Electric Power Sports Market Statistics, Growth Insights & Predictions To 2030

Global electric power sports industry size is set to expand at an appreciable pace with the rising demand for recreational activities among the younger population. Powersports include motorsports that involve vehicles, such as personal watercrafts, ATVs, snowmobiles, and motorcycles.
Recreational sports have gained significant momentum of late, especially after the COVID-19 outbreak in 2020. As the global health emergency put several restrictions on social interactions, the demand for outdoor activities skyrocketed since last year. However, traditional motorsports have contributed to the rising carbon emission levels.
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This has prompted companies to manufacture electric snowmobiles, ATVs, and personal watercrafts to reduce their carbon footprint. Many producers are already in the process of launching electric motorcycles to expand their customer base. For instance, in April 2021, Honda announced plans to launch 4 new electric motorcycle models in its effort to turn 100% electric by 2040.
It is projected that global electric power sports market value will exceed USD 800 million by 2030.
Following are some of the trends favoring product adoption:
	
Electric power sport vehicles to ease farming activities:
The agriculture sector is one of the most important contributors to a region’s economic progress and development. This sector is witnessing a notable transformation in its functioning, thanks to the introduction of advanced technologies. Battery-driven vehicles will boost the profit margins for stakeholders as they are more cost-efficient for transporting the farm produce.
Using electric power sport vehicles has helped agriculturists boost their revenue margins without compromising on the quality of their yield. Farmers are increasingly relying on electric all-terrain vehicles (ATVs) to carry out activities on terrains that are physically inaccessible.
Governments across the world are unveiling different initiatives to promote multi-utility farm vehicles to improve the efficiency of the agriculture sector. For example, in December 2021, the Indian Ministry of Road Transport and Highways announced plans to launch electric tractors for farms. The soaring prices of diesel across the country will encourage the farmers to adopt new electric tractors.
	
Electric ATVs to gain traction with rising participation in adventure sports:
The electric ATV segment in the electric power sports industry is anticipated to witness a strong rise owing to the extensive use of recreational vehicles by millennials and GenZ. Increasing indulgence in outdoor activities grew at a strong pace after the effects of the COVID-19 pandemic began receding.
This had a positive influence on the production and sales of electric power sales as more people began participating in adventure sports. Since these vehicles run on batteries instead of gasoline, they will attract more environment-conscious customers.
The future of ATVs and UTVs are powered by expanding investments by leading manufacturers toward product launches. Recently, Polaris, a top industry participant, launched not only new ATV and UTV models but also a new mobile app for a more efficient riding experience.
	
Asia Pacific electric power sports industry shares to grow:
Asia Pacific electric power sports market will exhibit considerable progress over the coming years as the region is gradually adopting electric vehicles (EVs) to overcome its carbon emission problems. Governments across the region have already started laying down policies and regulations to support the production of electric power sports vehicles.
With the travel & tourism sector of the APAC region picking up pace after the COVID-19 pandemic, the uptake of outdoor recreational activities has risen significantly. International tourist arrivals in India are estimated to touch 30.5 million by 2028, as per the country’s National Investment Promotion & Facilitation Agency. This scenario will fuel product development amongst manufacturers for vehicles, such as personal watercrafts and ATVs.
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With domestic and international travel growing at a steady pace every year, the travel & tourism industry has shown great recovery. This will propel the electric power sports market in the coming years.
Harley-Davidson, Inc., Energica Motor Company S.p.A, Artic Cat, Polaris, Yamaha Motor Company Ltd., BRP, and Kawasaki Motor, among many others, are the leading manufacturers of electric power sports vehicles. Recently, Yamaha Motor Corp., USA, launched the Yamaha Outdoor Access Initiative grant amounting to USD 145 thousand for the second quarter of this year. The motive is to protect, expand and improve the access to public land for outdoor recreational activities.
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