E-Powersport Vehicle Sales Revenue Is Expected to Grow at a Compound Annual Growth Rate of 39% by 2031
Market barriers include lack of regulatory pressure on the off-road vehicle industry, battery technology limitations, and low demand for powersports in some regions
A new report from Guidehouse Insights examines the global market for e-powersport technologies, analyzing market opportunities, key drivers and barriers of growth, competitive landscape, and technology trends. The report provides global projections for e-powersport vehicle sales and revenue through 2031.
Powersport vehicles, also known as off-road recreational vehicles, trail most on-road vehicle segments in electrification; however, a variety of electric powersport (e-powersport) vehicles are being brought to market due to the advantages of electric powertrains that include zero tailpipe emissions, reduced noise for silent operations, lower operations and maintenance costs, and increased torque, power, and acceleration capabilities. According to a new report from Guidehouse Insights, the e-powersport vehicle sales market is expected to grow to from $504 million in 2022 to $9.9 billion in annual revenue by 2031 at a 39.3% compound annual growth rate (CAGR) over the 10-year projection period.
“Legacy players in the off-road vehicle industry are beginning to accept that the stringent emissions rules being applied to on-road vehicles are unlikely to exempt their businesses in the long run, making electric products more likely to comply with future regulations,” says Ryan Citron, senior research analyst with Guidehouse Insights. “Traditional manufacturers are also recognizing the need to expand their product lineups with compelling electric versions if they want to maintain market share against the all-electric startups that are bringing innovative e-powersport vehicles to market.”
Several key barriers are preventing faster e-powersports market expansion. These challenges include the lack of regulatory pressure on the off-road vehicle industry, battery technology limitations, insufficient demand for off-road vehicles in some regions, and negative consumer attitudes toward electrification. Nevertheless, significant opportunities for e-powersport vehicles are emerging (primarily in North America and Europe) due to advances in electric powertrain technologies and the resulting new products being brought to market.
The report, Electric Powersports, analyzes the global market for e-powersport technologies, focusing on electric all-terrain vehicles (e-ATVs), electric utility terrain vehicles (e-UTVs), off-road e-motorcycles, and e-snowmobiles. The study provides a detailed analysis of the market opportunities, key drivers and barriers of growth, competitive landscape, and technology trends associated with e-powersports. Global market projections for e-powersport vehicle sales and revenue extend through 2031 and are segmented by technology and region. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Electric Powersports, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.