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Europe Power Sports Market Size to Develop Over US$ 8.5bn by 2026
Published Date: 2020-08-28
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According to the Graphical Research new growth forecast report titled Europe Power Sports Market Share is set to boost over USD 8.5 billion by 2026. The development and innovation of fully-electric power sports vehicles including ATVs, UTVs, watercraft, etc., that offer eco-friendly, low noise-producing, and low fuel consumption features are supporting the market growth. Government policies for the promotion and usage of safe & low-emission producing vehicles are creating awareness of innovative & electric power sports products in Europe. Additionally, consumer inclination toward low fuel consumption and low maintenance personal watercraft & snowmobiles is a major factor adding up to the market development prospects. Companies are developing electric engine- based vehicles to meet the government & consumer needs in the Europe market.
Several power sports-related organizations, such as Snowmobile Safety and Certification Committee and European ATV Safety Institute, are providing safety training programs & certifications for educating and training customers, significantly reducing the probability of accidents. A major factor restricting the market is the spread of the coronavirus in 2020 across European countries. The off-road recreational activities have been halted for a temporary period, limiting the sales of power sports. However, the industry is expected to gain pace over the forecast timeline owing to the removal of stringent restrictions, lifting lockdown, and resumption of power sports manufacturing activities.
Snowmobiles are expected to gain high demand in the market size owing to the ability to efficiently travel in heavy snowy terrains. These vehicles are gaining popularity in cold countries due to heavy snowfall and high tourist arrivals. Snowmobiles are utilized in local police, defense, and government works to travel in snowy terrains. Additionally, the introduction of advanced snowmobile models with two-stroke & four-stroke engines by major manufacturers is creating increased consumer attraction. New snowmobiles are launched with increased seating capacity and compact designs to ensure maximum user safety and aesthetics.
Major players present in the Market include Honda Motor Co., Ltd., Kawasaki, Polaris, Inc., Yamaha Motor, BRP, Inc., Kubota, etc. These companies are adopting new product development, partnerships & collaborations, acquisition, and regional expansion strategies in the Europe market.
The Europe 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 Watercraft
- Heavyweight Motorcycles
The above information has been provided for the following regions and countries: