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Power Sports Market Size, Share & Trends Analysis Report By Application (Off-Road, and On-Road), By Propulsion (Gasoline, Electric, and Diesel), By Vehicle Type, By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 244 Pages
  • March 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5949646
The Global Power Sports Market size is expected to reach $49.8 billion by 2030, rising at a market growth of 7.0% CAGR during the forecast period.

Rapid urbanization and changing lifestyles in the Asia Pacific region have shifted towards more active and adventurous forms of recreation. Consequently, the Asia pacific region would acquire nearly, 25% of the total market share by 2030. As urban populations seek opportunities to escape the hustle and bustle of city life, these sports activities such as off-roading, trail riding, and water sports offer an attractive outlet for outdoor adventure and excitement.



The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in February, 2024, CFMOTO unveiled The CFORCE 800 and CFORCE 1000 ATVs. The two ATVs feature upgraded engines, suspension, and TFT screens. The CFORCE 800 Touring ATV boasts a new 800cc engine with ride-by-wire throttle, redesigned CVT transmission, and advanced rider interface. Its counterpart, the CFORCE 1000, with a high-output twin-cylinder engine, offers power and performance for challenging trails. Moreover, in February, 2024, Bombardier Recreational Products Inc. (BRP) expanded its electric snowmobile lineup with two new models: the Ski-Doo Expedition Electric and the Lynx Adventure Electric. The models feature wider, longer tracks for better flotation, traction, and versatility in backcountry terrain and have a range of up to 50.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; Volkswagen AG is the forerunner in the Market. In August, 2023, Ducati, a subsidiary of Volkswagen AG, unveiled the Diavel V4 motorcycle. The Diavel V4 boasts a V4 Granturismo engine delivering 168 hp and 126 Nm torque, catering to diverse rider preferences. Companies such as Honda Motor Co. Ltd., Suzuki Motor Corporation and Yamaha Motor Co., Ltd. are some of the key innovators in Market.



Market Growth Factors

Rental and tour services provide individuals who do not own sports vehicles with access to these recreational vehicles. Additionally, rental services allow prospective buyers to experience different types of sports vehicles before purchasing. Therefore, expansion of rental and tour services is propelling the market’s growth.

As tourism grows, there is a higher demand for recreational activities and attractions. Tourists often seek thrilling and memorable experiences, leading to increased interest in sports activities such as off-roading, jet skiing, ATV tours, and motorcycle adventures. Furthermore, tourism exposes visitors to new experiences and products, including sports vehicles and equipment. Hence, the expansion of the tourism industry is propelling the growth of the market.

Market Restraining Factors

Sports vehicles, such as ATVs, UTVs, snowmobiles, and personal watercraft, often have a substantial upfront cost. In addition to the initial buying price, having a sports vehicle entails additional expenses for maintenance, insurance, taxes, and registration. In conclusion, the high cost of ownership is hampering the market’s growth.

By Application Analysis

By application, the market is divided into on-road and off-road. The on-road segment procured a 28% revenue share in the market in 2022. With increasing urbanization and city congestion, there’s a growing demand for compact and agile vehicles that can navigate traffic efficiently. On-road sports vehicles such as motorcycles, scooters, and electric bicycles provide convenient and cost-effective transportation solutions for urban commuters. Additionally, the on-road segment offers a wide variety of customization choices.

By Propulsion Analysis

On the basis of propulsion, the market is segmented into gasoline, diesel, and electric. In 2022, the electric segment attained a 24% revenue share in the market. Customers who prefer a quieter and more serene riding experience may find that electric vehicles function far more silently than their gasoline-powered counterparts, particularly in recreational contexts like off-roading or residential neighborhoods.



By Vehicle Type Analysis

Based on vehicle type, the market is divided into all-terrain vehicles, side by side vehicles, personal watercrafts, heavy weight motorcycles, and others. The heavy weight motorcycles segment attained a 20% revenue share in the market in 2022. Heavyweight motorcycles, often called cruisers, touring bikes, or luxury bikes, are associated with prestige, status, and lifestyle. These motorcycles typically feature powerful engines, premium finishes, and luxury amenities, appealing to riders seeking comfort, style, and performance.

