The race for young riders is posing a major test to Polaris Industries Inc.’s motorcycle business after years of rapid growth.

The Minnesota-based maker of snowmobiles and all-terrain vehicles emerged in 2014 as a fierce competitor to industry leader Harley-Davidson Inc. for nostalgia-prone baby boomers who want to buy motorcycles made in America. Polaris’s motorcycle revenue was $ 708.5 million last year, up from $ 146 million in…

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