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Power Sports Market Size

Report ID: GMI1688
Published Date: Jun 2024
Report Format: PDF

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Power Sports Market Size

Power Sports Market size was valued at USD 37.8 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, attributed to the rising popularity of adventure sports activities and a shift towards eco-friendly electric powertrains. Enthusiasts seek thrilling outdoor experiences, fueling demand for innovative recreational vehicles. Also, environmental consciousness drives manufacturers to develop electric models, appealing to eco-minded consumers. This dual trend expands the market and encourages sustainable practices, ensuring the industry's dynamic evolution and long-term success.

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For instance, in February 2024, Bombardier Recreational Products Inc. (BRP) introduced two new 2025 electric snowmobiles, the Ski-Doo Expedition Electric, and Lynx Adventure Electric, doubling its zero-emission lineup for commercial use at ski centers and resorts.

Power Sports Market Report Attributes
Report Attribute	Details
Base Year:	2023
Power Sports Market Size in 2023:	USD 37.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6%
2032 Value Projection:	USD 64 Billion
Historical Data for:	2021 - 2023
No. of Pages:	260
Tables, Charts & Figures:	400
Segments covered:	Vehicle, Propulsion Type and Application
Growth Drivers:	Increasing focus on R&D investments and product innovation Introduction of electric power sport vehicles in Europe Growing inclination towards recreational activities in Asia Pacific Rising number of off-roading events in North America Positive outlook of tourism industry in Latin America and MEA
Pitfalls & Challenges:	High initial cost of power sports vehicles Increasing safety and environmental impact concerns

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Continuous innovation in vehicle design, performance, and features is propelling the power sports industry forward, captivating enthusiasts with cutting-edge technology and enhanced experiences. Additionally, governmental regulatory support plays a pivotal role, providing incentives, subsidies, and favorable policies that encourage the adoption of advanced vehicles and sustainable practices. This synergy between innovation and regulatory backing propels the expansion of the industry, shaping the future of recreational vehicles and outdoor experiences.

For instance, in April 2024, the Polaris Government and Defense unveiled military snowmobiles with stealth capabilities. The 2025 Military 650 Titan 155 and 2025 Military 850 PRO RMK 155 introduce Blackout Mode, instantly extinguishing all lights for covert operations.

Though the power sport market is thriving, it faces barriers such as regulatory standards and economic fluctuations. However, they foster a resilient environment for the evolution of power sports. Stringent regulations promote innovation, driving the development of cleaner, more efficient technologies. Besides, economic variability stimulates adaptability, encouraging market players to diversify offerings and explore new opportunities. These challenges, when approached with creativity and foresight, foster an industry poised for sustainable growth and resilience in the face of change.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of power sports reached USD 37.8 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, attributed to the rising popularity of adventure sports activities and the shift towards eco-friendly electric powertrains.

The gasoline segment held over 68% revenue share 2032, driven by versatility and robust performance for attracting diverse enthusiasts with unmatched power and agility.

North America market accounted for 49% revenue share in 2023, owing to robust infrastructure, a flourishing economy, and the strong culture of recreational activities.

BMW, BRP, Inc., CFMOTO, Harley Davidson, Hisun Motors, Kawasaki Corporation, Piaggio Group, Polaris, Inc., Suzuki Motor Corporation and Yamaha Motor Co., Ltd.