The Asia Pacific is expected to offer lucrative growth opportunities to the power sports market. The region is witnessing high demands for ATVs and motorcycles owing to increased customer awareness.
Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- Surging demand for leisure and recreational activities across the globe would drive power sports market growth over the coming years. Technology has played a crucial role in developing next-generation vehicles. By integrating advanced technologies, automobile manufacturers are able to develop vehicles that offer advanced features like independent suspension, EFI, four-wheel-drive systems, turbochargers, and CDI.
Such advanced features has enabled off-roads enthusiasts to explore new recreational activities. In addition to this, the construction of new recreational centers have generated lucrative opportunities in power sports market.
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Moreover, increasing public and private investments for the development of recreational infrastructure will create a conducive environment for the expansion of power sports industry over the coming years. In terms of revenue, power sports market size is set to surpass USD 50 billion by 2026.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Polaris Industries
2. Honda Motor
3. Yamaha Motor
4. Harley Davidson
5. Arctic Cat
7. Suzuki Motors
8. John Deere
9. Kawasaki Motors
Customer preference for autonomous vehicles and driver-assisted technologies are prompting manufacturers in the industry to modify conventional power sports vehicle offerings. Moreover, introduction of electric systems and machine learning is further encouraging power sports vehicle manufacturers to innovate their product offerings by incorporating electric and eco-friendly features.
Governments of various countries are actively involved in upgrading the existing trails and commissioning new trails for supporting recreational activities. Increasing investments towards maintenance and upgradation of recreational centers will positively influence the power sports market growth. For instance, the Ministry of Culture, Sport & Parks inaugurated snowmobile and ATV trails in the Moose Mountain Provincial Park in 2016. With the National Trains Coalition, the government of Saskatchewan invested over USD 250,000 for the project. The investment is aimed at attracting off-roading enthusiasts for sports and recreational activities.
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Manufacturers in the power sports market are continuously developing new products with advanced capabilities. They are also focusing on introducing environment-friendly variants owing to growing demand for eco-friendly power sports vehicles to cut down upon harmful emissions. Also, in a bid to comply with environment regulations, these companies are offering alternative engines, such as electric or gas-based models.
Power sports vehicles are priced at lower range in APAC countries due to cheap labor, low manufacturing costs, as well as availability of low tax options. Regional governments are undertaking several projects for the development of off-road and recreational infrastructure, which may further fuel the demand for power sports vehicles, hence favoring power sports market growth through 2026.
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