North America accounted for largest power sports market share by volume in 2017. Government agencies including Bureau of Land Management (BLM) and Federal Highway Administration (FHWA) are increasingly motivating customers towards recreational activities thereby accelerating the industry growth.
All-terrain vehicle power sports market is expected to continue their industry dominance through the forecast timeframe. This can be attributed to the growing popularity of sports competitions among youths, increasing number of outdoor parks, and ATV clubs for promoting the adoption and safe handling of the vehicles. Development of training facilities for offering training to customers have helped in improving the safety and customer satisfaction.
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Asia Pacific power sports market share is expected to witness significant gains at around 4.5% over the forecast timeframe. This can be attributed to increasing disposable income which have augmented the vehicles sales. Moreover, government initiatives such as “Make in India” (in India) targeting to strengthen manufacturing sector and reducing unemployment will provide stable growth platform from 2018 to 2024.
Recreational centers and outdoor parks are adding high performance vehicles to their existing facilities. This aids in improving the riding experience of the users and attracting new users. According to World Tourism Organization (UNWTO) World Tourism Barometer, international tourism witnessed growth of approximately 7% in 2017, reaching 1,322 million arrivals. Total contribution of travel and tourism was approximately 10.2% of global GDP in 2016. Proliferation of tourism across the globe have resulted in increased expenditure on adventure sports on water and land. Moreover, steady global economic development can boost credit availability and support the spending capacity of consumers thereby augmenting the power sports market growth.
Manufacturers are emphasizing on development of innovative technology for improved vehicle performance. Most of the technological developments are aimed at improved mobile tracking facilities, vehicle diagnostic display, electric start, bluetooth connectivity, and navigation tools to provide better user experience. For instance, in December 2015, Newfoundland and Labrador Snowmobile Federation (NLSF) collaborated to offer high-resolution GPS maps for the Newfoundland snowmobile operators. Introduction of light-weight vehicles with increased fuel efficiency aids in improving the maneuverability on rocky terrains. These factors are expected to provide favorable growth prospects for the global power sports market.
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Some of the major power sports market participants include Arctic Cats, Kymco, John Deere, Kawasaki Motors, Kubota, Honda Motors, Yamaha Motors, Harley Davidson, Suzuki Motors, Can-Am, BRP and Polaris Industries. Industry players are increasingly involved in mergers and acquisitions for strengthening their industry foothold and product line expansion. For instance, in 2015, Polaris acquired Hammerhead off-road vehicle business to aid the expansion of its production facility.