Online Powersports Market to Generate Lucrative Revenue Prospects for Manufacturers
The online power sports market is poised to garner noteworthy growth on account of increasing consumer inclination towards adventure sport activities.
The online power sports market is poised to garner noteworthy growth on account of increasing consumer inclination towards adventure sport activities. Consumers nowadays are spending more on recreational activities like watersports, snowmobiling, and off-road racing during leisure time. This trend has led to the demand for high performance and durable power sports vehicles.
Advent of e-commerce and digital platforms has helped manufacturers to reach a bigger customer base, significantly benefiting their business outlook. Distributors and retailers have begun to vest in their efforts in practices like digital marketing to widen their product presence. Initiatives like these could suffice overall online powersports industry growth. Meanwhile, Global Market Insights, Inc., estimates that the online power sports market may surpass USD 6 billion by the year 2026.
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Surging investments in R&D activities to comply with emission regulations and improve the performance of power sport vehicles could play a significant role in boosting product demand. Manufacturers are focusing on adopting eco-friendly power sports instruments to reduce their emission levels.
However, the COVID-19 outbreak has disrupted industry growth as the demand for power sports equipment steadily declines. Contagious nature of this virus has influenced people to stay in quarantine at their home. This trend has severely affected the business of recreational activities. Additionally, government enforced lockdowns and regulations to maintain social distancing have led to a temporary shutdown of numerous recreational infrastructures like theme parks.
However, industry players are working on ways to restart their operations while adhering to federal norms. Citing an Instance, in June 2020, NASCAR and American Flat Track collaborated with Charlotte Motor Speedway’s team to conduct two and four-wheeled racing during the COVID-19 pandemic while maintaining all the required safety precautions.
Regarding vehicle type, the online power sports market is categorized into side-by-side vehicle, all-terrain vehicle, snowmobile, personal watercraft, and heavyweight motorcycle. Out of these, the side by side vehicles (SSVs) is projected to observe significant demand owing to its enhanced safety and multiple seating capacity.
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These vehicles offer remarkable benefits like easy maneuverability and rollover protection bars, which have played a vital role in accelerating its adoption over the years. SSVs are highly demanded in diverse applications like entertainment, sports, agriculture, and public safety. Taking June 2020 for instance, the U.S. Fire Rescue Department adopted a new all-terrain side-by-side vehicle to use in events like woods fires as well as crashes associated with all-terrain vehicle or snowmobiles.
Companies operating in online power sports market are emphasizing on strategic collaborations and new product launches to increase their revenues share. In 2019, Honda launched two new models of its ‘Talon’ SSVs that feature advanced charging technologies that offers users with improved driving experience.
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