AUGUST17,2022/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Snowmobile Market.
The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Snowmobiles market grew by 7.7% in the year 2020 and is subjected to further flourish at a healthy CAGR of 4.3% over the next five years. In terms of value, the snowmobiles market was estimated at US$ 1.67 billion in 2020 and is estimated to reach a value of US$ 2.9 billion in 2027.
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Segment Analysis
Snowmobiles are designed to move on snow or ice and they can be used for a variety of applications ranging from patrolling, winter sports, etc. The best part of these recreational vehicles is that they do not require any road or path for their movements from one place to another, rather they can just slide on the snow. Over the years, the increasing use of such vehicles for border patrolling, rescue missions, and sports activities around the globe have been giving the impetus to market growth.
The global snowmobile market has a long and illustrious history spanning over six decades. The snowmobile market grew in popularity as a recreational vehicle in North America during the 1960s, resulting in the arrival of several new market players. They began to compete with one another for market share. Only four big players survived the competition over time, and they continue to serve the global market as essential participants today. All of the players have a strong regional presence, serving both the North American and foreign markets.
Snowmobiles, the unique market segment, recorded a healthy increase in their demand amid the pandemic. In terms of units, the snowmobiles market grew by 7.7% in the year 2020 and is subjected to further flourish at a healthy CAGR of 4.3% over the next five years. In terms of value, the snowmobiles market was estimated at US$ 1.67 billion in 2020 and is estimated to reach a value of US$ 2.9 billion in 2027.
Segments' Analysis
Based on type, the snowmobile market is classified as mountain, crossover, cross country/performance, utility, touring, and others. Among these vehicle types, mountain and crossover snowmobiles together accounted for more than 50% of the global market in 2021 and are estimated to remain the major ones in the years to come. Crosscountry/performance snowmobile, another noticeable segment, is likely to witness the highest growth in the coming five years.
Similarly, based on the displacement type, the market is segmented as >400CC, 400-600CC, 600-800CC, and >800CC. Among these sub-segments, 600-800CC snowmobiles are quite popular because of the power delivery of the engines. Moreover, less muscle is required to carry it over terrain and it maintains optimal control of the snowmobile.
Likewise, on the basis of cylinder type, the market is segmented as one cylinder, two cylinders, and three cylinders. Among these cylinder types, it is estimated that two cylinder-based snowmobiles will dominate the market throughout the forecast period. Two-cylinder engines produce more power units than three-cylinder engines.
In terms of regions, North America is expected to remain the largest market for snowmobiles during the forecast period. In 2021, the region alone accounted for more than 84% of global sales. Europe is also expected to grow at a decent rate over the next five years, as a result of its increasing usage of snowmobiles. As winter sports are very popular in North America and many European countries, the near-term prospect of the overall snowmobile industry seems very promising.
Key Players
Some of the major Snowmobile manufacturers are-
BRP Inc.
Polaris Inc.
Arctic Cat Inc. (Part of Textron)
Yamaha Motor Co., Ltd.
Alpina Snowmobiles S.r.l
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