Selbyville, Delaware, Sept. 12, 2023 (GLOBE NEWSWIRE) --
The snowmobile market valuation is anticipated to be worth USD 5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising efforts initiated by businesses towards marketing investments for communicating the unique value proposition of snowmobiles will positively impact the market development. The escalating intense marketing, competition, and promotion has pushed several businesses to attract customers for creating brand awareness via sponsorships, events, advertising campaigns, and digital marketing. For instance, in June 2023, International Snowmobile Manufacturers Association (ISMA) scheduled Snowmobile Day on October 28, 2023, for celebrating the snowmobiling community. The surging number of funds for supporting all-terrain vehicle (ATV) as well as snowmobile facilities and trails will also influence the industry expansion.
The snowmobile market from the electric segment is slated to foresee significant traction between 2023 and 2032, on account of the growing government support and the surging concerns regarding environmental sustainability. To cite an instance, in May 2023, Startup Vidde Snow Mobility AB announced plans of delivering its first 1,000 electric snowmobiles by the end of 2024 in line with Sweden’s rush to electric mobility. The growing advances in battery technology along with the rising preference for electric snowmobiles over their gasoline-powered counterparts are other factors driving the market demand.
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Snowmobile market from the recreation application segment is projected to record considerable traction through 2032. The growth can be attributed to the surging number of campers and their incessant need for accessing remote camping locations. The presence of snowy and winter conditions across many parts of the world has stirred the demand for snowmobiles as popular recreational vehicles to offer thrilling ways for exploring snowy landscapes and participating in various outdoor activities. To that end, the rising efforts taken by industry players to introduce advanced snowmobiles to meet the escalating recreational requirements will boost the market growth. For instance, in February 2023, BRP expanded its line of Ski-Doo and Lynx snowmobiles to cater to hard core enthusiasts as well as casual winter adventurers.
Europe snowmobile market is expected to reach USD 691 million by 2032, due to the strong presence of high recycling rates and well-developed waste management infrastructure in France, Germany, and the U.K. As per new research from Bristol-based environmental consultancy, Eunomia, Germany is the leading country for recycling worldwide, accounting for a self-reported recycling rate of 66%. The rollout of strict environmental regulations and the strong emphasis on sustainability is driving the shift towards electric as well as hybrid garbage trucks in the continent. The rising deployment of advanced waste management technologies will also fuel the market revenue.
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Some of the leading companies operating in the snowmobile market include BRP, Polaris industries, Artic cat, Yamaha motor corporation, Tucker Hibbert Racing, Taiga motors, Kimpex, Ockelbo, Rupp Industries, Lundstrom, Snowpulse, and Aurora Powertrains. These firms are emphasizing product portfolio expansions to widen their customer base. For instance, in March 2023, Polaris introduced rider-driven innovations as well as features to expand its entire snowmobile and snow bike portfolio, inclusive of Timbersled's new RIOT Gen 2 system and the new Series 9 325 track and to offer performance, control, and agility.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Snowmobile Market 360º Synopsis, 2018 - 2032
2.2 Business Trends
2.2.1 Total Addressable Market (Tam), 2023-2032
2.3 Regional Trends
2.4 Propulsion Type Trends
2.5 Application Trends
Chapter 3 Snowmobile Market Industry Insights
3.1 Impact Of Covid-19
3.2 Impact Of The Russia-Ukraine War
3.3 Industry Ecosystem Analysis
3.4 Vendor Matrix
3.5 Profit Margin Analysis
3.6 Technology & Innovation Landscape
3.7 Patent Analysis
3.8 Key News And Initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Launch & Innovation
3.9 Regulatory Landscape
3.10 Impact Forces
3.10.1 Growth Drivers
3.10.1.1 Surging Investment On R&D And Product Innovation
3.10.1.2 Growing Electrification In Powersports Industry
3.10.1.3 Propelling Tourism Industry In Several Regions
3.10.1.4 Rising Presence Of Off-Road Sports Events
3.10.2 Industry Pitfalls & Challenges
3.10.2.1 Safety Concern
3.10.2.2 Intense Market Competition
3.11 Growth Potential Analysis
3.12 Porter’s Analysis
3.13 Pestel Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
