Snowmobile Market Development, Trend, Segmentation and Forecast to 2030

Snowmobile Market Outlook 2030 -

Snowmobiles are winter recreational vehicles, often appearing in snow-covered areas. Snowmobile is an open terrain vehicle and does not require road and rail and can smoothly run over snow and ice. Snowmobiles are also commonly known as sleds or snow-making machines. Demand for snowmobiles is limited. As a leisure transportation, snowmobiles are usually sold in areas with sufficient snow. Snowmobiles are generally offered in single-seater and two-seater versions, in which single-seater is commonly found variant.

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The type of engine installed in snowmobile is very significant as performance and power are one of the key factors while choosing a snowmobile. Snowmobiles can be powered by a two stroke or a four-stroke engine, these engines are similar to that found in personal watercraft. Recent global economic recession has severely affected the global snowmobile market as these vehicles are expensive and may cost thousands of dollars, limiting their attractiveness to affluent class of society. However, there has been a gradual recovery in the market in the last decade. Furthermore, ongoing technological advancements and new product launches by major players operating in the market are expected to create lucrative opportunities.

COVID-19 Impact analysis

The global snowmobile market has been growing consistently during past few years. However, due to the outbreak of corona virus there has been significant impact on supply chains globally.

Snowmobile manufacturing companies have faced huge losses during the first & second quarter of 2020, owing to disrupted supply chains and production schedules. COVID-19 has forced snowmobile manufacturers to cease their production, order delivery, and installation operations due to lack of site access, interrupted supply chain, and shortage of manpower. In the wake of COVID-19 there is an increased vigilance globally against consumption and expenditure as people are not investing money in recreational activities and trying to increase their savings.

Travel restrictions imposed by governments worldwide to control COVID-19 has also ceased all winter leisure & adventure activities, which has significantly affected the market for snowmobiles.

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Top Impacting Factors

Surge in winter tourism & adventure sports, technological innovations and development, and increasing need for snowmobile as ambulance are driving the growth of the market.

Higher cost of snowmobile and use of refurbished snowmobiles or rented snowmobiles are expected to hamper growth of the market.

Increase in foreign direct investment (FDI) and increase in government initiatives can be seen as opportunities for the market growth.

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The snowmobile market trends are as follows:

Surge in winter tourism & adventure sports

Improvement of economic conditions and growth of disposable income are important factors that drive growth of the winter adventure tourism market. After the European economic crisis and China's economic crisis, the world economy has stagnated. However, strong recovery from this crisis caused clear economic growth, particularly in developing economies and has led to increase in disposable income among middle-income groups. In addition, disposable income of individuals in North America and Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for market as medium- and high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend is encouraging people to invest in recreational activities. Growing interest of consumers toward winter sport activities, coupled with improved participation among all age groups has influenced development of recreational snowmobile facilities across the globe. Furthermore, in recent years, various government authorities have actively started accentuating promotion of winter sports. In several countries, initiatives have been commenced to encourage development of winter sports facilities and recreational snowmobiling. Thus, surge in winter tourism & adventure sports is expected to propel the market growth.

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