Snowmobile Market: Powering Through the Competition

 Snowmobile Industry Overview

 

The global snowmobile market size was estimated at USD 1.67 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The increasing popularity of winter sports such as skiing, snowboarding, snow racing, snow-cross, and recreational activities such as ice fishing and backcountry exploration primarily drive the market. In addition, rising consumer preferences for adventure sports, post the COVID-19 pandemic, has been a major trigger in the sales of snowmobiles in the global market.

 

Moreover, the increasing focus of major players in developing battery-powered snowmobiles for recreational and regular commuting purposes is further expected to fuel the global snowmobile industry growth over the forecast period. Conversely, the high upfront total cost of ownership has been a restricting factor in the high growth of the snowmobile industry globally.

 

Gather more insights about the market drivers, restrains and growth of the Snowmobile Market

 

The growing popularity of recreational activities such as trail riding, mountain riding, ice fishing, and freestyle riding is spurring the demand for snowmobiles in the global market. With the increasing popularity of snowmobiling, manufacturers see an opportunity for diversifying their product offerings.Several companies are leveraging data analytics to identify loopholes in their production processes as well as increase sales of their products globally. The OEMs are also catering to the growing consumer demands for better vehicle handling dynamics with the use of data analytics. Thus, the companies are anticipated to produce snowmobiles with improved chassis stiffness and technology integration with further other updates.

The rising popularity of electric vehicles is attributed to their compliance with emerging environmental regulations, offering advantages over traditional gas-powered snowmobile models. Electric snowmobiles require minimal maintenance and have fewer components in motion while in operation, thereby minimizing the likelihood of mechanical breakdowns. In addition, snowmobile manufacturers are increasingly investing to develop technologically advanced and energy-efficient vehicles, driving the market's growth. Automotive players such as Bombardier Recreational Products Inc., Arctic Cat Inc., Polaris Inc., and Alpina Snowmobiles are investing heavily in their electric vehicle manufacturing plans. In February 2023, Bombardier Recreational Products Inc. announced the launch of its new electric snowmobile models, Ski-Doo and Lynx.

However, the higher cost of snowmobiles is hindering its market growth. In addition, factors such as early discharge of the battery, frequent fuel drainage in the middle of the voyage, and freezing of fuel at low temperatures are some of the concerns causing hesitancy in consumers before purchasing a new snowmobile. Thus, the key vendors are planning on optimizing the battery technology and introducing electric snowmobiles that require less maintenance but offer a similar thrilling experience to the riders. Therefore, market players are poised to overcome this challenge over the forecast period, thereby enabling more growth opportunities for the stakeholders.

 

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• The global automotive electronics market size was valued at USD 262.60 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2030. The increasing integration and implementation of advanced safety systems such as automatic emergency braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents is expected to favor demand over the forecast period.

• The global construction equipment market size was valued at USD 207.14 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2030. Rapid urbanization in developing countries, coupled with increasing government focus on upgrading the existing infrastructure, is expected to surge construction activities which in turn is increasing demand for excavators, loaders, dump trucks, etc., for construction work.

 

Snowmobile Market Segmentation

 

Grand View Research has segmented the global snowmobile market report by vehicle type, engine type, engine size, seating capacity, and region:

 

Snowmobile Vehicle Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Trail
• Mountain
• Crossover
• Utility

 

Snowmobile Engine Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• 2-stroke engine
• 4-stroke engine

 

Snowmobile Engine Size Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Below 500cc
• 500cc to 900cc
• Above 900cc

 

Snowmobile Seating Capacity Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Single Seater
• Multi Seater

 

Snowmobile Regional Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o Finland
o Sweden
o Norway
• Asia Pacific
o China
o India
o Japan
o South Korea
• Latin America
o Brazil
o Mexico
o Chile
o Argentina
• Middle East & Africa

 

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Key Companies profiled:

• Alpina Snowmobiles
• Arctic Cat Inc.
• Bombardier Recreational Products Inc.
• Crazy Mountain
• Deere & Company
• Moto MST
• Polaris Inc.
• TAIGA MOTORS INC.
• Yamaha Motor Co., Ltd.