Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "Snowmobile Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The snowmobile market size is expected to see steady growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The anticipated growth in the forecast period can be attributed to the increasing emphasis on compliance with environmental regulations, the rise of adventure tourism, the popularity of winter sports competitions, youth involvement programs, and the impact of climate change. Major trends in the forecast period include the incorporation of smart connectivity, the use of lightweight materials and innovative design, ergonomic design for enhanced comfort, versatility for trail and backcountry use, and customization options to cater to individual preferences.
The anticipated surge in the snowmobile market is attributed to the growing popularity of recreational activities, particularly those associated with outdoor leisure pursuits. These activities encompass a range of outdoor pastimes such as skiing, snowboarding, ice skating, and notably, snowmobiling. The increased preference for engaging in outdoor winter activities has heightened the demand for snowmobiles. People seek exhilarating and efficient means to explore snowy landscapes and access remote areas, contributing to the market's growth. As evidenced by the Outdoor Industry Association's (OIA) June 2023 report on Outdoor Participation Trends, the outdoor recreation participant base in 2022 reached a record high of 168.1 million, a 2.3% increase from 2021's 164.2 million participants. This surge in participation, encompassing 55% of the U.S. population aged six and older, indicates the escalating popularity of winter sports and recreational activities, hence propelling the snowmobile market's expansion.
The burgeoning tourism industry is forecasted to be a significant catalyst driving the growth of the snowmobile market. The tourism sector comprises a diverse range of businesses and services aimed at catering to travelers and tourists. Snowmobiles play a crucial role in tourism, providing visitors with unique and thrilling winter experiences in regions characterized by snow-covered landscapes. These vehicles are popular as a mode of recreational transportation and adventure, particularly in destinations with cold climates. Notably, the World Tourism Organization's findings in May 2023 revealed a notable increase in international tourist receipts, surpassing the USD 1 trillion mark in 2022. This significant rise, a 50% increase in real terms compared to 2021, signifies the resurgence in foreign travel. Consequently, the growth of the tourism industry plays a pivotal role in driving the demand and expansion of the snowmobile market.
The snowmobile market faces a challenge in its growth trajectory due to the considerable maintenance expenses associated with owning and upkeeping these vehicles. The costs linked with maintaining snowmobiles serve as a substantial factor for consumers, potentially dissuading them from purchasing or utilizing these vehicles. Notably, data from Social Finance, Inc. in August 2023 revealed that, on average, owners spend between $200 to $500 annually on snowmobile maintenance and repairs. This expense becomes significant when contrasted with the maintenance costs of other vehicles such as cars. Consequently, the high maintenance expenses act as a hindrance to the expansion of the snowmobile market.
Leading companies within the snowmobile industry are embracing innovative technologies, particularly electric snowmobile technology, to address evolving environmental regulations and meet the increasing consumer demand for environmentally friendly and quieter snowmobiling experiences. Electric snowmobile technology employs electric powertrains comprising electric motors and batteries to propel and operate these vehicles, offering a more eco-conscious and serene alternative for snowmobilers. This technology aims to reduce emissions and noise pollution in snow-laden environments.
The snowmobile market consists of sales of sport-trail snowmobiles, traditional snowmobiles, and electric snowmobiles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Snowmobiles are categorized into types such as entry-level, performance, touring, mountain, utility, and crossover. Entry-level snowmobiles are designed for basic and beginner-friendly recreational use on snowy terrains, offering a straightforward way to explore winter landscapes and engage in outdoor activities. They are equipped with two-stroke or four-stroke engines, and their displacement sizes typically fall within ranges such as below 500 CC, 500 CC to 900 CC, and above 900 CC. These snowmobiles come in single- and multi-seat configurations and are distributed through both offline and online channels.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Product Type: Entry level; Performance; Touring; Mountain; Utility; Crossover
- By Engine Type: Two Stroke Engine; Four Stroke Engine
- By Engine Size: Below 500 CC; 500 CC To 900 CC; Above 900 CC
- By Seating Capacity: Single Seater; Multi Seater
- By Distribution Channel: Offline; Online
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Company Profiles
- Yamaha Motor Corporation
- Polaris Inc.
- Bombardier Recreational Products Inc. (BRP)
- Camso Inc.
- Triton Services Inc.
- Arctic Cat Inc.
- Kimpex Inc.
- Woody's Traction (International Engineering & Manufacturing Inc.)
- KLIM Technical Riding Gear
- Blackcomb Snowmobile
- Backcountry Access Inc.
- Boondocker LLC
- Slednecks
- Alpina Snowmobiles S.r.l.
- Skinz Protective Gear
- Sled Solutions LLC
- Curve Industries Inc.
- IceAge Performance
- TimberSled
- AD Boivin Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cmagjg
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