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North America Is the Largest Market for the Power Sports Industry

 
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Dallas, TX -- (SBWIRE) -- 01/24/2014 -- As a part of the recreational market, the power sports industry is one such industry wherein the people utilize their residual income on power sports equipments. Generally power sports equipments are used by people in their leisure time. Power sports products are categorized into one of the following four categories: Off Road Vehicles (ORV), Snowmobiles, Personal Watercrafts (PWC) and Motorcycles.

Off road vehicles, vehicles that are capable of driving on and off paved or gravel surface, are further sub divided into two types namely, All-terrain Vehicles (ATV) and Side-by-side (SXS). ATVs are further segmented into utility ATV, sports ATV and children ATV. A land vehicle that is designed for winter travel on snow is called Snowmobile which is further classified into entry level, performance, touring, mountain and utility snowmobiles. Personal watercrafts segment of the power sports industry is divided into three models: stand-up, sit-down and multi-personal model. The fourth category of the power sports industry i.e. motorcycles, which are a three or two wheeled vehicle, vary considerably depending on the task they are designed for, are classified into five sub-segments: cruiser, sport, touring, standard, dual purpose, and dirt bike.

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It is noteworthy that North America is the largest market for the power sports industry with the US being the market leader of the ATV and Snowmobile segments of the global power sports industry followed by Canada. Further, maximum heavy weight motorcycle registrations were noted for the US.

The key factors driving growth of the global power sports industry include improving economic conditions such as rising GDP and GNI, rising urban population apart from others. This enables individuals to spend more on the recreational activities in their day to day life. Some of the noteworthy trends and developments of this industry include increasing use of snowmobiles in North America, rising average cost of personal watercrafts in the US and age and income of the snowmobilers. However, the growth of power sports industry is hindered by the rising number of ATV- related injuries and deaths and rising environmental concerns.

The report contains a comprehensive analysis of the global power sports industry along with the study of its four sub segments. An intense competition is noted among few major players; Honda Motor, Yamaha Motor, Polaris industries, Harley Davidson and Arctic Cat. Polaris is the leading market player in both ATV and Side-by-Side vehicle segment. Apart from global competitive analysis, segment wise competitive landscape is also included in the report along with company profiles of the leading players in the market.

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