Power sports are a subset of the summed up classification motorsports. Case of power sports vehicles are bikes, ATVs, snowmobiles and PWCs. One of the characterizing components of any power sport is the utilization of a engine, some way or the other. With the increasing popularity the Power Sports segment is going to witness a significant growth in the forecasted period. —
Embarked as a niche activity of performing outrageous stunts by some defiant youth, a couple of decades ago; has now been renounced as Power Sports gaining a prominent position the Sports World. Every year more than 22 million athletes participate in power/extreme sports. Until as recently as 15 years ago power sports had a negligible presence on the national stage. Participants were labeled as delinquents and were chastised for their unconventional use of public spaces. That perception began to change in mid 1990s as the youth of America became enchanted with this counter-culture, non-traditional sports and the daring enthusiasts that participated in them. Driven by athletes who constantly test the boundaries of impossible, power sports culture is now a mainstream lifestyle that heavily influences billions of dollars of consumer spending. Advertisers are using power sports as an effective way to keep their brands “cool” in the minds of Youths. These consumers are wary of traditional marketing tactics but are receptive to brands that truly embrace and support their culture. Power sports participants are strong influencers within the 18- to 28-year-old demographic and marketing savvy companies are finding innovative ways to connect with them. Brands like Mountain Dew, Panasonic, Toyota, and Right Guard are examples of the wide array of industries that are making significant investments to reach power sports enthusiasts. By partnering with Active, companies can gain access to this market in a way that captures the spirit of these participants.
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According to a recent study report published by the Market Research Future, the global market for Power Sports is accelerating rapidly and is expected to witness a heightened growth in the recent future, in terms of value and volume. Power Sports Market is predicted to race up witnessing an exponential growth crossing its previous growth records by the end of the forecasted period (2016 – 2027).
The key components which are expected to drive market growth include increased replacement demand for boats, expanding spending rate on power sports products, constant worldwide economic development, and developing urban population. Additionally, accelerating economic growth, growing urbanization and expansion in international markets is providing an impetus to the market growth. The speedy growth is attributed by the trends such as the popularity of electric off-road racing vehicles and technology focused developments of this industry However, the growth of global power sports market is hindered by fluctuation in prices of products, environmental issues and effects of weather, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 130 pages.
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Power Sports Global Market – Key Players
Giant players having a strong presence in the international and regional market adorn the global Power Sports market as highly competitive and fragmented. All players are fiercely competing to gain a substantial market share. Key Players Fuel the passion of riders and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. They are striving to make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications.
Some of the key players in the power sports segment are: Honda Motor, Yamaha Motor, Polaris industries, Harley Davidson and Arctic Cat. Polaris and others
Power Sports Global Market – Segments
Global Power Sports Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Terrain : Comprises All-Terrain Vehicles and Side by Side.
Segmentation by Models : Comprises Stand Up, Sit Down and Multi personal Models.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Power Sports Global Market – Regional Analysis
The Market is for the most part concentrated in the area of North America, the US and Canada, specifically. North America is the largest market for Power Sports representing more than two-thirds of the market. In North America, the US accounts for the largest share followed by Canada. Also, in snowmobile segment, the US and Canada are the major regions globally accounting for more two-thirds of the market share. In motorcycle segment, the sales in North America improved after the global economic recession. The sales of PWC in the US have showed improvement after undergoing a huge loss due to global economic recession.
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