Power Sports Aftermarket Market Overview:
As per MRFR analysis, the Power Sports Aftermarket Market Size was estimated at 19.18 (USD Billion) in 2022. The Power Sports Aftermarket Market Industry is expected to grow from 20.0(USD Billion) in 2023 to 29.13 (USD Billion) by 2032. The Power Sports Aftermarket Market CAGR (growth rate) is expected to be around 4.27% during the forecast period (2024 - 2032).
Key Power Sports Aftermarket Market Trends Highlighted
The Power Sports Aftermarket market exhibits significant growth potential, driven by the increasing popularity of powersports activities, rising disposable income, and growing demand for customization and performance enhancement. Key market drivers include the increasing number of powersports enthusiasts, technological advancements in vehicles, and the growing trend of personalization.Opportunities for growth lie in the expansion of the online aftermarket, the emergence of electric powersports vehicles, and increasing demand for aftermarket accessories in emerging markets. Recent trends include the rise of subscription-based services for powersports vehicles, the adoption of advanced materials and technologies, and the growing focus on safety and performance. Additionally, the increasing popularity of powersports tourism and the growing influence of social media have contributed to the growth of the aftermarket.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Power Sports Aftermarket Market Drivers
Rising Popularity of Adventure and Outdoor Activities
Increasing popularity of adventure and outdoor activities, such as off-roading, camping, and fishing, among the masses is one of the prime driving factors for the power sports aftermarket products. Amid people from across the globe, partaking in these outdoor activities, their vehicles and equipment requires modification to boost the overall performance, comfort, and safety of the users. As a result, there has been a sudden surge in demand of power sports exchanging products including performance enhancements, safeguarding equipment, and gear required for specialized activities.Also, with the increasing prevalence of off-road trails, adventure parks and camping arenas, the overall sentiment in the power sports aftermarket market is anticipated to be upbeat.
Technological Advancements and Innovation
Rapid technological advancements and innovations in the power sports industry are the key factors driving the growth of the aftermarket market. The development of new technologies including electronic fuel injection, advanced suspension systems, and GPS navigation have created opportunities for aftermarket manufacturers to develop products that offer improved performance and functionality. Moreover, the growing popularity of electric and hybrid powertrains in power sports vehicles is increasing the demand for aftermarket components and accessories.
Customization and Personalization
The demand for aftermarket products in the power sports market is growing because of the overall trend for customization and personalization. People tend to seek things that would be different and differentiating because the time when it was enough to just own a dirt bike, an ATV or something of the kind and take a ride off-road is in the past. Since the new customization trend took place, there appeared a great variety of aftermarket accessories, which number grows daily.These items range from custom paints and graphics to performance modification and accessories targeting the style of riding and the type of vehicle you possess.
Power Sports Aftermarket Market Segment Insights:
Power Sports Aftermarket Market Vehicle Type Insights
The Global Power Sports Aftermarket Market by Vehicle Type into All-Terrain Vehicles, Side-by-Side Vehicles, Snowmobiles, Personal Watercraft, and Powersports Motorcycles. Out of these, ATVs and SxSs are likely to be the most significant market holders in 2024 and beyond. The advent of off-roading and recreational activities is attributed to the climb in the adoption of ATVs and SxSs by its buyers. ATVs are designed to be rough and rugged in its multitude of uses. Since it is swift and flexible, it is convenient for all types of hunting, farming, and fishing terrains.It is also most commonly acquired for its off-road exploits.
The Global Power Sports Aftermarket Market for ATVs is projected to be at USD 4.8 billion by 2026 with a stable CAGR. On the other hand, SxSs, known as utility terrain vehicles, is suitable for off-roading and prides itself on transporting equipment or gear. It is most widely popular among outdoor goers regardless of their profession and is used for several off-terrain vehicles. The Global Power Sports Aftermarket Market for SxSs is likely to be at USD 3.6 billion by 2026. The ever-growing demand for recreational use is the prime reason for the market’s dominance. Snowmobiles are a crucial gear for covering land mostly submerged in snow. With the increase in winter sports or recreational activities, snowmobiles are in high demand. The Global Power Sports Aftermarket Market for snowmobiles is likely to be at USD 2.2 billion by 2026. Personal watercraft, especially jet skis and wave runners, are acquired for its thrills and spills on waterbodies. The Global Power Sports Aftermarket Market for personal watercraft is likely to be at USD 1.8 billion by 2026. Powersports motorcycles are multipurpose with dirt bikes, motocross, and enduro.The Global Power Sports Aftermarket Market for powersports motorcycles is likely to be at USD 3.2 billion by 2026.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Power Sports Aftermarket Market Product Category Insights
The Global Power Sports Aftermarket Market is segmented by Product Category into Accessories and Apparel, Performance Parts, Protection Gear, Maintenance and Repair Parts, and Electronics and Navigation. The Accessories and Apparel segment is expected to account for the largest share of the market in 2024, owing to the increasing demand for customized and stylish accessories and apparels among power sports enthusiasts. The Performance Parts segment is expected to witness significant growth over the forecast period, driven by the growing popularity of performance-enhancing modifications among power sports riders.The Protection Gear segment is expected to gain traction due to the rising awareness about safety among power sports participants. The Maintenance and Repair Parts segment is expected to remain stable, supported by the need for regular maintenance and repairs of power sports vehicles. The Electronics and Navigation segment is expected to witness moderate growth, driven by the increasing adoption of advanced electronics and navigation systems in power sports vehicles.