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 40% revenue share in the market in 2022. North America has a strong cultural affinity for recreational activities involving motorized vehicles. The region has a rich history of automotive and motorcycle culture, with iconic events like the Daytona bike week and Sturgis motorcycle rally drawing enthusiasts from across the continent. This cultural influence contributes to the demand for these sports in North America.

Market Competition and Attributes



The market is fiercely competitive, with major players like Polaris, Yamaha, Honda, Kawasaki, and BRP vying for market share. Innovation, including electric/hybrid powertrains and advanced features, drives competition. Diversified product lines cater to various customer segments. Marketing, branding, and global expansion strategies play crucial roles. Adherence to regulations and environmental standards is essential. This dynamic landscape fosters continuous evolution and competition, ensuring a vibrant and responsive industry focused on delivering cutting-edge products and experiences to consumers worldwide.

Recent Strategies Deployed in the Market

  • Dec-2023; India Yamaha Motor, a subsidiary of Yamaha Motor Co., Ltd., introduced the R3 sports motorcycle. The bike comes Equipped with a 321cc liquid-cooled, two-cylinder, 4-stroke engine with fuel injection, multi-function LCD instrument cluster, and LED headlights.
  • Nov-2023; Suzuki Motor Corporation unveiled GSX-8R sports motorcylce. Based on the highly acclaimed GSX-8S, the GSX-8R features a fairing and separate handlebar tailored for sport riding, while showcasing Suzuki's sport bike heritage through its modern and innovative design. Powered by a 776cm3 parallel 2-cylinder engine and complemented by a frame and suspension optimized for performance, the GSX-8R excels in everyday commuting, sport riding, and touring alike.
  • Nov-2023: Kawasaki unveiled two middleweight motorcycles, the Ninja 500 and Z500, at EICMA 2023. Both feature a 451cc parallel-twin engine generating 45.4 hp and 42.6 Nm torque.
  • Oct-2022; BRP Inc. took over all assets associated with the powersports business of Kongsberg Inc. located in Shawinigan, Quebec, known as "KA Shawinigan," a subsidiary of Kongsberg Automotive ASA. KA Shawinigan is recognized for its expertise in the development and manufacturing of electronic and mechatronic products. This strategic acquisition aligns with BRP's product strategy, particularly concerning its electrification plan, and is anticipated to enhance the company's proficiency in mechatronics while strengthening its innovation capabilities.
  • 2020-Sep: Polaris Inc entered a partnership with Zero Motorcycles, an electric motorcycle technology provider. This partnership aimed to accelerate Polaris' position in powersports electrification.

List of Key Companies Profiled

  • Yamaha Motor Co., Ltd.
  • Zhejiang CFMoto Power Co., Ltd.
  • Bombardier Recreational Products (BRP) Inc.
  • Kawasaki Heavy Industries, Ltd.
  • Textron, Inc.
  • Polaris, Inc.
  • Suzuki Motor Corporation
  • Honda Motor Co. Ltd.
  • KTM AG (PIERER Mobility AG)
  • Volkswagen AG

