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Global Snowmobile Market Growth Factors: Entry-Level & Mountain Snowmobiles Gain Popularity, Fact.MR’s Report
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Dramatically impacted by the recent global recession, the global snowmobile market has been on a gradual path towards recovery. Snowmobiling is a recreational activity that is more popular in developed countries as the cost of a snowmobile can be in the thousands of dollars, limiting the growth potential of the global snowmobile market. However, snowmobiling has now morphed from a sport into a hobby that is passionately pursued by all family members. However, the main challenge for companies in the snowmobile market is to reduce the cost of their products, increasing their accessibility and affordability in emerging economies.
According to Fact.MR, the global snowmobiles market is on track to grow to more than US$ 1.6 billion by the end of the forecast period, but will witness a sluggish CAGR from 2017 to 2022.
1- Specialty stores account for more than a third of the revenue share in the global snowmobile market by sales channel and are poised to grow during the forecast period. The specialty store segment is anticipated to be worth just under US$ 580 million by end 2022. These stores are followed by the online segment with a revenue share approaching a quarter of the global snowmobile market in 2017. Companies actively involved in the global snowmobile market could seek to target North America as the online channel is predicted to be particularly popular on this continent
2- The 800 CC and above segment represents the most powerful snowmobiles currently available in the global snowmobile market. Europe is projected to grow with a CAGR of 3.5% in the 800 CC segment mainly because this continent has affluent customers who are less price sensitive and willing to pay a premium for quality and performance. This segment is dwarfed by the
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