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Electric Power Sports Market Trends

Report ID: GMI5324
Published Date: Feb 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Electric Power Sports Market was valued at USD 9.2 billion in 2023 and is anticipated to register a 6% CAGR between 2024 and 2032 owing to the rising demand for a unique riding experience with electric snowmobiles.

The motorcycle segment held a major market share of around 99% in 2023 and is expected to grow significantly through 2032 with the introduction of electric motorcycles with long-range capabilities.

Asia Pacific electric power sports market share was over 93% in 2023 and will grow through 2032 owing to the growing investment in lithium-ion innovations for improved performance and extended range for electric-powered recreational vehicles in the region.

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., and Zero Motorcycle.