Market Report Segmentation

By Application
  • Off-Road
  • On-Road
By Propulsion
  • Gasoline
  • Electric
  • Diesel
By Vehicle Type
  • All-terrain Vehicles
  • Side By Side Vehicles
  • Personal Watercrafts
  • Heavy Weight Motorcycles
  • Others
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Power Sports Market, by Application
1.4.2 Global Power Sports Market, by Propulsion
1.4.3 Global Power Sports Market, by Vehicle Type
1.4.4 Global Power Sports Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2022, Jan - 2024, Feb) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Power Sports Market by Application
5.1 Global Off-Road Market by Region
5.2 Global On-Road Market by Region
Chapter 6. Global Power Sports Market by Propulsion
6.1 Global Gasoline Market by Region
6.2 Global Electric Market by Region
6.3 Global Diesel Market by Region
Chapter 7. Global Power Sports Market by Vehicle Type
7.1 Global All-terrain Vehicles Market by Region
7.2 Global Side By Side Vehicles Market by Region
7.3 Global Personal Watercrafts Market by Region
7.4 Global Heavy Weight Motorcycles Market by Region
7.5 Global Others Market by Region
Chapter 8. Global Power Sports Market by Region
8.1 North America Power Sports Market
8.1.1 North America Power Sports Market by Application
8.1.1.1 North America Off-Road Market by Country
8.1.1.2 North America On-Road Market by Country
8.1.2 North America Power Sports Market by Propulsion
8.1.2.1 North America Gasoline Market by Country
8.1.2.2 North America Electric Market by Country
8.1.2.3 North America Diesel Market by Country
8.1.3 North America Power Sports Market by Vehicle Type
8.1.3.1 North America All-terrain Vehicles Market by Country
8.1.3.2 North America Side By Side Vehicles Market by Country
8.1.3.3 North America Personal Watercrafts Market by Country
8.1.3.4 North America Heavy Weight Motorcycles Market by Country
8.1.3.5 North America Others Market by Country
8.1.4 North America Power Sports Market by Country
8.1.4.1 US Power Sports Market
8.1.4.1.1 US Power Sports Market by Application
8.1.4.1.2 US Power Sports Market by Propulsion
8.1.4.1.3 US Power Sports Market by Vehicle Type
8.1.4.2 Canada Power Sports Market
8.1.4.2.1 Canada Power Sports Market by Application
8.1.4.2.2 Canada Power Sports Market by Propulsion
8.1.4.2.3 Canada Power Sports Market by Vehicle Type
8.1.4.3 Mexico Power Sports Market
8.1.4.3.1 Mexico Power Sports Market by Application
8.1.4.3.2 Mexico Power Sports Market by Propulsion
8.1.4.3.3 Mexico Power Sports Market by Vehicle Type
8.1.4.4 Rest of North America Power Sports Market
8.1.4.4.1 Rest of North America Power Sports Market by Application
8.1.4.4.2 Rest of North America Power Sports Market by Propulsion
8.1.4.4.3 Rest of North America Power Sports Market by Vehicle Type
8.2 Europe Power Sports Market
8.2.1 Europe Power Sports Market by Application
8.2.1.1 Europe Off-Road Market by Country
8.2.1.2 Europe On-Road Market by Country
8.2.2 Europe Power Sports Market by Propulsion
8.2.2.1 Europe Gasoline Market by Country
8.2.2.2 Europe Electric Market by Country
8.2.2.3 Europe Diesel Market by Country
8.2.3 Europe Power Sports Market by Vehicle Type
8.2.3.1 Europe All-terrain Vehicles Market by Country
8.2.3.2 Europe Side By Side Vehicles Market by Country
8.2.3.3 Europe Personal Watercrafts Market by Country
8.2.3.4 Europe Heavy Weight Motorcycles Market by Country
8.2.3.5 Europe Others Market by Country
8.2.4 Europe Power Sports Market by Country
8.2.4.1 Germany Power Sports Market
8.2.4.1.1 Germany Power Sports Market by Application
8.2.4.1.2 Germany Power Sports Market by Propulsion
8.2.4.1.3 Germany Power Sports Market by Vehicle Type
8.2.4.2 UK Power Sports Market
8.2.4.2.1 UK Power Sports Market by Application
8.2.4.2.2 UK Power Sports Market by Propulsion
8.2.4.2.3 UK Power Sports Market by Vehicle Type
