Snowmobile Market Growth Analysis | 2022-2027

Market Insights

The snowmobile market was estimated at USD 2.1 billion in 2021 and is likely to grow at a CAGR of 4.3% during 2022-2027 to reach USD 2.9 billion in 2027.

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Market Dynamics

Introduction

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.

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 snowmobile market grew by 7.7% in the year 2020 and is subjected to further flourish at a healthy CAGR.

Market Drivers

The snowmobile market is driven by a host of factors, some of which are noted below:

• Growing Interest in Electric Snowmobiles.
• Growing Popularity of Winter Sports Activities.

Challenges

• High Maintenance Cost May Restraint the Market Growth.
• Early discharge of the battery.
• Frequent fuel drainage.

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Key Players

The following are the key players in the snowmobile market:

• BRP Inc.
• Polaris Inc.
• Arctic Cat Inc. (Part of Textron)
• Yamaha Motor Co., Ltd.
• Alpina Snowmobiles S.r.l

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By 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 25% 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.

By Displacement Type

The market is segmented as >400CC, 400-600CC, 600-800CC, and >800CC. Among these sub-segments, 600-800CC held a market share of more than 35% in 2021, they 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.

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By 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 held a share of more than 70% in the market in 2021 and will continue to dominate the market throughout the forecast period. Two-cylinder engines produce more power units than three-cylinder engines.

Regional Insights

North America is expected to remain the largest market for snowmobiles during the forecast period. In 2021, the region alone accounted for more than 80% 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.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s snowmobile market realities and future market possibilities for the forecast period of 2022 to 2027. After a continuous interest in our snowmobile market report from the industry stakeholders, we have tried to further accentuate our research scope to the snowmobile market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This 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.

The snowmobile market is segmented into the following categories:

By Type

• Mountain
• Crossover
• Cross Country/Performance
• Utility
• Touring
• Others

By Displacement Type

• >400CC
• 400-600CC
• 600-800CC
• >800CC

By Cylinder Type

• One Cylinder
• Two Cylinders
• Three Cylinders

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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