Online Power sports Market 2026: Future Trend, Top Key Players & Regional outlook
The size of online power sports market was registered at USD 5 billion in the year 2019 and is anticipated to cross USD 6 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 4.5%.
The online power sports market is poised to garner noteworthy growth on account of increasing consumer inclination towards adventure sport activities. Consumers nowadays are spending more on recreational activities like watersports, snowmobiling, and off-road racing during leisure time. This trend has led to the demand for high performance and durable power sports vehicles.
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Advent of e-commerce and digital platforms has helped manufacturers to reach a bigger customer base, significantly benefiting their business outlook. Distributors and retailers have begun to vest in their efforts in practices like digital marketing to widen their product presence. Initiatives like these could suffice overall online powersports industry growth
Surging investments in R&D activities to comply with emission regulations and improve the performance of power sport vehicles could play a significant role in boosting product demand. Manufacturers are focusing on adopting eco-friendly power sports instruments to reduce their emission levels.
In regard to vehicle type, the online power sports market is categorized into side by side vehicle, all-terrain vehicle, snowmobile, personal watercraft, and heavyweight motorcycle. Out of these, the side by side vehicles (SSVs) is projected to observe significant demand owing to its enhanced safety and multiple seating capacity.
These vehicles offer remarkable benefits like easy maneuverability and rollover protection bars, which have played a vital role in accelerating its adoption over the years. SSVs are highly demanded in diverse applications like entertainment, sports, agriculture, and public safety. Taking June 2020 for instance, the U.S. Fire Rescue Department adopted a new all-terrain side-by-side vehicle to use in events like woods fires as well as crashes associated with all-terrain vehicle or snowmobiles.
However, the COVID-19 outbreak has disrupted industry growth as the demand for power sports equipment steadily declines. Contagious nature of this virus has influenced people to stay in quarantine at their home. This trend has severely affected the business of recreational activities. Additionally, government enforced lockdowns and regulations to maintain social distancing have led to a temporary shutdown of numerous recreational infrastructures like theme parks.
However, industry players are working on ways to restart their operations while adhering to federal norms. Citing an Instance, in June 2020, NASCAR and American Flat Track collaborated with Charlotte Motor Speedway’s team to conduct two and four-wheeled racing during the COVID-19 pandemic while maintaining all the required safety precautions.
Companies operating in online power sports market are emphasizing on strategic collaborations and new product launches to increase their revenues share. In 2019, Honda launched two new models of its ‘Talon’ SSVs that feature advanced charging technologies that offers users with improved driving experience.
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Some Point from Table of Contents:
Data Tables
TABLE 1. Online power sports industry 3600 synopsis, 2016 – 2026
TABLE 2. Online power sports market size, 2016 – 2019 (USD Million)
TABLE 3. Online power sports industry size, 2020 – 2026 (USD Million)
TABLE 4. Online power sports industry size, by vehicle, 2016 – 2019 (USD Million)
TABLE 5. Online power sports market size, by vehicle, 2020 – 2026 (USD Million)
TABLE 6. Online power sports market size, by region, 2016 – 2019 (USD Million)
TABLE 7. Online power sports market size, by region, 2020 – 2026 (USD Million)
TABLE 8. Industry impact forces
TABLE 9. All-terrain vehicle market size, 2016 – 2019 (USD Million)
TABLE 10.All-terrain vehicle market size, 2020 – 2026 (USD Million)
TABLE 11.Side-by-side vehicle market size, 2016 – 2019 (USD Million)
TABLE 12.Side-by-side vehicle market size, 2020 – 2026 (USD Million)
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