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Global Power Sports Market: Overview

Racing is an ancient sport, and it has evolved the years. With the advent of motor cars, people started thinking of sports vehicles. In the last two decades, technology has played a crucial role in developing new age vehicles. The global power sports market has gained immense momentum in the last few years, and is predicted to gain more pace in the coming years.

An upcoming Transparency Market Research report on the global power sports market entails information prudent for established and upcoming players. The report elucidates the current scenario, key trends, restraints, opportunities, geographical distribution, and competitive dynamics.  

Global Power Sports Market: Notable Developments

Some notable developments in the global power sports market are

  • In November 2017, leading automobile manufacturer American Honda launched its latest mid-size adventure touring vehicle. The machine claimed to have better performance while not compromising on the practical attributes of the vehicle. The new variant of NC750X was initially offered in Europe, and had a 75cc displacement increase. It also offered an additional two-level Honda Selectable Torque Control (HSTC).
  • Textron Inc. in March 2017 acquired its counterpart Arctic Cat, expanding its powerful portfolio of professional tools, aircrafts, turf-care equipment, and mowers. As a result of this merger, Arctic Cat’s strong product line now bear the logo of Textron Inc.

Some of the key players in the global power sports market include Yamaha Motors, Polaris Industries, Kawasaki Motors, Honda Motors, BRP, Suzuki Motors, Harley Davidson, Kubota, John Deere, and Kymco. Many players in the global power sports market are investing largely on research and development to come out with new-age vehicles to stay relevant in the competitive space.

Global Power Sports Market: Key Dynamics

Rise in Adventure Sports to Stoke Demand

Adventure sports have emerged in the past few years. With new terrains and difficulties, people are setting extreme standards for racing. This creates fresh opportunities for growth in the global power sports market. Further, design, power, engineering, and safety are other aspects that promote development of new products in the global power sports market. Growing interest among young population for adventure sports is another trend that hints at growth in the coming years.

Popularity of Racing to Garner Growth

Racing has become a phenomenon across the world. With development in techniques and facilities, many countries have established state-of-the-art infrastructure to promote racing among their people. This stokes demand in the global power sports market. Further, developing infrastructure has created high-speed roads, enabling sports vehicles to be used on highways.

Developing Countries to Increase Consumption

Developing nations will stem growth in some regions of the global power sports market. As people’s spending capacity increases, the ability to purchase products in the global power sports market will also grow. Further, maintaining sports vehicles is also an expensive affair. Hence, improved incomes of people will increase affordability of products in the global power sports market.

Global Power Sports Market: Geographical Distribution

Geographically, the global power sports market is dominated by North America. The presence of prominent brands in the region and the growing fascination for sports vehicles and adventure sports among people is supporting growth here. Also, the large number of theme parks and public lands that facilitate racing sports is expected to stoke demand in the global power sports market. Besides, Europe is expected to remain a prominent region, too. The presence of some key automobile manufacturers is predicted to facilitate increased consumption. On the other hand, Asia Pacific is also considered to become an important region as the spending capacity of people is rising.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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