Snowmobile Market Valued at $1.59 Billion in 2020, Projected to Reach $2.13 Billion by 2030, Growing at 3.1% CAGR

According to a recent report published by Allied Market Research, titled, "snowmobile market by displacement type, engine type and distribution channel: global opportunity analysis and industry forecast, 2021-2030,"

The global snowmobile market was valued at $1.59 billion in 2020, and is projected to reach $2.13 billion by 2030, registering a CAGR of 3.1% from 2021 to 2030.

North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global snowmobile market share in 2020. Mexico is expected to grow at a significant rate during the forecast period, owing to increase in demand for smart vehicles.

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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. They 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. 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 size 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.

The global snowmobile market has been segmented on the basis of displacement type, engine type, distribution channel, and region. By engine type, it is segmented into two stroke engine and four stroke engine. By distribution channel, it is segmented into offline and online. By region, the global market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Factors such as consumer inclination toward use of e-snow bikes as an eco-friendly & efficient solution for commute, ability to increase diving range, and ease of navigation supplements growth of the market across the globe. However, factors such as high maintenance cost and safety issues related while driving are the factors that create a negative impact, which propels growth of the market. Moreover, wider application in rescue operations and surge in winter tourism & adventure sports are the factors that are expected to provide lucrative opportunities for growth of the market across the globe in the future.

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Key Findings Of The Study :

Depending on engine type, the four-stroke engine segment is anticipated to exhibit significant growth in the future.

On the basis of distribution channel, the online segment is anticipated to exhibit significant growth in the future.

Europe is anticipated to register the highest CAGR.

COVID-19 Impact Analysis :

COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge.

Rapid spread of the disease has led to a significant impact on the global automotive industry, with a downturn in demand for new and old vehicles.

Industry experts believe that post the pandemic, last-mile conveyance is expected to shift toward personal mobility and the electric vehicle industry would register a suitable growth rate.

Amid a new reality of working from home, canceling trips, and even forgoing outings to restaurants and grocery stores, the mobility industry encompassing a range of lightweight vehicles, such as bicycles, e-scooters, and mopeds, is facing devastating declines in ridership and revenue.

Moreover, during the end of 2020, the situation came in control in some countries due to which the demand & supply gap was fulfilled, resulting in registration of new vehicles due to the need to avoid public transport to commute from one place to another.

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The key players profiled in the report includes Alpina Snowmobiles S.r.l., Arctic Cat Inc., BRP, Crazy Mountain, John Deere GMBH & Co.KG., MST, Polaris Inc., Taiga Motors, Yamaha Motor Corporation, Ski-doo and Lynx.

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