Market Research Report
Global Power Sports Market (ATV, SSV, Snowmobiles, Motorcycles & PWC): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)
|Published by||Koncept Analytics||Product code||952548|
|Published||Content info||132 Pages
Delivery time: 1-2 business days
|Global Power Sports Market (ATV, SSV, Snowmobiles, Motorcycles & PWC): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)|
|Published: August 3, 2020||Content info: 132 Pages||
The global power sports market is forecasted to reach US$13.87 billion in 2024, growing at a CAGR of 6.21% for the period spanning 2020-2024. The factors such as growing high net worth population and wealth, increasing new power boat sales, improving consumer confidence index, rising working population, accelerating economic growth and rapid urbanization are expected to drive the market. However, growth of the industry would be challenged by seasonality of power sports vehicles sales, weather fluctuations, environmental issues and high maintenance cost. A few notable trends include artificial intelligence (AI) applications in power sports vehicles, emergence of next generation engines, economic impact of snowmobiling and technological advancements.
In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the power sports sales is expected to decrease sharply in all regions.
The power sports market comprises four main segments namely snowmobiles, powerboats (PWC and others), motorcycles and off-road vehicles, which further includes all-terrain vehicles (ATVs) & side-by-side vehicles (SSVs). High preference of side-by-side vehicles in developing economies helped off-road vehicles to remain at top position amongst all the segments in 2019.
The fastest growing regional market is North America owing to favourable weather conditions and increasing consumers spending on recreational and sports activities. The U.S. and Canada are the two largest market for power sports and are already well-penetrated at developed market levels.