The global Powersports market size was USD 9.44 billion in 2019. The market is anticipated to grow from USD 8.76 billion in 2020 to USD 12.75 billion in 2027 at a CAGR of 5.5% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Factors such as the increasing demand for snowmobiling and the growing focus on installing after-purchase equipment by the manufacturers are anticipated to favor the product’s demand in the forthcoming years.
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LIST OF KEY COMPANIES PROFILED:
- Polaris Inc.
- Textron Inc.
- Arctic Cat Inc.
- Honda Motor Co., Ltd.
- BRP
- Harley Davidson
- Kawasaki Heavy Industries, Ltd.
- KYMCO
- Suzuki Motor Corporation
- Yamaha Motor Co., Ltd.
Increasing Demand for Snowmobiling to Augment Growth
According to the International Snowmobile Manufacturers Association, annually, about USD 36 billion is spent on snowmobiling activities in the US and Canada. Moreover, the sport generates a revenue of around USD 350 million every year in the state of Maine. Therefore, the sought-after recreational sport is expected to positively affect the demand for the product. Moreover, the growing demand for after-purchase accessories is further anticipated to boost the global powersports market growth during the forecast period.
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REGIONAL INSIGHTS:
- North America – The region is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is due to the favorable climatic conditions and the presence of several recreational sports in countries such as the U.S. that is likely to propel the demand for advanced powersports in the region. North America stood at USD 7.26 billion in 2019.
- Asia-Pacific – The market in Asia-Pacific is anticipated to showcase exponential growth backed by the rising disposable income of the working population and the increasing consumer awareness regarding recreational sports in the region that will boost the demand for powersports in the region between 2020 and 2027.
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