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APAC Power Sports Market Share to Grow Over US$11bn by 2026
Published Date: 2020-08-28
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According to the Graphical Research new growth forecast report titled Asia Pacific Power Sports Market Value is set to reach USD 11 billion by 2026. Growing off-road recreational activities and demand for ATVs and UTVs in Asian countries including China, India and Japan will support the market growth. Increase in establishment of outdoor recreational infrastructure, such as wilderness areas, theme parks, and tracks & trails, will positively influence the market. Additionally, government investments and policies for the enhancement of recreational infrastructure are supporting the vehicle demand. Industry participants are investing large amounts in product innovations to enhance efficiency and performance of power sports vehicles. High vehicle efficiency, low noise, and high-power outputs will drive the market demand.
Integration of new driver-assisted features and huge demand for power sports vehicles are attributed to transforming consumer preference in Asian countries and innovations by manufacturers. However, the high initial cost of power sports products and limited buying capabilities of several Asian consumers are major factors limiting the Asia Pacific power sports market growth. The prices are expected to increase rapidly over the forecast timespan due to the spread of coronavirus and huge impact on the Asian power sports industry. Companies working on expansion and innovation have temporarily halted their operations in the COVID-19 period due to consumer focus on essentials and health services.
The side by side vehicles will witness a growth owing to constant improvements in product features. SSV will provide enhanced functionality and differentiated riding experience. The improved suspension, multiple drive mode functions, and four-wheel disc brakes advocate its usage in varying ground conditions. In addition, industry players including Kubota are taking initiatives to lower the cost of ownership for these vehicles. Major consumers of these vehicles in the Indian market include HNIs and sports clubs that are increasingly engaged in off-road recreational activities, further promoting the market growth.
Honda Motor Co., Ltd., Kawasaki, Yamaha Motors, Polaris Inc., BRP Inc., and John Deere are the major players in the Asia Pacific Power Sports Market. Advancements in product designs along with improvements in configuration and after-sales services are among the major focus areas for industry participants for improving their market shares. Product innovation and portfolio expansion are among the prominent strategies adopted by industry players to enhance their market shares over the forecast period.
The Asia Pacific Power Sports Market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million and shipment in units from 2020 to 2026, for the following segments:
Market Share, By Vehicle
- All-Terrain Vehicles
- Side By Side Vehicles
- Personal Watercrafts
- Heavyweight Motorcycles
The above information has been provided for the following regions and countries:
- Asia Pacific
- South Korea