Power Sports Market to Reach $46.96 Billion by 2028, Driven by Sports Activities and Outdoor Recreation

The power sports market size has grown strongly in recent years. It will grow from $33.37 billion in 2023 to $35.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to demand for recreational and outdoor activities, growth in off-road and adventure sports, expansion of motorsports and racing, development of high-performance vehicles, regulatory standards for safety and emissions.

The power sports market size is expected to see strong growth in the next few years. It will grow to $46.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to customized power sports vehicles for specific needs, expansion of electric and eco-friendly options, growth in electric motorcycles and e-bikes, innovation in autonomous and smart vehicles, increased use in urban mobility solutions. Major trends in the forecast period include electric and hybrid power sports vehicles, regulatory compliance in power sports safety, smart and connected power sports experiences, autonomous and semi-autonomous power sports, personalized power sports experiences and rentals.

Market Overview -
Power sports are defined as a subset of the motorsports category that has high-performance engines and controlled handlebars for controlling the movement. The rider usually sits on a saddle for power sports vehicles, unlike sitting in enclosed spaces in other cars or vehicles. These are usually used for races and other similar sporting events.

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Growing Number Of Sports Activities Fuels Power Sports Market Growth
The rise in sports activities is expected to propel the growth of the power sports market going forward. Sports activities mean performing or engaging in the sport in any capacity, including but not limited to coaching, officiating, and participating in practice and contests. The growing popularity of power sports is associated with thrilling experiences and outdoor recreation activities, that has led to an increase in demand for power sports. For instance, in January 2023, according to the Department of Health and Aged Care, a department of the Australian Government, over 90% of adults enjoyed participating in sports. Three million youngsters and almost 13 million adults participate in athletics annually. Each year, 3.1 million Australians volunteer in sports and active leisure. Therefore, an increase in sports activities is driving the growth of the power sports market.

Competitive Landscape -
Major companies operating in the power sports market include Polaris Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Yamaha Motor Co. Ltd., Honda Motor Company Ltd., Suzuki Motor Corporation, Harley-Davidson Inc, Kubota Corporation, Kymco, Arctic Cat Inc., Bombardier Recreational Products Inc., Textron Inc., Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd, Feishen Group, Zero Motorcycles Inc, Hisun Motors Corp, American Honda Motor Co., KTM AG, BMW Motorrad, Piaggio & C. SpA, CFMOTO Powersports Inc, Deere & Company, Mahindra & Mahindra Ltd., Caterpillar Inc, J.C. Bamford Excavators Ltd., Komatsu Ltd., Atturo Tire Corporation, Logan Powersports Group, Sportech Inc., STR Motorsports

Power Sport Companies Adopt Advanced Driver-Assist Technologies
Major companies operating in the power sports sector are focused on implementing next-generation technologies such as safety and driver-assistive systems to reduce traffic collision fatalities and enhance collision avoidance to increase customer demands and strengthen their market footprints. Safety and driver-assistive systems refer to technologies that help drivers in the safe operation of a vehicle, such as sensors and cameras, to detect obstacles and avoid crashes and collisions. For instance, in November 2022, Honda Motor Co., Ltd., a Japan-based automaker, motorcycle and power equipment manufacturing company, announced enhancements to the functionality of its advanced safety and driver assistance systems, the Honda Sensing 360 and the Honda Sensing Elite. The Honda Sensing 360 system is an improved version of the automaker's existing advanced driver assistance systems (ADAS), with extra sensors providing a 360-degree picture of the vehicle's surroundings. The updated Honda Sensing 360 system will be standard on all new Honda and Acura vehicles sold in the United States by 2030.

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Key Segments -
The power sports market covered in this report is segmented -
1) By Vehicle Type: All-Terrain Vehicle, Side-By-Side Vehicle, Personal Watercraft, Snowmobiles, Heavyweight Motorcycle
2) By Model: Multi Personal, Sit Down, Stand Up
3) By Application: On-Road, Off-Road

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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