Press release
Snowmobile Market: Detailed Industry Overview, Growth Factors, Market Insights, Size & Future Trends
Snowmobile Market
Snowmobile Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.11 billion In 2028 At A CAGR Of 4.4% :
The snowmobile market size has grown strongly in recent years. It will grow from $1.68 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to winter tourism growth, expansion of snowmobiling trails, economic prosperity, extreme sports popularity, rural lifestyle and accessibility..
The snowmobile market size is expected to see steady growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to environmental regulations compliance, rise of adventure tourism, winter sports competitions, youth involvement programs, climate change impact.. Major trends in the forecast period include smart connectivity, lightweight materials and design innovations, ergonomic design for comfort, trail and backcountry versatility, customization options for personalization..
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Snowmobile Market Major Segments
The snowmobile market covered in this report is segmented -
1) By Product Type: Entry level, Performance, Touring, Mountain, Utility, Crossover
2) By Engine Type: Two Stroke Engine, Four Stroke Engine
3) By Engine Size: Below 500 CC, 500 CC To 900 CC, Above 900 CC
4) By Seating Capacity: Single Seater, Multi Seater
5) By Distribution Channel: Offline, Online
Key Driver - Rising Popularity Of Recreational Activities Fuels Snowmobile Market Growth
The increasing popularity of recreational activities is expected to propel the growth of the snowmobile market going forward. Recreational activities refer to outdoor leisure pursuits, including skiing, snowboarding, ice skating, and snowmobiling. The increasing popularity of outdoor activities during the winter has contributed to a higher demand for snowmobiles as people seek thrilling and efficient ways to explore snowy landscapes and access remote areas. For instance, in June 2023, according to the Outdoor Participation Trend report by the Outdoor Industry Association (OIA), a US-based non-profit organization, the outdoor recreation participant base increased by 2.3% in 2022 to a record 168.1 million participants compared to 164.2 million in 2021, representing 55% of the U.S. population aged six and older. Therefore, the increasing popularity of winter sports and recreational activities will drive the growth of the snowmobile market.
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Prominent Trend - Electric Snowmobile Technology Revolutionizes The Industry
Major companies operating in the snowmobile market are adopting new technologies, such as electric snowmobile technology, to meet evolving environmental regulations and address growing consumer demand for eco-friendly and quieter snowmobiling experiences. Electric snowmobile technology uses electric powertrains, including electric motors and batteries, to propel and operate snowmobiles and provide a more environmentally friendly and peaceful alternative for snowmobilers, reducing emissions and noise pollution in snow-covered environments. For instance, in March 2022, Taiga Motors Corporation, a Canada-based manufacturer of electric offroad vehicles, launched the fully electric Nomad snowmobile, a revolutionary offering that allows outdoor enthusiasts to experience nature without compromising on performance or environmental sustainability. This game-changing snowmobile features an elegant new design and seamless mechanical construction, catering to various applications. With a 120 km/h top speed, a powerful 120 HP engine, unmatched performance, and a towing capacity of up to 1,125 lbs, the Taiga Nomad effortlessly conquers mountains and steep slopes. Its impressive torque of 170 Nm makes it the ideal choice for winter thrill-seekers.
Snowmobile Market Players
Major companies operating in the snowmobile market report are Yamaha Motor Corporation, Polaris Inc., Bombardier Recreational Products Inc. (BRP), Camso Inc., Triton Services Inc., Arctic Cat Inc., Kimpex Inc., Woody's Traction (International Engineering & Manufacturing Inc.), KLIM Technical Riding Gear, Blackcomb Snowmobile, Backcountry Access Inc., Boondocker LLC, Slednecks, Alpina Snowmobiles S.r.l., Skinz Protective Gear, Sled Solutions LLC, Curve Industries Inc., IceAge Performance, TimberSled, AD Boivin Inc., Crazy Mountain Motorports Inc., Laflamme Racing, Taiga Motors Corporation, Taiga Motors Group, Crazy Mountain Industries Inc., Aurora Powertrains
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Largest And Fastest Growing Region In The Market
North America was the largest region in the snowmobile market in 2023. The regions covered in the snowmobile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Snowmobile Market Report Structure
3. Snowmobile Market Trends And Strategies
4. Snowmobile Market - Macro Economic Scenario
5. Snowmobile Market Size And Growth
…..
27. Snowmobile Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Stratview Research prognosticates the market to grow at a healthy CAGR of 3.5% over the next five years.
The estimates are a result of market analysis over a period of 2010-15, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Snowmobile Market during the period 2016-21.
Identifying the Factors & Avenues of Growth
Tending to…
