DUBLIN--(BUSINESS WIRE)--The "Global Power Sports Market (ATV, SSV, Snowmobiles, Motorcycles & PWC): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.
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 powerboat 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 the 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, the emergence of next-generation engines and the 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 are 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.
Companies Mentioned
- Bombardier Recreational Products Inc.
- Honda Motor Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Polaris Industries Inc.
- Textron Inc.
- Yamaha Corporation (Yamaha Motors)
Scope of the report:
- The report provides a comprehensive analysis of the global power sports market, segmented into off-road vehicles [(All-Terrain Vehicles (ATVs) & Side-by-Side vehicles (SSVs)], snowmobiles, powerboats (PWC and others) and motorcycles.
- The major regional markets (North America and Europe) have been analysed, along with country coverage of US, Canada, UK and Germany.
- The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
Key Topics Covered:
1. Market Overview
2. Impact of COVID-19
2.1 Introduction
2.2 Decline in Global GDP Growth
2.3 Change in Organic Traffic
2.4 Disruption of Supply Chain
2.5 North America Power Sports Market
2.6 UK Power Sports Market
3. Global Power Sports Market Analysis
3.1 Global Power Sports Market Value
3.2 Global Power Sports Market Value Forecast
3.3 Global Power Sports Market Volume by Segments
3.4 Global Power Sports Market Volume Forecast by Segments
3.5 Global Off-Road Vehicles Market Volume
3.6 Global Off-Road Vehicles Market Volume Forecast
3.7 Global Off-Road Vehicles Market Volume by Segment
3.8 Global Side-by-Side Vehicles Market Volume
3.9 Global Side-by-Side Vehicles Market Volume Forecast
3.10 Global ATV Market Volume
3.11 Global ATV Market Volume Forecast
3.12 Global ATV Market Volume by Region
3.13 Global Snowmobiles Market Volume
3.14 Global Snowmobiles Market Volume Forecast
3.15 Global Snowmobiles Market Volume by Segments
3.16 Global Snowmobiles Market Volume by Region
3.17 Global Personal Watercraft Market Volume
3.18 Global Personal Watercraft Market Volume Forecast
3.19 Global Personal Watercraft Market Volume by Region
4. Regional Power Sports Market Analysis
4.1 North America
4.2 Europe
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Growing High Net Worth Population and Wealth
5.1.2 Increasing New Power Boat Sales
5.1.3 Improving Consumer Confidence Index
5.1.4 Rising Working Population
5.1.5 Accelerating Economic Growth
5.1.6 Rapid Urbanization
5.2 Key Trends and Developments
5.2.1 Artificial Intelligence (AI) Applications in Power Sports Vehicles
5.2.2 Emergence of Next Generation Engines
5.2.3 Economical Impact of Snowmobiling
5.2.4 Technological Advancements
5.3 Challenges
5.3.1 Seasonality of Power Sports Vehicles Sales
5.3.2 Weather Fluctuations
5.3.3 Environmental Issues
5.3.4 High Maintenance Cost
6. Competitive Landscape
6.1 Global Power Sports Market
6.2 The U.S. Power Sports Market
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/lnbbsg
