News: Recreational Products

2022-11-15

Korean Electric Motorcycle Maker Builds Factory in Vietnam

FAR EAST: SOUTH KOREA REPORT

Zio Holdings, a South Korean company engaged in the production and sale of electric motorcycles, says it has completed an electric motorcycle factory in Bac Ninh Province in northern Vietnam.

The factory covers an area of 1,300 m2 and has an annual production capacity of 12,000 units. The factory will receive parts supplied from original brand factories in Vietnam and China and will assemble the parts at ZIO EV’s factory in Vietnam.

The electric bikes to be manufactured at the new factory will be named “EDEN” and “MEVOYEZ,” and will use LFP batteries (lithium-ion iron phosphate batteries). The maximum speed is 55Km/h, and the driving range is over 150km. The selling price is expected to be 30 million VND (approximately 176,000 yen).

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DATAPOINT: North America Utility Vehicles, 2022 Production: 432,700 Units

432,700 units is the estimate by Power Systems Research of the number of Utility Vehicles to be produced in North America (United States, Canada and Mexico) in 2022.

Four-wheel off-road Utility Vehicles with side-by-side seating are designed to be used in a variety of recreational, industrial and military applications. When equipped with dumpers, they are commonly used for landscaping, dumping and transporting light materials. Vehicles can be customized with enclosed cabs, tool racks, dumpers and more for use on college campuses, parks, corporate campuses and airports. Suppliers offer a wide variety of gas, electric and diesel utility vehicles.

This information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink™ , which provides information on engines, and OE Link™, a database of equipment manufacturers.

Exports: Canada, up to 90%; Mexico, up to 85% for NA markets, and US, up to 40% worldwide.

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Powersports Market Expected To Exceed US$ 50 Billion

Power Systems Research is forecasting global revenue for the Powersports industry to grow from $31.5 billion in 2020 to US$ 50.91 billion in 2030, a CAGR of 6% over the forecasted period.

Global Powersports Market
All-Terrain Vehicles, Side-by-Side, Powerboats, Snowmobiles and Heavyweight Motorcycles

Drivers-of-Demand. There are many factors driving the global powersports market growth:

  • Increased all-terrain vehicle popularity.
    • These include the rising participation in recreational activities, like surfing, off-road driving, and snowmobiling.
    • According to the International Snowmobile Manufacturers Association around $36 Billion is spent directly and indirectly on snowmobiling in the US and Canada each year.
    • ATVs have lesser age restrictions, lower maintenance costs, are easier to maneuver due to low vehicle weight and are more affordable
    • Rise in use of powersports to boost adventure tourism traveling to new locations for gaining new experiences, with controlled risk components and personal challenges in wild & exotic environments.
    • People are raising the bar for racing by introducing new terrains and challenges.
    • The market in Europe is expected to showcase exponential growth backed by government policies that promote recreational and off-road leisure activities.
    • Global governmental initiatives to boost the tourism industry by assisting recreational clubs in enhancing their service offerings are creating a favorable environment for the market participating in the construction of dedicated infrastructure for recreational and amusement purposes.
  • Technological innovations have played a major role in developing vehicles.
    • New products have increased comfort, power, engineering, and safety.
    • Utility-terrain vehicles (UTVs) have improved durability and adaptability for off-road riding.
    • Growth in investments and rapid innovations in the automotive sector have resulted in improved performance of powersports vehicles. This has resulted in improved vehicle efficiency, reduced noise and higher power of vehicles. Companies are also focusing on developing electric products for quieter more powerful riding.
  • Growing consumer disposable incomes make it easier for customers to purchase leisure and recreational power equipment.
  • Data prepared by the U.S. Bureau of Economic Analysis (BEA) show that outdoor recreational activities accounted for US$ 374.3 billion in 2020, which is 1.8% of the overall U.S. GPD in 2020.
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2022-08-20

Personal Watercraft Production Grows

Michael Aistrup
Michael Aistrup

Summary.Technological advancements in the PWC (Personal Watercraft) market have led to the introduction of quieter and cleaner PWCs. PWC manufacturers have also focused their designs on today’s consumer base–families–by continuing to manufacture more of three person models which offer state-of-art features and functions.

The PWCmarket will continue to grow over the forecast period based on an increase in leisure spending and increasing demand of PWC for utilization in sports.

Personal watercraft, also known as a jet ski, is a watercraft having a hull that is driven by an internal water jet pump engine. The PWC is designed in such a way that it does not hold water if it capsizes. PWCs are fast and have the ability to rapidly change direction. PWCs are controlled by a driver who either stands or sits on the watercraft. It is a popular choice for sports and recreational activities.

Initially, PWCs were equipped with a two-stroke engine, but with changing technology, PWCs are now powered with state-of-the-art four stroke engines.

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2022-07-20

DATAPOINT: North America/Global Personal Watercraft. 2022 Production: 90,350 Units

90,350 units is the estimate by Power Systems Research of the number of Personal Watercraft to be produced in North America during 2022. A PWC is a small pleasure craft that uses an inboard jet drive as its primary source of propulsion and is designed to be operated by a person or persons sitting, standing, or kneeling on the PWC rather than inside the pleasure craft.  PWC Sit-Downs 3 People is defined as a type of vessel which is specifically designed to haul multiple passengers sitting on the vessel; commonly referred to as jet skis.

This information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink™ , which provides information on engines, and OE Link™, a database of equipment manufacturers.

