Feb 23, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Online Powersports Market.
It was estimated prior to this unanticipated outbreak Online Powersports Market will reach CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Online Powersports Market Insights
Online Powersports Market is likely to witness an impressive CAGR of 4.5% during the forecast period. Increasing number of off-road vehicles across various industry verticals, growing number of water sports events globally, and growing usage of online platforms related to power sports purchases are some of the key factors fueling the online powersports market growth during the forecast period.
Market Share Analysis
Online Powersports Market Share: By Vehicle Type
Based on the vehicle type, the market is segmented as all-terrain vehicle, side-by-side vehicle, personal watercraft, snowmobile, and heavyweight motorcycle. All-terrain vehicle type is expected to be the leading vehicle type during the forecast period owing to the increasing number of racing competitions and trends. Further, easy maneuverability provided by all-terrain vehicles, low weight, robust construction and moderate driving age restrictions, increasing number of training centers for providing complete knowledge about driving and safety are some of the other factors boosting the segment’s growth during the forecast period.
Online Powersports Market Share: By Region
In terms of regions, North America is estimated to account for the major share of the market during the forecast period owing to increasing investments in the development of recreational infrastructure. Factors such as favorable policies and government investments on recreational infrastructure and growing private sector investments in the development of new theme parks and watersports activities are further expected to provide lucrative growth opportunities in the regional market over the forecast period. Asia-Pacific and Europe are also estimated to offer substantial growth opportunities during the forecast period.