Power Sports Aftermarket Market Powertrain Insights
The powertrain segment in the Global Power Sports Aftermarket Market is expected to witness significant growth over the forecast period, driven by increasing demand for high-performance and fuel-efficient vehicles. The segment is further segmented into internal combustion engine, electric, and hybrid powertrains. The internal combustion engine (ICE) segment holds the largest market share, owing to the widespread adoption of gasoline and diesel-powered vehicles. However, the electric and hybrid segments are expected to gain traction over the forecast period, driven by growing environmental concerns and government regulations promoting sustainable transportation.In 2024, the Global Power Sports Aftermarket Market for powertrain is estimated to be valued at USD 20.0 billion, with the ICE segment accounting for a major share of USD 16.0 billion.
The electric and hybrid segments are projected to grow at a CAGR of 6.5% and 7.2%, respectively, during the forecast period, reaching a combined value of USD 6.0 billion by 2032. Key factors driving the growth of the powertrain segment include rising disposable income, increasing consumer preference for personalized vehicles, and technological advancements in engine design and efficiency.Additionally, government initiatives aimed at reducing carbon emissions are expected to further boost the demand for electric and hybrid powertrains.
Power Sports Aftermarket Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the growth of the Global Power Sports Aftermarket Market. In 2023, OEM Dealerships held the largest market share of 45.6%, due to their strong brand recognition and established customer base. Independent Retailers accounted for a market share of 32.1%, driven by their ability to offer personalized services and competitive pricing. Online Retailers are rapidly gaining traction, with a market share of 22.3% in 2023. The growth of e-commerce and the convenience of online shopping are key factors contributing to their increasing popularity.By 2032, the distribution channel segment is expected to reach a market valuation of USD 23.45 Billion, growing at a CAGR of 5.1%.
Power Sports Aftermarket Market End User Insights
The Global Power Sports Aftermarket Market is segmented based on end user into recreational riders, professional racers, and commercial users. Recreational riders dominated the market in 2023, accounting for over 60% of the global revenue. This segment is expected to continue to grow at a steady pace in the coming years, driven by the increasing popularity of powersports as a recreational activity. Professional racers represent a smaller but significant segment of the market, with their demand for high-performance aftermarket parts and accessories.Commercial users, such as rental companies and tour operators, also contribute to the market growth, as they require specialized equipment and maintenance services. The segmentation of the Power Sports Aftermarket Market provides valuable insights into the specific needs and preferences of different end users, enabling manufacturers and suppliers to tailor their products and services accordingly.
Power Sports Aftermarket Market Regional Insights
North America holds the dominant position in the Global Power Sports Aftermarket Market, accounting for over 39% of the market revenue in 2023. This is primarily due to the high penetration of power sports vehicles and the presence of major manufacturers in the region. Europe holds the second-largest market share, followed by APAC. The APAC region is expected to witness significant growth in the coming years, owing to the rising disposable income and increasing popularity of power sports activities. South America and MEA regions are expected to contribute a smaller share to the overall market revenue.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Power Sports Aftermarket Market Key Players And Competitive Insights:
The major players in the Power Sports Aftermarket Market industry are trying to increase their market share frequently. These companies are making business strategies that are developing in the long run. There are some leading companies in the Power Sports Aftermarket Market industry, and they are among these companies focused on a strategy for providing innovative products and increasing their distribution chain. In an effort to grow their capacity, they use different strategies. Besides organic maintenance, companies are rebuilding their structure to dominate the Power Sports Aftermarket Market landscape. Moreover, by conducting mergers and acquisitions, companies can widen their ability. Other opportunities for the leading Power Sports Aftermarket Market companies include joint ventures or partnerships.One of the largest manufacturers in the Power Sports Aftermarket Market is Polaris Inc. Polaris is a global manufacturer of power sports products.
The company also produces a broad range of aftermarket parts and accessories, and it is recognized for its massive distribution networks and loyal customer base. Furthermore, Polaris is focused on innovation and customer service. Another leading company is BRP Inc. BRP is a Canadian-based power sports transport company. The company produces a variety of snowmobiles, all-terrain vehicles, side-by-sides, and personal water vehicles. BRP is also significant in the Power Sports Aftermarket Market, where it serves a diversified range of aftermarket accessories and parts.