8.2.4.3 France Power Sports Market
8.2.4.3.1 France Power Sports Market by Application
8.2.4.3.2 France Power Sports Market by Propulsion
8.2.4.3.3 France Power Sports Market by Vehicle Type
8.2.4.4 Russia Power Sports Market
8.2.4.4.1 Russia Power Sports Market by Application
8.2.4.4.2 Russia Power Sports Market by Propulsion
8.2.4.4.3 Russia Power Sports Market by Vehicle Type
8.2.4.5 Spain Power Sports Market
8.2.4.5.1 Spain Power Sports Market by Application
8.2.4.5.2 Spain Power Sports Market by Propulsion
8.2.4.5.3 Spain Power Sports Market by Vehicle Type
8.2.4.6 Italy Power Sports Market
8.2.4.6.1 Italy Power Sports Market by Application
8.2.4.6.2 Italy Power Sports Market by Propulsion
8.2.4.6.3 Italy Power Sports Market by Vehicle Type
8.2.4.7 Rest of Europe Power Sports Market
8.2.4.7.1 Rest of Europe Power Sports Market by Application
8.2.4.7.2 Rest of Europe Power Sports Market by Propulsion
8.2.4.7.3 Rest of Europe Power Sports Market by Vehicle Type
8.3 Asia Pacific Power Sports Market
8.3.1 Asia Pacific Power Sports Market by Application
8.3.1.1 Asia Pacific Off-Road Market by Country
8.3.1.2 Asia Pacific On-Road Market by Country
8.3.2 Asia Pacific Power Sports Market by Propulsion
8.3.2.1 Asia Pacific Gasoline Market by Country
8.3.2.2 Asia Pacific Electric Market by Country
8.3.2.3 Asia Pacific Diesel Market by Country
8.3.3 Asia Pacific Power Sports Market by Vehicle Type
8.3.3.1 Asia Pacific All-terrain Vehicles Market by Country
8.3.3.2 Asia Pacific Side By Side Vehicles Market by Country
8.3.3.3 Asia Pacific Personal Watercrafts Market by Country
8.3.3.4 Asia Pacific Heavy Weight Motorcycles Market by Country
8.3.3.5 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Power Sports Market by Country
8.3.4.1 China Power Sports Market
8.3.4.1.1 China Power Sports Market by Application
8.3.4.1.2 China Power Sports Market by Propulsion
8.3.4.1.3 China Power Sports Market by Vehicle Type
8.3.4.2 Japan Power Sports Market
8.3.4.2.1 Japan Power Sports Market by Application
8.3.4.2.2 Japan Power Sports Market by Propulsion
8.3.4.2.3 Japan Power Sports Market by Vehicle Type
8.3.4.3 India Power Sports Market
8.3.4.3.1 India Power Sports Market by Application
8.3.4.3.2 India Power Sports Market by Propulsion
8.3.4.3.3 India Power Sports Market by Vehicle Type
8.3.4.4 South Korea Power Sports Market
8.3.4.4.1 South Korea Power Sports Market by Application
8.3.4.4.2 South Korea Power Sports Market by Propulsion
8.3.4.4.3 South Korea Power Sports Market by Vehicle Type
8.3.4.5 Australia Power Sports Market
8.3.4.5.1 Australia Power Sports Market by Application
8.3.4.5.2 Australia Power Sports Market by Propulsion
8.3.4.5.3 Australia Power Sports Market by Vehicle Type
8.3.4.6 Malaysia Power Sports Market
8.3.4.6.1 Malaysia Power Sports Market by Application
8.3.4.6.2 Malaysia Power Sports Market by Propulsion
8.3.4.6.3 Malaysia Power Sports Market by Vehicle Type
8.3.4.7 Rest of Asia Pacific Power Sports Market
8.3.4.7.1 Rest of Asia Pacific Power Sports Market by Application
8.3.4.7.2 Rest of Asia Pacific Power Sports Market by Propulsion
8.3.4.7.3 Rest of Asia Pacific Power Sports Market by Vehicle Type
8.4 LAMEA Power Sports Market
8.4.1 LAMEA Power Sports Market by Application
8.4.1.1 LAMEA Off-Road Market by Country
8.4.1.2 LAMEA On-Road Market by Country
8.4.2 LAMEA Power Sports Market by Propulsion
8.4.2.1 LAMEA Gasoline Market by Country
8.4.2.2 LAMEA Electric Market by Country
8.4.2.3 LAMEA Diesel Market by Country
8.4.3 LAMEA Power Sports Market by Vehicle Type
8.4.3.1 LAMEA All-terrain Vehicles Market by Country
8.4.3.2 LAMEA Side By Side Vehicles Market by Country
8.4.3.3 LAMEA Personal Watercrafts Market by Country
8.4.3.4 LAMEA Heavy Weight Motorcycles Market by Country
8.4.3.5 LAMEA Others Market by Country
8.4.4 LAMEA Power Sports Market by Country
