Power Sports Aftermarket Size By Vehicles (All-Terrain Vehicles, Side-by-Side Vehicles, Snowmobiles, Heavyweight Motorcycles, Personal Watercrafts, By Sales Channel (Offline, Online), & Forecast, 2023-2032
Report ID: GMI4792
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Published Date: February 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 15
Tables & Figures: 422
Countries covered: 16
Pages: 200
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Power Sports Aftermarket Size By Vehicles (All-Terrain Vehicles, Side-by-Side Vehicles, Snowmobiles, Heavyweight Motorcycles, Personal Watercrafts, By Sales Channel (Offline, Online), & Forecast, 2023-2032Market
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Power Sports AfterMarket Size
Power Sports Aftermarket industry size surpassed USD 10 billion in 2022 and is projected to register 7% CAGR from 2023 to 2032, driven by the growing number of accidents from off-road biking activities and sports events.
The rigorous racing activities and intense power sports make use of advanced motorsport engineering in order to prevent accidents and damages caused to vehicles. Furthermore, the growing incidences of vehicle recall due to safety concerns are offering lucrative business prospects to aftermarket players. According to the Consumer Federation of America (CFA), a total of 167 off-highway vehicle (OHV) recall notices have been identified from January 2010 to February 2023. These include all-terrain vehicles (ATVs), utility task vehicles (UTVs) and recreational off-highway vehicles (ROVs).
High initial investment requirements could restrain the market growth
Higher costs associated with the aftermarket manufacturing setup may restrict the growth of the power sports aftermarket. Manufacturers of aftermarket replacement parts and components for power sports vehicles need solid capital backing and hefty initial investments to set up facilities since production relies on high-end machinery. Next-generation manufacturing equipment is required to make bumpers, wheel bearings, tires, clutch plates, and multiple customized component parts, thus limiting industry growth. However, the advent of electric power sports vehicles and the growing emphasis on the reduction of carbon emissions is expected to spur innovation in the aftermarket space with the robust need for specialized batteries.
Power Sports AfterMarket Analysis
Offline sales channels captured 65% of the power sports aftermarket share in 2022 due to increasing customer preference to purchase larger items such as sports vehicles. The growing consumer inclination towards offline purchases can be accredited to the higher availability and accessibility to a wide range of services from product installation to repair and maintenance. Moreover, this sales channel offer customers free servicing, extended warranty, and discounts on additional accessories, thus contributing to the market expansion.
The industry valuation from heavyweight motorcycles is estimated to amass USD 7 billion by 2032. The surging demand for affordable, high-capacity and wind-resistant carriers for transporting heavy loads and equipment for motorcycles is expected to propel the aftermarket demand for power sports components. Additionally, the growing inclination toward recreational activities in the post-pandemic era and the rising number of motorsport enthusiasts worldwide will accelerate the need for aftermarket products in power sports vehicles.
North America power sports aftermarket revenue is anticipated to cross USD 10 billion by 2032 owing to increasing interest in off-roading events, recreational activities and water sports. Developed economies in the region, including the U.S. and Canada are investing heavily in recreational infrastructure projects, including water sports clubs, amusement parks and trails. For example, in January 2023, the Canadian government announced an investment of more than USD 2.9 million to retrofit the Mackenzie Recreation Centre. The funding aims to enhance recreation infrastructure and reduce greenhouse gas emissions to keep up with the ongoing zero-emission efforts. In addition, rapid technological developments and the increasing modernization of power sports vehicles will complement the industry outlook.
Power Sports AfterMarket Share
Some of the leading companies in the aftermarket for power sports include
These firms are focusing on product innovations and developments to offer advanced portfolios and improved customer retention.
Impact of COVID-19 Pandemic
The COVID-19 crisis negatively affected the power sports aftermarket dynamics with a dramatic drop in recreational sports activities. Due to the robust growth in the hospitalization rate and COVID-19 infections, multiple governments introduced new rules and lockdowns to prevent the spread of the virus. This led to a complete shutdown of the tourism and sports businesses worldwide, thus affecting people’s interest in recreational activities. This scenario hampered the demand for power sports vehicles, causing the lack of necessity for aftermarket parts and components.
This research report on aftermarket for power sports 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
Market, By Sales Channel
The above information has been provided for the following regions and countries: