in popularity of power sport vehicles increases the frequency of replacement of tires due to wear and tear. Power sport vehicle owners who are looking to expand or upgrade their vehicles would require additional tires. This is fueling market expansion.
Participation in power sports offers thrill and adventure, and therefore attracts enthusiasts who seek recreational activities. Power sports vehicles for off-roading, motorcross, and ATV racing require durable and specialized tires to ensure safety, performance, and optimal traction.
Government authorities encourage power sports activities by investing in infrastructure development, constructing dedicated tracks, trails, and recreational zones. These initiatives encourage participation, thereby fueling the power sport vehicle market, including the demand for tires.
Increase in Disposable Income and Participation in Power Sports – Power sport vehicle tires need regular replacement due to wear and tear. Consumers with higher disposable income tend to replace worn out tires promptly to keep the vehicle in shape.
Rise in disposable income is a key factor for increased participation in power sports. This has led to the emergence of power sports enthusiast communities that share experiences, information, and recommendations on online forums. Word-of-mouth and community recommendations play a key role in tire replacement decision among enthusiasts with increased spending capacity.
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Ease of use, Accessibility, and Versatility Driving All-terrain Vehicles Segment – Based on vehicle type, the ATVs segment held the leading share in the global market in 2022. ATVs are suitable for different terrains, including mud, snow, off-road environments, and rocky surfaces.
ATVs are suitable for a number of recreational activities, including farming, hunting, trail riding, and utility tasks. This necessitates adoption of specialized tires that can handle different terrains.
Growth Drivers
- Increase in participation in power sports activities for thrill and adventure is fueling the power sport vehicle tire market
- Tendency of individuals with higher disposable income to replace worn out tires promptly is augmenting market growth
Regional Landscape
North America held the leading share of the global market in 2022. Significant participation in power sports, including ATV riding, motorcycle riding, and off-road adventure is fueling market development in the region. Popularity of power sports, presence of diverse terrains, and sponsoring of world’s largest power sports events contribute to the growth of power sport vehicle tire market in the region.
The power sport vehicle tire market in Asia Pacific grew at a rapid pace in the past few years. Rise in interest in power sports, surge in disposable income, and large population are the key factors driving demand for power sport vehicles and tires. India, China, Japan, and Southeast Asian countries are experiencing rise in demand for power sport vehicles, particularly motorcycles and ATVs.
Competitive Analysis
The global industry is consolidated, with a small number of players controlling majority share. Product development and M&As are the key growth strategies adopted by major players in the power sport vehicle tire market.
Prominent players in the power sport vehicle tire market include Michelin, Pirelli, Continental AG, Duo Tire, Bridgestone, and Dunlop (Goodyear).
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The global power sport vehicle tire market has been segmented as follows:
Global Power Sport Vehicle Tire Market, by Vehicle Type
- Motorcycles
- All-terrain Vehicles (ATVs)
- Side-by-Side (SxS)
- Snowmobiles
Global Power Sport Vehicle Tire Market, by End-user
- Recreational Riders
- Professional Riders
- Commercial Users
Global Power Sport Vehicle Tire Market, by Propulsion
- IC Engine
- Diesel
- Gasoline
- Electric
- Battery Electric
- Plug-in Hybrid Electric
- Fuel-cell Electric
Global Power Sport Vehicle Tire Market, by Sales Channel
- OEM
- Aftermarket
Global Power Sport Vehicle Tire Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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