Power Sports Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024
Power sports generally include utility and recreational oriented vehicles. Power sports is a lifestyle based industry which includes side-by-side vehicles (SxS), all-terrain vehicles (ATVs), snowmobiles, powerboats, motorcycles and personal water crafts (PWC). The power sports industry relies extremely on various macro economic factors such as increasing customer self-reliance levels, high standard of living, unemployment rate, the health of the housing market and credit availability at an ease. The global power sports market is majorly concentrated in North America and Europe, especially US, Canada and Germany in particular. Power sports are a sub-category of general category of motor sports. Some of the key examples of power sport vehicles include all-terrain vehicles, motorcycles, PWCs and snowmobiles. The major feature of a power sport is the employment of fuel engine. Rest defining features of power sport vehicles include use of handlebars to control movement. Power sports are increasingly becoming popular with the introduction of X-Games.
Some important factors driving the global power sports market include increasing spending rate on power sports products, increased replacement demand for boats, growing urban population, increasing consumer spending and continuous global economic development. Some of the other major developments and trends in the global power sports market include Polaris which surpassed Honda in the all-terrain vehicles market, increasing number of youngsters inclining towards recreational boating, cannibalization of all-terrain vehicles by side-by-side vehicles, power sports companies concentrating on the advanced shopatron technology and asymmetric recoveries in power boats. However, the global power sports market is threatened by certain restraints including environmental issues, increasing boomer age and unfavorable weather conditions. Some other factors fueling the global power sports market include growing urbanization, expansion in international markets and accelerating economic growth. However, the rapid expansion of global power sports market is anticipated to be hindered by rising fluctuation in prices of products and power sports components along with adverse effects on the environment.
The global power sports market can be segmented on the basis of vehicle type and geography. By vehicle type, the global power sports market can be segmented into all terrain vehicle (ATV), side by side vehicle (SxS), personal watercraft, heavyweight motorcycle, snowmobile and others. The all terrain vehicle segment can be further sub-segmented into utility all-terrain vehicle, recreational all-terrain vehicle, sports all-terrain vehicle, touring all-terrain vehicle and other all-terrain vehicles. The side by side vehicle segment can be sub-categorized into utility side by side vehicle, recreational side by side vehicle, sports side by side vehicle, touring side by side vehicle and other side by side vehicles. The personal watercraft segment can be further sub-divided into recreational watercraft, muscle watercraft, luxury watercraft, performance watercraft and sports watercraft. The snowmobile segment can be further sub-categorized into mountain snowmobile, crossover snowmobile, cross country snowmobile, utility snowmobile, touring snowmobile and other snowmobiles. By geography, the global power sports market can be divided into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Some of the players involved in the supply of power sports products are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also concentrating on bringing up new products to meet the demands in ever-competitive market. Some of the major players in global power sports market include Honda Motors, Polaris Industries, John Deere, Yahama Motors, Harley Davidson, Kubota Corporation, BRP Inc., Arctic Cat Inc. and Kawasaki Motors among others.
Market Segmentation
Market by Vehicle Type
· All terrain vehicle (ATV)
o Utility all-terrain vehicle
o Recreational all-terrain vehicle
o Sports all-terrain vehicle
o Touring all-terrain vehicle
o Other all-terrain vehicles
· Side by side vehicle (SxS)
o Utility side by side vehicle
o Recreational side by side vehicle
o Sports side by side vehicle
o Touring side by side vehicle
o Other side by side vehicles
· Personal watercraft
o Recreational watercraft
o Muscle watercraft
o Luxury watercraft
o Performance watercraft
o Sports watercraft
· Heavyweight motorcycle
· Snowmobile
o Mountain snowmobile
o Crossover snowmobile
o Cross country snowmobile
o Utility snowmobile
o Touring snowmobile
o Other snowmobiles
· Others
Market by Geography
· North America
o US
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Philippines
o Rest of Asia-Pacific
· Latin America
o Brazil
o Chile
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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