LONDON, July 12. 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the motorsports market, the growing participation in recreational activities such as snowmobiling and mountain biking is expected to propel the growth of the motorsports market. Recreational activities refer to activities that people do in their free time to rejuvenate their body and mind. Activities like snowmobiling and off-cycling require various powersports vehicles such as bicycles, boats, and other vehicles and machines.
For example, according to the United States Bureau of Economic Analysis, a government provider of official macroeconomic and industrial statistics, in 2020 conventional outdoor recreation in the United States accounted for 37.4% of total outdoor recreation in the United States. United States, up from 30.6% in 2019. Hence, increasing participation in recreational activities such as snowmobiling and off-road biking is driving the growth of the powersports market.
The size of the global powersports market is expected to grow from $29.04 billion in 2021 to $30.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.3%. The growth of the powersports industry is expected to reach $39.95 billion in 2026 at CAGR of 6.7%.
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Technological advancements are gaining popularity among powersports market trends. For example, in July 2020, Polaris Inc., an American powersports vehicle manufacturer, launched RideReady, an industry-first on-demand digital services platform. New RideReady digital strategy aims to leverage digital solutions and technology to deliver industry-leading tools that break down ownership barriers, build affinity and loyalty with existing customers, and introduce motorsports to new people . RideReady connects powersports owners and dealers with Indian Motorcycle and Polaris dealerships to easily schedule service appointments online.
Major players in the powersports market are John Deere, Polaris Inc., Kawasaki Heavy Industries Motorcycle & Engine Company, Yamaha Motor Co. Ltd., Honda Motor Company Ltd., Suzuki Motor Corporation, Harley-Davidson Inc., Kubota Corporation, Kymco, Arctic Cat Inc., Textron Inc., Ducati Motor Holding SpA, Triumph Motorcycles Ltd., Zero Motorcycles Inc. and Hisun Motors Corp.
The global Powersports Market analysis report is segmented by Vehicle Type into All-Terrain Vehicle, Side-by-Side Vehicle, Personal Watercraft, Snowmobiles, Heavy Motorcycle; by model in multi-staff, sit down, stand up; by application on-road, off-road.
North America was the greater region in the powersports market in 2021. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the Motorsports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.
The Global Powersports Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide Powersports Market insights, analysis and forecasts. Market size and growth for the overall market, Powersports market segments and geographies, Powersports market trends, Powersports market drivers, Powersports market restraints, Revenues of major market competitors motorsports, motorsports market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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