The global online powersports market is anticipated to grow at a significant CAGR of 4.3% during the forecast period. The major factor that is augmenting the growth of the global online powersports market is increasing improvement in consumer lifestyles along with rising inclination toward adventurous activities for the purpose of entertainment. However, high-cost involvement is major factors constraints that are hindering the growth of the global online powersports across the globe. 

Further, technology advancement products by manufacturers are one of the key factors that are creating opportunities for the market. New product launches in the market are likely to drive the growth of the global hermetic reciprocating refrigerator compressor market. For instance, in June 2020, the Honda Motor Co., Inc. had given the confirmation of the return of an array of four-wheel Powersports vehicles for the 2021 model year, which includes four FourTrax multipurpose ATVs, along with Pioneer multipurpose side-by-sides.

Impact of COVID-19 Pandemic on Global Online Powersports Market

The global online powersports market is hardly hit by the COVID-19 pandemic since December 2019. The COVID-19 pandemic had brought a lot of disruption across the globe. Moreover, various manufacturing activities were shut down that delayed in production of vehicles along with its sales owing to the COVID-19 pandemic that had adversely impacted the market. 

Segmental Outlook 

The global online powersports market is segmented based on the vehicle type, cargo type, and end-user. Based on the vehicle type, the market is segmented into all-terrain vehicle, side -by- side vehicle, personal watercraft, snowmobile, and heavyweight motorcycle. 

Global Online Powersports Market Share by Vehicle Type, 2021 (%)

The All-Terrain Vehicle Segment Holds the Major Share in the Global Online Powersports Market

The all-terrain vehicle segment is anticipated to dominate and grow in the global online powersports market during the forecast period. An increasing number of racing activities along with the growing promotion of all-terrain vehicle racing events through clubs and associations on various social media platforms are acting as the prime factors impacting the growth of the market. Additionally, the presence of all-terrain vehicles at low weight along with a growing number of training centers for the purpose of providing complete information associated with driving and safety purposes are some of the other factors impacting the growth of the segment of the market during the forecast period.

Regional Outlooks

The global online powersports market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global online Powersports market. Some factors that are boosting the market growth in North America are growing recreational infrastructure along with increasing investment by the private sector in the development of watersports activities. 

Global Online Powersports Market Growth, by Region 2022-2028

The Asia-Pacific Region Holds the Major Share in the Global Online Powersports Market

The Asia-Pacific region dominates and is anticipated to hold the major share in the global online powersports market. The growing disposable income in the region is expected as the prime factor to drive the market during the forecast period. Additionally, rising expenditure on recreational activities, especially in emerging economies such as China and India, due to the inclination of youth towards adventure sports activities is also contributing towards the market growth. Moreover, increasing demand for an off-road vehicle for various application and key market players expanding their reach with advanced technology are some other factors that are boosting the growth of the market. 

Market Players Outlook

The major companies serving the global online powersports market include Honda Motor Co., Inc., Kawasaki Motors Corp., Polaris Inc.,Textron Inc., and Yamaha Motor Co., Ltd. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships, and collaborations, and many others to thrive in a competitive environment. For instance, in October 2020, KIA Motors Corp. had introduced its plans order to develop a new standard platform for next-new generation military vehicles, with a significant focus on ATV vehicles.

In September 2021, Suzuki Motor, LLC had introduced its next group associated with dynamic models in its 2022 Powersports product line that will be consisting of rugged reliable king quad ATV.

In January 2021, Suzuki Motor, LLC had launched its new all-new website, which is named SuzukiCycles.com, for the purpose of serving as the primary online destination for Suzuki’s U.S. motorcycle, scooter, ATV, along with genuine accessories customers.

In July 2020, Bombardier Recreational Products Inc. expanded its manufacturing capacity with the construction of a new facility in Mexico to meet demand for its off-road vehicles (ORVs) business. The main aim of the company behind the expansion of its manufacturing capacity is to keep pace with the increased demand for Can-Am side-by-side vehicles (SSVs) in Mexico.

In January 2019, Textron Inc., had done a partnership with Great Outdoors Group in order to introduce a new line of the all-terrain vehicle which had been made in Thief River Falls and sold in more than 200 Tracker, Cabela’s, and Bass Pro shops and boat dealerships nationwide.

in 2017, Polaris Inc. signed an agreement with the Indian Army and CRPF to deliver an undisclosed fleet of its flagship ATV named Ranger RZR.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global online powersports market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.