The powersports industry doesn’t get the same level of media attention that the auto world does, but it’s grown into a real economic behemoth. A recent report shows that the industry is projected to grow from $15 billion today to almost $30 billion in the next 10 years, an extremely impressive growth rate.
The Brainy Insights’ research didn’t detail individual brands’ recent performance, but some have seen ups and downs despite the rapid growth rate. Segway reported record sales, with a 343 percent increase in retail sales earlier this year, while Polaris reported a 10 percent drop in the first quarter of 2024.
It’s worth pointing out that other analyses have come up with different conclusions about the industry’s growth. Mordor Intelligence pegs the climb at up to $13.37 billion by 2029, which could align with a $15 billion market by 2034. The research points to an increased interest in off-roading and military vehicles and notes a greater number of fleet-oriented side-by-sides used in government, agricultural, and other industrial work.
Continued growth in the industry will depend on several factors, including how well governments and regulators cater to riders. Trail access, maintenance, safety, and other issues are a big deal for off-roaders, and continued enthusiasm in the space will require a careful hand from officials to make the sport safe and affordable to enjoy.
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