Power sports vehicles generally have high powered engines and these vehicles are majorly used for recreational and utility purposes. Power sports market is broadly segregated into four major types, having their sub categories as well. Power sports vehicles are classified into off-road vehicles, snowmobiles, personal water crafts and motorcycles. The market is concentrated in developed regions like North America and Europe.
Power sports market consists of vehicles which are largely used for leisure and lavish lifestyle. Since, North America has largest number of high net worth individuals, it therefore accounts for the largest market for power sports. However, the use of power sports vehicles at present is not limited to recreational activities, but it is also being put to use in various construction and military based activities.
The power sports market is driven by strong economic growth, rising high net worth population, growing power boat market, improving consumer confidence index, rising young population and rapid urbanization. The key trends of the market, at present, include technological advancements, installation of artificial intelligence and introduction of next generation engines. However, growth of the market remains hindered by weather fluctuations, high maintenance cost and environmental issues.
The report “Global Power Sports Market (ATV, SSV, Snowmobiles, Motorcycles & PWC): Industry Analysis & Outlook (2018-2022)” offers an in-depth analysis of the market. The major power sports companies that have been covered in the report include Polaris Industries Inc., Kawasaki, Textron Inc., Honda Motor Co., Ltd. and Kawasaki Heavy Industries, Ltd.