Power Sports Market Segmentation:
Vehicle Type
All-terrain vehicles segment is set to hold more than 38% power sports market share by 2035. The segment growth can be because ATVs are popular among a variety of users, including recreational riders, outdoor enthusiasts, farmers, ranchers, and industrial workers. They are known for their adaptability and capacity to navigate a variety of terrains, including mud, snow, sand, and rough tracks.
Moreover, they can be used for trail riding, racing, hunting, and exploring off-road regions. When searching for outdoor leisure activities, many individuals and families are drawn to ATV riding because of its thrill and adventure. A record 168.1 million people participated in outdoor recreation in 2022, an increase of 2.3 percent.
Furthermore, ATVs are frequently used for utility, particularly in agricultural and rural environments. All-Terrain Vehicles (ATV) are very useful for utility applications because of their capacity to tow large loads and negotiate difficult terrain. The ATV sector is expanding as a result of the increase of adventure tourism and consumer demand for distinctive experiences.
End Use
Commercial vehicles segment in the power sports market is estimated to observe healthy growth through 2035. The primary factors driving demand for commercial vehicles include the global economy's recovery and increased disposable income, as well as an increase in travel and leisure time, off-road vehicle technology developments, and the growing use of off-road vehicles for both military and recreational purposes. The inclination toward adventure and leisure activities, as well as the proliferation of 4WD and AWD vehicles, are expected to fuel the expansion of the commercial off-road vehicle landscape.
The total number of sales of commercial vehicles rose from 7,16,566 to 9,62,468 units. In comparison to the prior year, sales of Light Commercial Vehicles climbed from 4,75,989 to 6,03,465 units, while Sales of Medium and Heavy Commercial Vehicles increased from 2,40,577 to 3,59,003 units in FY-2022–2023.
Our in-depth analysis of the power sports market includes the following segments:
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