Rockville, March 02, 2023 (GLOBE NEWSWIRE) -- Fact. MR’s latest survey on the snowmobile market provides a detailed analysis of growth drivers, market restraints, and emerging trends affecting demand in terms of product type, seating capacity, engine capacity, and sales channel. It also offers insights into various strategies employed by key market players to gain a competitive edge in the global snowmobile market.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global snowmobile market valuation is set to reach US$ 1.65 billion in 2023. Over the next ten years, global snowmobile demand is likely to rise at 2.9% CAGR. By the end of 2033, the worldwide snowmobile market is forecast to surpass a valuation of US$ 2.2 billion.
Increasing usage of snowmobiles during winter sports and recreational activities is a prominent factor driving the global market.
Snowmobiling is becoming a popular recreational activity across the globe. This has increased the demand for snowmobiles. It is now seen as an important part of winter sports. With people taking up snowmobiling, the need for new and improved technologies will also accelerate.
A motorized vehicle designed for recreation on snow and winter travel is called a snowmobile or Ski-Doo. Snowmobiles do not need a road or trail as they are designed to be operated on ice and snow. They allow people to experience the thrill of winter sports.
The growing popularity of snowmobiling, especially across developed and developing regions is expected to boost snowmobile sales through 2033. Snowmobiling is an outdoor activity that gives a full body workout. It is also a great way to take a break from the daily grind and immerse in nature.
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Snowmobiling can be an excellent outlet for relieving stress and improving well-being. With all these benefits, it’s no wonder why the snowmobile market is experiencing increased demand.
As per the International Snowmobile Manufacturers Association (ISMA), about 130,644 snowmobiles were sold worldwide in 2022. This total is likely to further increase amid rising popularity of snowmobiling.
Increasing winter sports activities will also fuel snowmobile sales during the projection period. Besides this, development and popularity of electric and hybrid snowmobiles will bode well for the market.
Leading snowmobile manufacturers are constantly innovating to introduce novel solutions. They are incorporating advanced driver assistance technologies in their vehicles as well as reducing prices. This will help them to increase their sales.
By product type, entry level snowmobiles are becoming popular due to their low cost and ease of use. With more and more people developing interest in winter sports, demand for entry level snowmobiles is likely to increase.
North America currently leads the global snowmobile market with a market share of around 35%. Increasing winter sports activities and heavy presence of leading snowmobile manufacturers are driving North America market.
Growing demand for snowmobiling in the United States and Canada is another key factor boosting snowmobile sales across North America. According to ISMA, in 2022, there were around 601,000 and 1.3 million registered snowmobiles in Canada and the United States respectively.
Availability of improved technology and accessories that support winter sports is likely to drive demand across North America. Also, booming tourism sector and favorable government support will boost snowmobile sales in the region.
Key Takeaways:
- Based on seating capacity, 2 seater segment generated a revenue of US$ 115 million in 2022.
- By engine capacity, <500 CC segment held around 70% market share in 2022.
- North America snowmobile market is set to progress at 4.4% CAGR during the assessment period.
- Snowmobile sales across Japan are forecast to surge at a steady pace over the next ten years.
- The United States will continue to dominate the global snowmobile market through 2033.
Growth Drivers:
- Rising usage of snowmobiles in winter sports and recreational activities is driving the global market forward.
- Growing adoption of snowmobiles in emergency rescue operations will elevate demand.
- Electrification in snowmobiles is likely to boost the demand during the forecast.
- Booming winter tourism will create growth opportunities for snowmobile manufacturers.
- Ability of snowmobiles to move across remote areas with limited vehicle access will boost sales.
Restraints:
- Frequent product recalls and implementation of stringent safety measures are restraining growth.
- Increasing rate of accidents caused by snowmobile activities might hamper market expansion.
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Competitive Landscape:
Snowmobile manufacturers are striving to provide users with superior quality machines. These machines can provide improved performance and advanced features. They are also focusing on product diversification and improvement of their product offerings.
Besides this, they are introducing electric snowmobiles and hybrid models with advanced safety features.
For instance,
- In February 2022, Polaris Inc. unveiled its 2023 Polaris Snowmobiles range designed for mountain climbing and trail riding.
- In 2022, Taiga Motors Corp. officially started delivering its new electric snowmobiles.
- In July 2021, Yamaha Motor Co. stated that Yamaha North American Snowmobile Unit would be given new duties for the snowmobile product line.
Key Companies Profiled by Fact.MR
- Yamaha Motor Corporation
- Textron
- Arctic Cat Inc.
- Taiga Motors
- Polaris Industries
- Bombardier Recreational Products
- Lynx
- John Deere GMBH
More Valuable Insights on Snowmobile Market
In the latest study, Fact.MR offers a detailed study on global snowmobile market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of snowmobiles through detailed segmentation as follows:
By Product Type:
- Entry-level Snowmobiles
- Mountain Snowmobiles
- Utility Snowmobiles
- Crossover Snowmobiles
- Touring Snowmobiles
- Trail Performance Snowmobiles
By Seating Capacity:
- 1 Seater
- 2 Seater
- 3 Seater
- 4 Seater
- 5 Seater
- 6 Seater
By Engine Capacity:
- <500 CC
- 500 CC to 800 CC
- 800 CC and Above
By Sales Channel:
- Sport Stores
- Franchised Stores
- Specialty Stores
- Online
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East Africa
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Key Questions Covered in the Report
- What is the projected value of the snowmobile market in 2023?
- At what rate will the global snowmobile market grow until 2033?
- Which are the factors hampering the growth of the snowmobile market?
- Which region is expected to lead in the global snowmobile market from 2023 to 2033?
- Which are the factors driving the snowmobile market during the forecast period?
- What is the expected market value of the snowmobile market during the forecast period?
Explore Fact.MR’s Coverage on the Sports Domain
Snow Scooter Market: Global snow scooter sales are forecast to increase at a healthy pace over the next ten years. This is attributed to increasing demand for easy ways to commute in snow and rising inclination towards recreational and leisure activities.
Snow Shoes Market: As per Fact.MR, the global snow shoes market is set to reach US$ 26.53 million in 2023. Between 2023 and 2033, global snow shoe sales are forecast to rise at 6.5% CAGR. The worldwide snow shoes market valuation is likely to exceed US$ 49.8 million by the end of 2033. Increasing participation in winter sports activities will boost the demand during the forecast period.
Snow Sports Accessories Market: The global snow sports accessories market will expand at 2.3% CAGR over the next ten years. By the end of 2023, total market valuation is set to reach US$ 1,650.3 million by 2032. Increasing interest in outdoor sports activities and rising spending on snow sports accessories such as goggles, snowshoes, and helmets are driving the market forward.
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