The Rise in Recreational Fun: How are powersport vehicles shaping the market?
The pandemic changed the world. It changed how we work – remote! It changed how we buy – online and with delivery! It changed how we have fun – closer to home and with more stuff! The powersports vehicle market – ATVs, UTVs, jetskis, and motorcycles – is expected to grow from $13 billion to $16 billion over the next five years. With such steady growth, what market opportunities does this present for dealers and insurers?
What are the electrifying opportunities you can zap into?
As the world becomes more environmentally conscious, the rise in electric powersport vehicles presents a significant growth opportunity. Electric ATVs, UTVs, and motorcycles are gaining popularity due to their lower carbon footprint and quieter operation. “With electric off-road vehicles coming from companies like Volcon, Zero, Can-Am and many other major manufacturers,” reports AdventureMotorcycle.com, “we can be confident our electric vehicle future won’t be filled with boring rides.”[1]
Dealers can capitalize on this trend by offering a range of electric options, attracting eco-conscious customers. Insurers, on the other hand, can explore specialized coverage plans for electric powersport vehicles, tapping into a niche market and providing tailored solutions to meet their customers’ needs.
But what are the other trends magnetizing the industry?
Telematics and rider data collection are revolutionizing the insurance industry. Insurers can now leverage real-time data from powersport vehicles to assess risk, customize coverage plans, and reward safe riders. This data includes information on speed, acceleration, braking, and location, which helps insurers make informed decisions. By partnering with telematics providers, insurers can offer usage-based insurance and attract safety-conscious riders.
How is customization changing the powersports market?
Personalization is key in the powersport vehicle market. Riders love to customize their machines, adding unique features and modifications. This presents a growth opportunity for dealers who can provide a wide range of customization options, aftermarket parts, and accessories. Insurers can also adapt by offering coverage that considers these customizations. PriceDigests, as a comprehensive valuation tool, can assist insurers in accurately assessing the actual cash value and fair market value of customized powersport vehicles, ensuring customers receive appropriate coverage and fair claim settlements.
What do insurers and dealers need to be ready for these changes?
In a rapidly evolving market, having access to reliable and up-to-date vehicle values, pricing, VIN decoding, and critical specs is crucial for both dealers and insurers.
Price Digests offers a comprehensive solution, serving as a one-stop shop for all value lookups and VIN decoding needs. With Price Digests, dealers can access accurate vehicle values, stay informed about market trends, and make confident pricing decisions. Insurers can rely on Price Digests to provide critical information for underwriting, policy adjustments, and claim settlements, saving time and ensuring accurate assessments.
It’s an exciting time for powersport enthusiasts, and by adapting to the changing landscape, dealers and insurers can thrive in this recreational fun revolution.
So, what are you waiting for? Gear up, stay informed, and get ready to ride the wave of powersport vehicle growth with Price Digests by your side!
[1] Off-Road EV Market is Growing Faster Than You’d Think…Here’s Why
[2] Digital disruption in insurance: Cutting through the noise by Digital/McKinsey
