Electric Power Sports Market Size - By Vehicle (All-Terrain Vehicle (ATV), Utility Terrain Vehicle (UTV), Watercraft, Snowmobile, Motorcycle), Growth Prospects, Regional Outlook & Global Forecast, 2024 - 2032

Electric Power Sports Market Size

Electric Power Sports Market size was valued at USD 9.2 billion in 2023 and is anticipated to register a CAGR of around 6% between 2024 and 2032. The rising demand for a unique riding experience with electric snowmobiles is driving growth in the market. As consumers seek environmentally friendly alternatives and innovative recreational activities, electric snowmobiles offer an appealing solution.
 

For instance, in February 2023, Ski-Doo and Lynx are planning to unveil their latest electric snowmobiles in 2024, the Grand Touring Electric model and the Adventure Electric model, respectively. These models promise an eco-friendly winter excursion and deliver a distinctive riding experience, perfect for newcomers eager to explore the world of snowmobiling. The electric snowmobile has quiet operation, instant torque, and low environmental impact appeal to riders’ demand for an exhilarating yet sustainable adventure. This rising demand for distinctive and eco-conscious experiences contributes to the expansion of the market.
 

Environmental awareness is a significant factor driving the electric power sports market growth. With increasing concerns about climate change and air pollution, consumers are seeking alternative transportation options that have a minimal environmental impact. Electric power sports vehicles, with zero tailpipe emissions, offer sustainable solutions for outdoor recreational activities while reducing carbon footprint. As environmental consciousness continues to rise, the demand for electric power sports vehicles is expected to grow further, propelling market expansion.
 

High initial costs associated with electric power sports vehicles could potentially hinder the electric power sports market growth. While Electric Vehicles (EVs) offer long-term savings through reduced fuel and maintenance expenses, their upfront purchase price is often higher compared to traditional gasoline-powered counterparts. This cost barrier may deter some consumers from switching to electric power sports vehicles, especially in markets where affordability is a key consideration. Overcoming this challenge will be essential to accelerating product adoption and market growth.
 

Electric Power Sports Market Trends

The increasing demand for electric propulsion systems is sowing lucrative growth for the electric power sports industry. Consumers are increasingly drawn to electric power sports vehicles due to their eco-friendliness, lower operating costs, and enhanced performance. For instance, in August 2022, Volcon Inc., a pioneering off-road power sports company specializing in all-electric vehicles, revealed its partnership with General Motors (GM) to equip its entire line of off-road UTVs with GM's reliable electric propulsion systems.
 

This demand is prompting manufacturers to invest in the research & development of electric propulsion technology, leading to innovations such as longer battery life, faster charging times, and improved overall efficiency. Consequently, the electric power sports market is experiencing substantial expansion.
 

The integration of system-on-modules for a digital dashboard, GPS navigation, and wireless connectivity through Bluetooth, Wi-Fi, and LTE cellular networks is propelling the market. These advanced technologies enhance the user experience by providing real-time data, navigation assistance, and seamless connectivity. As consumers increasingly seek convenience and connectivity in their outdoor recreational activities, the adoption of such integrated systems in electric power sports vehicles is boosting market growth and enhancing competitiveness.
 

Electric Power Sports Market Analysis

Based on vehicle type, the motorcycle segment held over 99% of the market share in 2023. The introduction of electric motorcycles with long-range capabilities is significantly propelling the motorcycle segment within the market. These motorcycles address one of the key concerns for consumers considering EVs: range anxiety.
 

For instance, in January 2024, Revolt launched the RV400 BRZ electric motorcycle with a range of up to 150 km on a single charge. This long-range capacity enhances its practicality and appeal to riders seeking efficient & sustainable urban commuting solutions. This increased range is attracting a numerous consumer to electric motorcycles including commuters and touring enthusiasts, fostering growth in the motorcycle segment of the market.
 

Based on UTV, capacity, the 10-30 kW segment accounted for 44% of the electric power sports market share in 2023. Positioned as high-performance options, UTVs in this capacity range offer a balance between power and efficiency, catering to enthusiasts seeking exhilarating riding experiences. With their robust motor capabilities, they excel in acceleration and top speed, appealing to riders interested in sporty performance. As a result, electric UTVs in the 10 kW to 30 kW capacity range are gaining traction and contributing to the overall market growth.
 

Asia Pacific electric power sports market recorded around 93% of the revenue share in 2023, due to the growing investment in lithium-ion innovation. As research and development efforts focus on enhancing lithium-ion battery technology, the resulting advancements lead to improved performance and extended range for electric-powered recreational vehicles.
 

For instance, in January 2024, Altmin invested USD 100 million in lithium-ion battery innovation in India, along with a 3 GWh plant, a significant milestone in the EV market's value chain. These investments are expected to excel the battery technology that drives consumer confidence, and adoption of electric power sports vehicles in the region. The proliferation of battery technology is contributing to the overall growth and expansion of the market.
 

Electric Power Sports Market Share

Polaris Inc. and Zero Motorcycles hold a significant market share of over 10% in the electric power sports industry. Polaris Inc. is highly competitive and focuses on innovative EVs to cater to the high demand from new industry verticals. It also focuses on expanding the capacity of its distribution centers to optimize inventory stocks.
 

Zero Motorcycles is focused on expanding its geographical reach around the globe, thereby improving its business operations. With a focus on innovation, performance, and sustainability, Zero Motorcycles offers a diverse range of models catering to various riding preferences, pushing the boundaries in EV technology.
 

Electric Power Sports Market Companies

Major companies operating in the electric power sports industry are:

• Alke
• Damon Motors Inc.
• Energica Motor Company S.p.A
• Greenworks Commercial
• Harley-Davidson, Inc.
• Intimidator UTV
• Polaris, Inc.
• TACITA S.r.l
• Taiga Motors Inc.
• Zero Motorcycle
   

Electric Power Sports Industry News

• In November 2023, Pure EV launched the Pure ecoDryft 350 electric motorcycles with a 171 km range on a single charge. This electric bike combines sustainability with practicality, offering an extended range suitable for commuting needs. With a focus on eco-friendly mobility, the Pure ecoDryft 350 caters to the growing demand for electric motorcycles that balance environmental consciousness and efficient performance.
   
• In October 2023, Volcon Inc., a pioneering manufacturer of electric off-road power sports vehicles, expanded in the New Zealand market with the establishment of a new distribution network. The company secured an exclusive distribution agreement with Powersports Import and Distribution Limited, operating under Indi Imports.
   

The electric power sports market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and shipments (Units) from 2018 to 2032, for the following segments:

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Market, By Vehicle

• ATV
  • Below 5 kW
  • 5-15 kW
  • Above 15 kW 
• UTV
  • Below 10 kW
  • 10-30 kW
  • Above 30 kW
• Watercraft
  • Below 5 kW
  • 5-20 kW
  • Above 20 kW
• Snowmobile
  • Below 30 kW
  • 30-60 kW
  • Above 60 kW
• Motorcycle
  • Below 25kW
  • 25 kW to 50 kW
  • 51 kW to 75 kW
  • 76 kW to 100 kW
  • Above 100kW

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Russia
  • Italy
  • Spain
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA