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Online Powersports Market Size
Online Powersports Market size surpassed USD 5 billion in 2022 and is anticipated to register 5% CAGR from 2023 to 2032, backed by the paradigm shift from conventional retail to e-commerce shopping experiences.
The rising penetration of artificial intelligence (AI) and rapid digitization have fueled huge interest in e-commerce platforms to transform the traditional business models. This has attracted significant investments from both private as well as public sectors to keep up with the new trends. According to India Brand Equity Foundation, the e-commerce sector of India reported an influx of USD 15 billion in 2021, 5.4 times higher than that in 2020. Additionally, the recent breakthroughs in next-generation technologies such as augmented reality (AR) and virtual reality (VR) are also likely to transform the space of power sports in the future.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 5 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 12 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 81 |
| Segments covered: | Vehicle |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Data security concerns to hamper the online powersports market growth
The increasing adoption of cloud and the massive volumes of data generation have increased the data security and privacy concerns. Due to growing dependence on the adoption of online infrastructure, organizations worldwide have become more prone to sophisticated data breaches and cyberattacks, necessitating robust data security solutions. For instance, the Indian Computer Emergency Response Team (CERT-In) reported 14,02,809 cyber breach incidents in 2021, higher than 11,58,208 incidents tracked in 2020. Furthermore, online powersports platforms store vast amount of data including personal information of customers, and credit card details requiring sufficient security against data breaches.
Online Powersports Market Analysis
Heavyweight motorcycles segment is projected to account for 38.5% of the online powersports market share by 2032. The growing demand for heavyweight motorcycles can be attributed to their huge storage capacities that enable riders to carry heavy loads and equipment. Leading industry players are thus enhancing customer access to rental adventure bikes by expanding their geographic footprint. For example, in November 2022, Polaris Adventures announced its expansion in New Zealand with the establishment of a new Indian Motorcycle rental store. It also opened an Outfitter location in Mexico to boost access to world-class powersports vehicles. The increasing focus of several companies on offering membership programs for building robust online presence will also drive the industry statistics.
North America online powersports market is estimated to amass USD 6.4 billion by 2032 due to the increasing expansion of the e-commerce sector in the U.S., and Canada. The early espousal of digital alternatives to conventional businesses including online shopping can be attributed to the rapid penetration of smartphones and robust internet infrastructure developments. In the U.S. alone, the penetration of internet users witnessed a 92% growth, reaching over 307 million users in 2022. The solid demand for online merchandising and the presence of leading automotive giants foraying into the digital space will garner the regional growth.
Online Powersports Market Share
Some of the leading companies operating in the global business scenario include
- Polaris Industries
- Yamaha Motor Corporation
- Honda Motors
- Kawasaki Motors Corporation
- BRP
These firms are focusing on the development of novel platforms for better customer acquisition. Moreover, in February 2022, Kawasaki Motors Corp. introduced a new dealer marketing application on its portal, Kawasaki social video creator to promote its products and expand its online power sports capabilities by enabling dealers to create customized video content.
Impact of the COVID-19 pandemic
The COVID-19 crisis had a moderate impact on the online powersports industry dynamics. While the pandemic-driven lockdowns and social distancing norms had a burgeoning impact on tourism, the substantial shift towards e-commerce purchasing offered new business prospects globally. In the early phase of the pandemic, tourism took a massive turn with the cessation of international travel to curb the spread of the virus. Consequently, this reduced the number of tourists and sports activities, negatively affecting the demand for powersports vehicles. However, the advent of digitization exacerbated by the outbreak the increased consumer inclination towards online platforms to meet their powersports needs.
The market research report on online powersports includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Vehicle
- All-terrain vehicles
- Side by side vehicles
- Personal watercrafts
- Snowmobiles
- Heavyweight motorcycles
The above information has been provided for the following regions and countries:
- North America
- Canada
- U.S.
- Europe
- UK
- Germany
- France
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- MEA
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