Adventure tourism involves traveling to new locations for gaining new experiences, with calculated risks and personal challenges in wild & exotic environments. An increase in the number of visitors interested in off-road driving is contributing to the economic growth of the country. Powersports generates over US$ 1.15 billion in revenue in Malaysia each year through housing, logistics, and tourism expenditures. Racing events hosted by Malaysia include the Motorcycle Grand Prix (MotoGP), the Asia Road Racing Championship (ARRC), and the Malaysian Cub Prix. These events bring significant societal and economic benefits. The widespread awareness among sports tourists regarding such racing events favors the progress of motorsport tourism. The financial benefits of motorsports tourism to economies are associated with the long duration of the events, visibility and coverage by print and electronic media, sponsorship from domestic and global firms, and excessive economic opportunities for locals. For many, the desire to meet new and like-minded people with similar sociability interests is a driving force for off-roading. These factors are supporting the powersports market growth in APAC.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America powersports market at a notable CAGR during the forecast period.
APAC Powersports Market Segmentation
The APAC powersports market is segmented into type and country. Based on type, the market is segmented into all-terrain vehicles, side-by-side, and motorcycles. The motorcycles segment led the market with the largest share in 2020. Based on country, the APAC powersports market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC.
American Honda Motor Company, Inc.; BRP; Kawasaki Motors Corp; Polaris Inc.; Suzuki Motor USA; and Yamaha Motor Corporation are among the leading companies in the APAC powersports market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 60,891.28 Million |
| Market Size by 2028 | US$ 88,824.24 Million |
| CAGR (2021 - 2028) | 5.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Powersports Market is valued at US$ 60,891.28 Million in 2021, it is projected to reach US$ 88,824.24 Million by 2028.
As per our report Asia Pacific Powersports Market, the market size is valued at US$ 60,891.28 Million in 2021, projecting it to reach US$ 88,824.24 Million by 2028. This translates to a CAGR of approximately 5.5% during the forecast period.
The Asia Pacific Powersports Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Powersports Market report:
The Asia Pacific Powersports Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Powersports Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Powersports Market value chain can benefit from the information contained in a comprehensive market report.
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