Key Companies in the Power Sports Aftermarket Market Include:
- Arctic Cat Inc.
- Vance Hines
- HarleyDavidson
- S Cycle Inc.
- Ryde FX
- Honda Motor Co
- K Filters
- American Suzuki Motor Corporation
- Showa Corporation
- RK Chains
- Western Power Sports
- Yuasa Battery In
- Yoshimura R of America LLC
- Polaris Industries Inc.
- Bandit Helmets
Power Sports Aftermarket Market Industry Developments
The global power sports aftermarket market is projected to grow from USD 20.0 billion in 2023 to USD 29.13 billion by 2032, exhibiting a CAGR of 4.27% during the forecast period. The growth of the market is attributed to the increasing popularity of power sports activities, rising disposable income, and technological advancements in power sports vehicles. Additionally, the growing demand for customized and performance-enhancing aftermarket parts and accessories is driving the market growth. Key players in the market include BRP Inc., Polaris Inc., and Arctic Cat Inc., among others.Recent developments in the market include the launch of new products and technologies by key players. For instance, in 2023, BRP Inc. introduced its new Can-Am Maverick X3 Turbo RR, which features a powerful engine and advanced suspension system. Polaris Inc. also unveiled its new RZR Pro XP 4 Ultimate, which offers enhanced performance and comfort. These new product launches are expected to further drive the growth of the power sports aftermarket market in the coming years.
Power Sports Aftermarket Market Segmentation Insights
Power Sports Aftermarket Market Vehicle Type Outlook
- All-Terrain Vehicles (ATVs)
- Side-by-Side Vehicles (SxSs)
- Snowmobiles
- Personal Watercraft
- Powersports Motorcycles
Power Sports Aftermarket Market Product Category Outlook
- Accessories and Apparel
- Performance Parts
- Protection Gear
- Maintenance and Repair Parts
- Electronics and Navigation
Power Sports Aftermarket Market Powertrain Outlook
- Internal Combustion Engine
- Electric
- Hybrid
Power Sports Aftermarket Market Distribution Channel Outlook
- OEM Dealerships
- Independent Retailers
- Online Retailers
Power Sports Aftermarket Market End User Outlook
- Recreational Riders
- Professional Racers
- Commercial Users
Power Sports Aftermarket Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
19.18 (USD Billion) |
| Market Size 2023 |
20.0 (USD Billion) |
| Market Size 2032 |
29.13 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.27% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Arctic Cat Inc., Vance Hines, Harley-Davidson, S Cycle Inc., Ryde FX, Honda Motor Co, K Filters, American Suzuki Motor Corporation, Showa Corporation, RK Chains, Western Power Sports, Yuasa Battery In, Yoshimura R of America LLC, Polaris Industries Inc., Bandit Helmets |
| Segments Covered |
Vehicle Type, Product Category, Powertrain, Distribution Channel, End User, Regional |
| Key Market Opportunities |
Increased ATV and UTV Usage Growing Popularity of OffRoad Racing Rising Demand for Customised Vehicles Advancements in Technology Increasing Participation in Motorsports |
| Key Market Dynamics |
Increasing demand for customization Growing popularity of powersports Technological advancements Expansion into emerging markets Growing popularity of online distribution channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global power sports aftermarket market is projected to reach a valuation of USD 29.13 billion by 2032, expanding at a CAGR of 4.27% from 2024 to 2032.
North America is anticipated to dominate the global power sports aftermarket market, owing to the presence of a large number of power sports enthusiasts and a well-established aftermarket industry.
Increasing participation in power sports activities, rising disposable income, and technological advancements in power sports vehicles are the primary growth drivers of the global power sports aftermarket market.
The performance parts and accessories segment is anticipated to register the highest growth rate during the forecast period as power sports enthusiasts seek to enhance the performance and appearance of their vehicles.
Some of the key competitors in the global power sports aftermarket market include Polaris Industries, BRP, Arctic Cat, Yamaha Motor Company, and Kawasaki Heavy Industries.
The COVID-19 pandemic had a negative impact on the power sports aftermarket market in the short term due to lockdowns and travel restrictions. However, the market is expected to recover in the long term as power sports activities resume and consumer confidence improves.
What are the emerging trends in the Global Power Sports Aftermarket Market?
The global power sports aftermarket market faces challenges such as intense competition, fluctuating raw material prices, and regulatory changes. Additionally, the market is susceptible to economic downturns, which can impact consumer spending on power sports products.
What is the future outlook of the Global Power Sports Aftermarket Market?
Key factors to consider when investing in the global power sports aftermarket market include market size, growth potential, competitive landscape, regulatory environment, and technological advancements.
