Power Sports Aftermarket is estimated to garner profitable returns during 2023–2032, owing to the rising inclination toward off-road events and activities such as trail riding, rock crawling, and racing. Besides, the constant urge to improve the performance and capabilities of the vehicles, coupled with enhancing their appearance, will positively enhance the industry outlook over the coming years. The aftermarket parts and accessories are used to upgrade the suspension system, install a winch and add LED lights for improved visibility.
Key players in the power sports aftermarket are integrating strategic initiatives such as mergers and acquisitions, partnerships, and new product launches to strengthen their market presence.
To cite an instance, in October 2022, BRP acquired all the assets related to the Powersports business of Kongsberg Inc. in Shawinigan, Quebec, a subsidiary of Kongsberg Automotive ASA. This acquisition is in line with BRP’s product strategy.
Overall, the power sports aftermarket industry is segmented in terms of vehicle, sales channel, and region.
Based on vehicles, the side-by-side vehicle segment is expected to grow considerably through 2032, owing to the rising demand for SSVs across several industries. Leading SSV manufacturers are investing in developing advanced aftermarket accessories that enhance functionality and provide a differentiated riding experience for users. Moreover, the rising demand for SSV is driven by an increasing interest in various applications across various industries, such as agriculture, sports, and entertainment.
By sales channel, the online segment is slated to gain strong momentum during the estimated timeframe. The rising digitization has significantly impacted the power sports industry simultaneously, increasing the online sales of power sports vehicles. Besides, the growing popularity of online sales of power sports components is expected to drive demand for the aftermarket.
From a regional perspective, the Europe power sports aftermarket will exhibit over 6% CAGR through 2032. Increasing use of advanced technology in the fabrication of aftermarket parts will most likely result in more efficient and qualitative production processes. Increased urbanization and the changing consumer preferences are also anticipated to influence the demand for power sports products positively.
Additionally, as customers are increasingly looking for quick and easy ways to get the parts they require, the digitalization of power sports component delivery services is also helping boost sales and fuel the power sports aftermarket demand during 2023-2032.