Power Sports Market Trends

Growth Drivers

• High demand for adding extra accessories to vehicle modifications - Powersports vehicles are utilized for a variety of purposes in a variety of terrains. For both off-road and on-road aficionados, optimizing functionality through utility-oriented modifications is an absolute priority. During the projected period, it is also anticipated that the trend of car electrification will continue to develop.
  
  Since ATVs, heavy motorcycles, jet skis, and snowmobiles are among the vehicles that major OEM manufacturers hope to offer in electric form, the introduction of electric models will further lessen reliance on fossil fuels because these vehicles have greater fuel consumption rates.
  
  In order to support sustainable development and green energy, major automakers are concentrating on creating electric vehicle versions of their vehicles. In just three years, the percentage of electric vehicles in overall sales has more than tripled, rising from 4% in 2020 to 14% in 2022.
• Growing the number of people engaging in leisure activities - The increasing popularity of recreational activities like off-road biking and snowmobiling would generate a lot of potential prospects for the industry. People that engage in recreational activities during their vacation or free time do so to mentally and physically rejuvenate. Power sports vehicles, including boats, bikes, and other devices and vehicles, are necessary for activities like off-road biking and snowmobiling. For instance, according to survey, in 2020 conventional outdoor recreation made up 37.4% of all outdoor recreation in the country, up from 30.6% in 2019.
• Growing consumer desire for affordable and practical motorcycles - The demand for these vehicles is growing quickly because younger purchasers are more likely to purchase motorcycles. Additionally, low maintenance costs, affordability, and convenience are some of the important reasons that are expected to boost up demand for motorbikes. Furthermore, a shift in customer tastes toward lightweight, more accessible, fuel-efficient, and environmentally friendly motorcycles is the reason for the increase in motorcycle sales. As a result, rising consumer demand for practical and affordable motorcycles is anticipated to fuel market expansion. By 2023, the worldwide motorcycle industry would have grown from about USD 133 billion to almost USD 136 billion.

Challenges

• Safety concerns and the environment - The majority of powersport vehicles have extremely polluting engines and run on conventional fuel. Particularly heavyweight motorcycles use a lot of fuel and produce more emissions. Sales are declining as a result of regulations designed to lessen the negative effects of these cars and increased consumer demand for fuel-efficient automobiles. The high rate of rollover and accident occurrences while off-roading is linked to inadequate safety equipment. Therefore, the market growth is being restrained by heightened awareness of the negative effects these vehicles have on the environment and how children's careless use of them contributes to high mortality. All these factors are impeding the power sports market growth.
• Several connected to motorsports automobiles - The majority of power sports cars are powered by conventional gasoline and extremely polluting engines. Large two-wheeled vehicles in particular use a lot of fuel and produce a lot of pollution. Because falls and collisions involving power sports vehicles are so common, this vehicle lacks the necessary safety equipment. Numerous deaths have occurred as a result of growing awareness of the environmental effects of these vehicles and children's unrestrained use.