The Latin America, Middle East and Africa Power Sports Market would witness market growth of 8.6% CAGR during the forecast period (2023-2030).
The Brazil market dominated the LAMEA Power Sports Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $846.9 million by 2030. The Argentina market is showcasing a CAGR of 9.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8.2% during (2023 - 2030).
The market is subject to various trends that shape consumer preferences, drive innovation, and influence the industry’s trajectory. These trends reflect evolving societal values, technological advancements, and emerging market dynamics. One of the most significant trends in the market is the adoption of electric power trains. Automakers are investing in electric vehicles, including electric motorbikes, UTVs, ATVs, and personal watercraft, as worries over carbon emissions and environmental sustainability increase.
Furthermore, with the rise of urbanization and city congestion, there’s a growing demand for urban mobility solutions that offer alternatives to traditional transportation modes. Sports vehicles such as electric scooters, e-bikes, and compact motorcycles are emerging as popular choices for urban commuters seeking efficient, agile, and eco-friendly transportation options. Manufacturers are developing urban-oriented vehicles with compact designs, electric powertrains, and advanced connectivity features to address the needs of urban riders.
As tourism in Saudi Arabia grows, there will be a higher demand for recreational activities and attractions. Sports such as off-road driving, desert safaris, ATV tours, and jet skiing can become popular for tourists seeking adventure and excitement. According to the International Trade Administration (ITA), on the tourism front, Saudi Arabia plans to welcome over 100 million visitors annually by 2030. The Ministry of Tourism declared in October 2021 that it will invest $1 trillion in the industry over the following ten years. Therefore, the increasing tourism sector in the region is propelling the market’s growth.
Free Valuable Insights: The Worldwide Power Sports Market is Projected to reach USD 49.8 Billion by 2030, at a CAGR of 7.0%
Based on Application, the market is segmented into Off-Road, and On-Road. Based on Propulsion, the market is segmented into Gasoline, Electric, and Diesel. Based on Vehicle Type, the market is segmented into All-terrain Vehicles, Side By Side Vehicles, Personal Watercrafts, Heavy Weight Motorcycles, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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