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UTV & ATV Market Dynamics  

NORTH AMERICA REPORT
Michael Aistrup
Michael Aistrup

Market Overview. The global UTV/ATV market size was US$ 8.66 billion in 2021, with a compound annual growth rate (CAGR) of 6.13%. PSR forecasts the global market to grow to US$ 11.67 billion by 2026

The North American UTV/ATV market was valued at US$ 6.66 billion in 2021, and it is expected to reach US$ 8.50 billion in 2026, registering a CAGR of about 5.00% during the forecast period (2022 – 2026).

Applications. UTVs/ATVs were originally associated with sports and recreational activities. Application of these vehicles has diversified, and they are now being used in the agricultural sector and for patrolling, hunting, gardening, and other activities.

A recent application is the United States Army. The military has shown interest in acquiring UTVs/ATVs with features such as rapid transportation, the ability to carry nine fully armed soldiers, agility, and a minimum of 55 mph. 

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2022-06-25

Market Intelligence: A Review of E-Motorcycle OEMs

NORTH AMERICAN REPORT
Michael Aistrup
Michael Aistrup

The global e-motorcycle market is changing almost daily as market share leaders develop new products and new companies continue to enter the market with competitive products. Here’s an update on several leading e-motorcycle OEMs.

Tork Motors has launched the Kratos electric motorcycle in the Indian market. The new Tork Kratos will be sold in two variants – Standard and R and will be available across India in a phased manner. In the first phase, this e-motorcycle will be available in Pune, Hyderabad, Bangalore, Chennai, Ahmedabad, and Delhi. The electric motor on the base model makes a peak power output of 7.5kW or 10.05bhp and a maximum torque of 28Nm. Tork has a manufacturing capacity to make about 500 units a month at its pilot plant and about 4,000 units a month at its new plant at Chakan near Pune.

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E-Motorcycles Market Update

NORTH AMERICAN REPORT
Michael Aistrup
Michael Aistrup

The global e-motorcycle market has experienced high growth in the last couple of years, fueled in part by the declining price of Lithium-ion batteries. The battery is one of the most expensive components of an e-motorcycle, and changes in the price of Li-ion batteries affect the entire cost of an e-motorcycle. The cost of Li-ion batteries has been steadily declining, and this trend is likely to continue.

Power Systems Research has forecasted the global CAGR for electric motorcycles, at 11% for the years 2022 – 2027.

Drivers-of-Demand for this forecasted growth are:

  • Increased environmental concerns.
  • Higher fuel efficiency of e-motorcycles compared to conventional motorcycles.
  • Increased demand for sustainable transportation.
  • New incentive programs for e-motorcycles driven by government units.
  • Advancements in technology such as high-speed handling, smaller/compact size, quicker acceleration, and reduced motor weight.
  • Introduction of fast-charging stations.
  • COVID-19 virus played a vital role in increasing the demands for the e-motorcycle. Pandemic halted the manufacturing of vehicle components and OEM parts for conventional motorcycles and available e-motorcycles in the market became the first choice among the consumers.
  • Expanding dealer and distributor network promoting the e-vehicle and its advantages.
  • Consistent research and technological advancements in the automobile industry to provide advanced technologies to e-motorcycles

Two factors hampering the growth of the market are the comparatively higher initial cost for e-motorcycles and the lack of a developed charging infrastructure. PSR

Michael Aistrup is Senior Analyst specializing in Recreational Products at Power Systems Research

2022-05-23

Vietnam’s Dat Bike EV Motorcycle Enters SE Asia

SOUTHEAST ASIA: VIETNAM REPORT

Vietnamese electric bike manufacturer Dat Bike says it has raised $5.3 million. This brings the total raised by Dat Bike, founded in 2019, to $10 million. The funds will be used to invest in technology, increase production, expand operations to major cities in northern, central, and southern Vietnam, and hire skilled workers.

Dat Bike is a tech startup that plans to promote environmentally friendly transportation, first in Vietnam and then soon in Southeast Asia. The company’s strength lies in the performance of its electric bikes compared to gasoline-powered bikes. The company achieves this through vertical integration, in which key components such as speed controllers and batteries are designed and manufactured in-house.

The company currently sells two products: the Weaver, launched in 2019, has an output of 5 kW, about three times that of most electric bikes in the same price range. It has a range of 100 kilometers, about twice as long as competing models.

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Plant-Based Bio-fuel May Not Replace Fossil Fuels

EUROPE REPORT
Christopher Bamforth
Christopher Bamforth

Over the last decade we have worked to reduce fossil fuel consumption in Europe without cutting back the use of our cars, trucks, and motorbikes. It was thought that by mixing diesel and fuel with crop-based bio-fuel it would reduce fossil fuel usage.

However, over the last 30 years the emission of CO2 has increased, raising questions about the effectiveness of this measure. After extended analysis from the Environmental Action Germany (DUH), it has been concluded that this may not be a solution to the problem of reducing carbon emissions.

Consider that the production and consumption of immense areas of land across the globe dedicated to the cultivation of these fuels actually have a huge environmental cost. For example, to satisfy Germany’s appetite for these natural bio-fuels, 1.3 million hectares of land have been converted to its production. This equates to 9.2 million tons of CO2 saved each year. However, if we were to dedicate this land to natural restoration projects with a portion dedicated to solar energy production, we would be able to save 27.5 million tons of CO2 each year.

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