Snowmobile Market Size Worth USD 2.85 Billion, Globally, by 2030 at a CAGR of 4.7%

Snowmobile Market to Experience CAGR of 4.7% during 2023-2030; Shift toward Electrification to Drive Market Growth

Pune, June 07, 2023 (GLOBE NEWSWIRE) — The global snowmobile market size was valued at USD 1.70 billion in 2022. The market is projected to grow from USD 1.80 billion in 2023 to USD 2.85 billion by 2030, growing at a CAGR of 4.7% over the forecast period. A motorized recreational vehicle specially designed for winter sports activities or recreation on snow is called a snowmobile or Ski-Doo or skimobile, or snow scooter. The vehicle can be used on snow and it does not require any trail or road, of which most are driven on open terrain or trail. Fortune Business Insights provide this information in its report titled “Snowmobile Market, 2023-2030.”

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Report Highlights:

Drivers & Restraints-

Increase in Popularity of Winter Sports Activities to Drive the Market Growth

The popularity of winter sports and outdoor recreational activities propels the demand for snowmobiles. Increasing expenditure on outdoor recreational activities, rising sports competitions, and leisure during winter drive the need for these types of vehicles. Another reason surging the product demand is the increasing usage of this vehicle by rescue & search teams as their primary vehicle in high altitudes.

The maintenance cost of the vehicle is expected to hamper the market growth. Vehicles used in sleds are cheaper to maintain but are less reliable.

COVID-19 Impact–

Adequate Decline in Product Sales during the COVID-19 Pandemic

COVID-19 has impacted the snowmobile market growth from 2019-2021. The decline is due to disruptions in supply chains, shortage of labor, and temporary shutdown of manufacturing units and raw materials, resulting in a decrease in demand and supply chain disruptions. These factors hamper the market growth.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/snowmobile-market-107554

Report Coverage–

This report covers the synopsis analysis of the market, COVID-19 impact, segmentation, drivers, regional insights, competitive landscape, and presence of key players in the market. Changes in the market are subjected to changes in demand over the forecast period.

Segments-

Trail Segment to Lead the Market due to its Reliability and Lightweight

Based on product type, the market is categorized as touring, trail, mountain, crossover, performance, and utility based on product type.

The largest market share was held by the trail segment in 2022 and is projected to grow further due to its easy availability. Trail types are lightweight, agile, reliable, comfortable, and economical.

Two Stroke Engine is Projected to Record the Highest CAGR due to Low Maintenance Cost

On the basis of engine type, the market is bifurcated into two-stroke engines and four-stroke engines.

Two-stroke engine segment held the largest market share as they are lighter and generate more power than four-stroke engines. The demand for two-stroke engines is gaining momentum due to their cheaper maintenance cost and ease of building.

600-800CC Engine Capacity to Lead the Market Owing to High Performance

The market is categorized into less than 400CC, 400-600CC, 600-800CC, and more than 800CC based on seating capacity.

The 600-800cc segment is leading and is the biggest shareholder in the market. It is anticipated to continue its dominance during the forecast period. These engine capacities provide higher torque, enhanced performance, and extra manoeuvrability. Less than 400CC engines are projected to record a subsequent CAGR from 2023-2030.

Two Seaters hold a Substantial Market Share Due to its Larger Application in Touring

The market is divided into single seater, two seater, three seater, and others.

The two-seater segment is estimated to record a strong growth rate from 2023-2030. On longer tours, two-seaters are mainly used for touring, which offer comfort for the driver and passengers. Single seater segment is expected to record a subsequent growth rate over the forecast period.

The market is studied across North America, Europe, and the Rest of the World.

Regional Insights-

North America to Hold the Largest Market Share Due to Tourism-related Businesses

North America held the largest snowmobile market share and is anticipated to continue due to increasing tourism-related businesses and expenditure on recreational activities. The region’s presence of key manufacturers such as Bombardier Recreational Products, Polaris, Arctic Cat, and Yamaha contributes to the market growth.

The increasing popularity of winter sports activity is leading to the expansion of the European market. In some European countries, snowmobiling is a major part of their winter economic engine and provides thousands of employment opportunities.

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Competitive Landscape–

Innovative Launch Operations by Key Players to Boost Market Growth

Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns such as investments and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.

List of Key Players Covered in Snowmobile Market Report:-

• Artic Cat Inc. (U.S.)
• Bombardier Recreational Products (Canada)
• Polaris Inc. (U.S.)
• Yamaha Motor Corporation (Japan)
• Alpina Snowmobiles S.r.l.
• TAIGA (Canada)
• Aurora Powertrains (Finland)
• AD Boivin Inc. (Canada)
• Crazy Mountain Xtreme (Canada)

Snowmobile Market Segmentation:-

By Product Type

• Touring
• Trail
• Mountain
• Crossover
• Performance
• Utility

By Engine Type

• Two Stroke Engine
• Four Stroke Engine

By Seating Capacity

• Less than 400CC
• 400-600CC
• 600-800CC
• More than 800CC

By Seating

• Single Seater
• Two Seater
• Three Seater
• Others

Key Industry Development:

March 2023: Yamaha declared its snowmobile lineup for 2024, including 10 four-strokes (one SRViper and two youth sleds, seven turbocharged Sidewinders) and 8 two-strokes (three Transports, three Mountain Maxes, and two SXVenoms).

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Table of Content:-

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Market Trends
• Key Insights
  • Key Industry Developments – Mergers, Partnerships, and Collaborations
  • Latest Technological Developments
  • Porters Five Forces Analysis
  • Impact of COVID-19 on Snowmobile
• Global Snowmobile Analysis, Insights and Forecast, 2019-2030
  • Key Findings / Definitions
  • Market Analysis, Insights and Forecast – By Product Type
    • Touring
    • Trail
    • Mountain
    • Crossover
    • Performance
    • Utility Snowmobile
  • Market Analysis, Insights and Forecast – By Engine Type
    • 2 Stroke
    • 4 Stroke
  • Market Analysis, Insights and Forecast – By Capacity
    • Less than 400CC
    • 400-600CC
    • 600-800CC
    • More than 800CC
  • Market Analysis, Insights and Forecast – By Seating Capacity
    • Single Seater
    • Two Seater
    • Three Seater
    • Others
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Rest of the world

List of Key Players Mentioned in the Report:

• Artic Cat Inc. (U.S.)
• Bombardier Recreational Products (Canada)
• Polaris Inc. (U.S.)
• Yamaha Motor Corporation (Japan)
• Alpina Snowmobiles S.r.l.
• TAIGA (Canada)
• Aurora Powertrains (Finland)
• AD Boivin Inc. (Canada)
• Crazy Mountain Xtreme (Canada)

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