8.4.4.1 Brazil Power Sports Market
8.4.4.1.1 Brazil Power Sports Market by Application
8.4.4.1.2 Brazil Power Sports Market by Propulsion
8.4.4.1.3 Brazil Power Sports Market by Vehicle Type
8.4.4.2 Argentina Power Sports Market
8.4.4.2.1 Argentina Power Sports Market by Application
8.4.4.2.2 Argentina Power Sports Market by Propulsion
8.4.4.2.3 Argentina Power Sports Market by Vehicle Type
8.4.4.3 UAE Power Sports Market
8.4.4.3.1 UAE Power Sports Market by Application
8.4.4.3.2 UAE Power Sports Market by Propulsion
8.4.4.3.3 UAE Power Sports Market by Vehicle Type
8.4.4.4 Saudi Arabia Power Sports Market
8.4.4.4.1 Saudi Arabia Power Sports Market by Application
8.4.4.4.2 Saudi Arabia Power Sports Market by Propulsion
8.4.4.4.3 Saudi Arabia Power Sports Market by Vehicle Type
8.4.4.5 South Africa Power Sports Market
8.4.4.5.1 South Africa Power Sports Market by Application
8.4.4.5.2 South Africa Power Sports Market by Propulsion
8.4.4.5.3 South Africa Power Sports Market by Vehicle Type
8.4.4.6 Nigeria Power Sports Market
8.4.4.6.1 Nigeria Power Sports Market by Application
8.4.4.6.2 Nigeria Power Sports Market by Propulsion
8.4.4.6.3 Nigeria Power Sports Market by Vehicle Type
8.4.4.7 Rest of LAMEA Power Sports Market
8.4.4.7.1 Rest of LAMEA Power Sports Market by Application
8.4.4.7.2 Rest of LAMEA Power Sports Market by Propulsion
8.4.4.7.3 Rest of LAMEA Power Sports Market by Vehicle Type
Chapter 9. Company Profiles
9.1 Yamaha Motor Co., Ltd.
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expense
9.1.5 Recent strategies and developments:
9.1.5.1 Product Launches and Product Expansions:
9.1.6 SWOT Analysis
9.2 Zhejiang CFMoto Power Co., Ltd.
9.2.1 Company Overview
9.2.2 Recent strategies and developments:
9.2.2.1 Partnerships, Collaborations, and Agreements:
9.2.2.2 Product Launches and Product Expansions:
9.2.2.3 Acquisition and Mergers:
9.2.3 SWOT Analysis
9.3 Bombardier Recreational Products (BRP) Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Regional Analysis
9.3.4 Recent strategies and developments:
9.3.4.1 Product Launches and Product Expansions:
9.3.4.2 Acquisition and Mergers:
9.3.5 SWOT Analysis
9.4 Kawasaki Heavy Industries, Ltd.
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Product Launches and Product Expansions:
9.4.6 SWOT Analysis
9.5 Textron, Inc.
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expenses
9.5.5 SWOT Analysis
9.6 Polaris, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expenses
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Product Launches and Product Expansions:
9.6.6 SWOT Analysis
9.7 Suzuki Motor Corporation
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expenses
9.7.5 Recent strategies and developments:
9.7.5.1 Product Launches and Product Expansions:
9.7.5.2 Acquisition and Mergers:
9.7.6 SWOT Analysis
9.8 Honda Motor Co. Ltd.
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 Recent strategies and developments:
9.8.5.1 Product Launches and Product Expansions:
9.8.6 SWOT Analysis
9.9 KTM AG (PIERER Mobility AG)
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expenses
9.9.5 Recent strategies and developments:
9.9.5.1 Product Launches and Product Expansions:
9.9.6 SWOT Analysis
9.10. Volkswagen AG
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expense
9.10.5 Recent strategies and developments:
9.10.5.1 Product Launches and Product Expansions:
9.10.6 SWOT Analysis
Chapter 10. Winning Imperatives of Power Sports Market

Companies Mentioned

  • Yamaha Motor Co., Ltd.
  • Zhejiang CFMoto Power Co., Ltd.
  • Bombardier Recreational Products (BRP) Inc.
  • Kawasaki Heavy Industries, Ltd.
  • Textron, Inc.
  • Polaris, Inc.
  • Suzuki Motor Corporation
  • Honda Motor Co. Ltd.
  • KTM AG (PIERER Mobility AG)
  • Volkswagen AG

Methodology

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