North America Power Sports Market Size to Exceed USD 17 Billion by 2026

Pune, Maharashtra, November 19 2020 (Wiredrelease) Graphical Research –:According to the Graphical Research new growth forecast report titled North America Power Sports Market Value is set to exceed USD 17 billion by 2026. The market growth can be attributed to the support for off-road activities by regional & local governments. High youth participation in off-road & racing competitions in the U.S. and Canada is promoting the industry growth. Additionally, the usage of ATVs and UTVs in military applications for goods & personnel movement has majorly impacted the growth. Military & government organizations have partnered with power sports manufacturers to develop defense-specific vehicles. For instance, in January 2020, Government Services Administration (GSA) announced its contract with Polaris Government and Defense for the delivery of MRZR Alpha, a new light tactical vehicle.

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High prevalence of snow during winter season along with the rising preference for ice sports events is increasing the snowmobiles demand in Canada. Registration and licenses for using such vehicles across multiple states contribute to changing product demand across country-level markets. Major factors hindering the industry are increasing vehicle prices and spread of COVID-19 across the U.S. and Canada. Limited manufacturing activities, increased cost of raw materials, and high import duties from Asian manufacturers during the lockdown period will result in hike of the power sports vehicle prices.

Rising popularity of snowmobiles in areas with heavy snowfall across Canada and the U.S. for local trips, essential purposes, and government duties is driving the market growth. Snowmobile sales in Canadian provinces, such as Quebec and British Columbia, have increased rapidly in the past years due to heavy snowfall and consumer demand across the application verticals.

The market comprises established players including Polaris, BRP, Honda, Yamaha, and Arctic Cat. The presence of these companies along with multiple emerging players has led to a significant increase in the market competitiveness. These manufacturers are investing in partnership and collaboration strategies to strengthen the market presence and gain high share. For instance, in November 2019, BRP Inc. announced that the company entered into a long-term partnership of Can-Am Off-Road with Professional Bull Riders (PBR).

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