The power sports aftermarket is set to grow from its current market value of more than USD 10 billion to over USD 14 billion. The emergence and integration of newer components like audio & video bars, as well as GPS & Industry share of power sports aftermarket from UTV vehicles is likely to reach a significant level through the next few years. This can be owed to the higher demand for these machines in farming and good transportation applications across different terrains. Besides, the UTV’s are extensively employed in off-road activities for sports & recreational purposes. This is because these vehicles offer enhanced passenger and load-carrying capacities on challenging terrains in comparison to their ATV counterparts.
The power sports aftermarket share will be positively driven by the rise in the instances of racing accidents that result in significant damages. The higher levels of wear & tear in off-roading activities have led to the increasing requirement for replacement of the power sports parts. There is a considerable expansion in the growth of electric vehicles to curb carbon emissions.
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The Asia Pacific cc was responsible for the largest revenue share in 2020. This can be attributed to the higher preference for off-roading water sports among various other recreational activities in the region. There is a growing willingness of consumers to spend on modification of the power sports vehicles to upgrade their performance.
Also, the increasing per-capita incomes have led to a rise in development investments across Australia, Japan, China, and India for amusement parks, trails, and water sports clubs. For instance, Motorcycling Australia Organization has scheduled and organized the Australian off-road championship event in March 2021, complementing the need for aftermarket spare parts across the region.
The influx of GPS systems, audio bars, and communication systems in the powersports has given rise to improved safety of the rider while ensuring communication in cases of emergencies. Besides, there is easy access to low-cost parts and products for these vehicles in comparison to the components rendered by several OEMs.
The power sports aftermarket for North America and Europe will see positive inclination through the next few years with the incessant need for power sports vehicles. This is due to the jump in the number of off-road activities, championships, and racing events. In the wake of this shift, several market players across the region are expanding their services. For instance, in April 2020, a leading M&A company in the U.S., The DVS Group, inked an acquisition deal with Nivel owned Side by Side Stuff, a major marketer of aftermarket parts across the UTV retail sector.
Power sports aftermarket dealers are working towards capacity expansions, mergers, acquisitions, partnerships, and technological advancements to extend their offerings across the globe while sustaining competition. Citing the same with an instance, Arrowhead Engineered Products, acquired a German aftermarket part distributor for power sports equipment, Ratioparts in January 2018, to extend its presence in the global market as well as enhance its services and products.
The current COVID-19 pandemic and its increasing spread across the globe, led to the imposition of restrictions by various governments on travel and trade, drawing a negative outlook on the market revenue. The regulation of the lockdown policies globally also hampered the production capacities of companies operating in various sectors. This resulted in the suspension of the manufacturing activities of power sports vehicles and components in the first six months of 2020.
Yamaha Motor Co., Ltd., Kubota Corporation, Bombardier Recreational Products, Harley Davidson, Polaris Inc., Motorsport Aftermarket Group, Honda Motor Co., Ltd., AISIN SEIKI Co., Ltd., Kwang Yang Motor Co., Ltd, and Western Power Sports are other key industry participants in the business.
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Some Point from Table of Contents:
TABLE 1 Global power sports aftermarket industry 3600 synopsis, 2016 – 2027
TABLE 2 Global market size, 2016 – 2020 (USD Million)
TABLE 3 Global market size, 2021 – 2027 (USD Million)
TABLE 4 Global market size, by vehicle, 2016 – 2020 (USD Million)
TABLE 5 Global power sports aftermarket size, by vehicle, 2021 – 2027 (USD Million)
TABLE 6 Global all-terrain vehicles aftermarket size, by component, 2016 – 2020 (USD Million)
TABLE 7 Global all-terrain vehicles aftermarket size, by component, 2021 – 2027 (USD Million)
TABLE 8 Global side-by-side vehicles aftermarket size, by component, 2016 – 2020 (USD Million)
TABLE 9 Global side-by-side vehicles aftermarket size, by component, 2021 – 2027 (USD Million)
TABLE 10 Global snowmobiles aftermarket size, by component, 2016 – 2020 (USD Million)
TABLE 11 Global snowmobiles aftermarket size, by component, 2021 – 2027 (USD Million)
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