Powersports Market to Hit Record Number from 2021–2028
The powersports market is expected to grow from US $93,703.64 million in 2021 to US $131,083.20 million by 2028 — estimated at 4.9 percent during 2021–2028. Powersports include vehicles such as motorcycles, all-terrain vehicles (ATVs), snowmobiles, and water craft.
Adventure tourism involves traveling to new locations for gaining new experiences, with controlled risk components and personal challenges in wild and exotic environments. An increase in the number of visitors interested in off-road driving is impacting the economic growth.
What’s creating the growth? The widespread awareness among sports tourists regarding such racing events is the heart of motorsport tourism.
Prior to COVID-19 — The Growth
Prior to COVID-19, the powersports market was growing due to the increase in all-terrain vehicle (ATV) trader traffic. Consumer interest in ATVs, utility terrain vehicles (UTVs), and specialty powersports units soared over 35 in the first seven months of 2019, based on year-over-year searches on Trader Interactive’s ATV Trader marketplace.
In 2020, COVID-19 negatively impacted the powersports market due to the decline in the global automotive industry. The outbreak created significant disruptions in the manufacturing of products, including cars. A sharp decline in manufacturing automobiles impacted the growth of the global powersports market.
Further, the data collected from the Organization International des Constructers Automobiles (OICA) showed a 16 percent decline in 2020 (total number of vehicle production) to less than 78 million vehicles. Moreover, to combat and contain the outbreak, factory shutdowns, travel bans, trade bans, and border lockdowns were imposed; these restrictions adversely impacted the manufacturing, supply, and sales of various automobile components required to manufacture cars. The overall COVID-19 impact on the powersports market was negative in 2020.
The Future of Powersports
Due to greater performance on difficult and uneven terrains, four-wheel all-terrain vehicles (ATVs) are in high demand among consumers. The popularity of new four-wheel ATVs is increasing in different countries. Several major ATV and UTV manufacturers are hosting racing championships, which is expected to boost demand for these utility vehicles. The US has been experiencing an increase in recreational parks for ATV rides.
Recreational options have been created on public lands in the country by adding miles to over 19 national recreational routes. ATVs are also widely used in the armed services, including the military and police agencies, where they are heavily used for transportation in isolated places. As a result, the rising demand for ATVs in recreational, sporting, and military applications is one of the primary factors driving the powersports market growth.
