Powersports Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type

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The global powersports market is expected to grow from US$ 93,703. 64 million in 2021 to US$ 131,083. 20 million by 2028; it is estimated to grow at a CAGR of 4. 9% during 2021–2028. The shifting market for utility-terrain vehicles (UTVs) is one of the main factors contributing to the rise of the powersports market.

New York, May 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Powersports Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type" - https://www.reportlinker.com/p06279460/?utm_source=GNW
Technological advancements have benefitted through improved durability and adaptability to off-road vehicles, thereby ensuring greater enjoyment for ATV and UTV riders.

For example, Honda has developed its off-road advancements throughout the years, the most current of which is I-4WD.The system monitors the left and right front wheel speeds and applies brakes to the spinning wheel while increasing driving force to the wheel with higher traction.

As a consequence, riders can climb up, over, and through more and more difficult barriers.As I-4WD is always ready, riders don’t have to stop to use it.

Honda’s Hill Start Assist is also compatible with I-4WD. Further, Polaris simultaneously launched independent rear suspension (IRS) on its flagship Sportsman model and its first 4-stroke ATV powertrain. The Sportsman 500 IRS was a full-size ATV with a long-route IRS that revolutionized ATV riding and increased its ability to traverse deep muck. Furthermore, Polaris dubbed its 4×4 technology "Demand Drive." This technology automatically locks the front diff when the terrain demands severe 4-wheel traction. The electrically charged system then automatically reverts to differential 4×4 when the traction is restored. Continuous advancements in ATVs and UTVs provide a lucrative opportunity for the growth of powersports market players.

Impact of COVID-19 Pandemic on Europe Powersports Market
The European powersports market experienced positive growth in 2019 due to the increasing motorcycles sales in Germany and Italy. For instance, according to moto.it, BMW managed to sell 15,879 units of the R1250GS model in Germany and Italy combined in 2019.

In 2020, the downfall in the automotive industry hampered the market growth in Europe due to the decreased production of automotive components. According to the ACEA report of December 2020, European car sales fell back to 20.5% year-on-year to 713,346 units. Several major countries experienced a downfall in vehicle sales. As per an article published by the Hürriyet Daily News in December 2021, Italy and Poland’s vehicle sales fell by a quarter, Spain and Belgium were down by 12.3% and 17.1%, while France limited the fall to 3.2%, and German registrations were dived by 31.7%.

Between 2021 and 2022, the tourism industry rose again. In 2021, the number of nights spent at European Union (EU) tourist accommodation establishments totaled 1.8 billion, up by 27% compared with 2020, as per Eurostat statistics 2021. Thus, the rise in the tourism industry propelled the demand for powersports in Europe.

Before the COVID-19 pandemic, in 2019, the global powersports market size was US$ 95,728.13 million. The global market size during the pandemic was US$ 91,324.63 million in 2020. Furthermore, in 2021, the global powersports market size was US$ 93,703.64 million. Therefore, the overall impact of the COVID-19 pandemic on the global powersports market was negative in 2020.

The early acceptance of the Blink Charging Co.’s Level 2 AC charging stations has been paving the way for a rise in electrically driven motorbikes and other recreational vehicles. Dealerships, repair shops, and alternative fueling stations are more likely to supply a power source for charging bigger cars faster and more effectively through well-planned and constructed charging stations. Electric bikes are currently being built with an engine in the wheel well, in addition to these adjustments. This modification in the engine position reduces vehicle weight and allows more power generation with less effort, which signifies the significant potential for the future generation of ecologically responsible powersports.

Segway, a company well known for its stand-up personal mobility vehicles, has launched a series of environmentally friendly powersports vehicles in 2020.Its new product lineup includes two side-by-side vehicles and at least one ATV.

Although these cars will start as hybrids, Segway intends to transition to all-electric vehicles in the future. Thus, electric-powered recreational vehicles are likely to emerge as future trends in the powersports market.

Based on type, the powersports market is segmented into all-terrain vehicles, side-by-side, and motorcycles.The motorcycles segment led the market with the largest share in 2020.

Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). APAC led the powersports market in 2020.

The overall powersports market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the powersports market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the powersports market.

American Landmaster; ARCTIC CAT; BRP; Hisun Motors Corp., USA; Kawasaki Motors Corp; Polaris Inc.; Yamaha Motor Corporation; Suzuki Motor USA; Volcon ePowersports; and American Honda Motor Company, Inc. are among the key companies operating in the powersports market.
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