Snowmobile Global Market Report 2024

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 historical period can be attributed to the expansion of winter tourism, the increase in snowmobiling trails, overall economic prosperity, the growing popularity of extreme sports, and the appeal of rural lifestyles with increased accessibility to snowmobiling.

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 anticipated growth in the forecast period can be attributed to the increasing emphasis on compliance with environmental regulations, the rise of adventure tourism, the popularity of winter sports competitions, youth involvement programs, and the impact of climate change. Major trends in the forecast period include the incorporation of smart connectivity, the use of lightweight materials and innovative design, ergonomic design for enhanced comfort, versatility for trail and backcountry use, and customization options to cater to individual preferences.

The anticipated surge in the snowmobile market is attributed to the growing popularity of recreational activities, particularly those associated with outdoor leisure pursuits. These activities encompass a range of outdoor pastimes such as skiing, snowboarding, ice skating, and notably, snowmobiling. The increased preference for engaging in outdoor winter activities has heightened the demand for snowmobiles. People seek exhilarating and efficient means to explore snowy landscapes and access remote areas, contributing to the market's growth. As evidenced by the Outdoor Industry Association's (OIA) June 2023 report on Outdoor Participation Trends, the outdoor recreation participant base in 2022 reached a record high of 168.1 million, a 2.3% increase from 2021's 164.2 million participants. This surge in participation, encompassing 55% of the U.S. population aged six and older, indicates the escalating popularity of winter sports and recreational activities, hence propelling the snowmobile market's expansion.

The burgeoning tourism industry is forecasted to be a significant catalyst driving the growth of the snowmobile market. The tourism sector comprises a diverse range of businesses and services aimed at catering to travelers and tourists. Snowmobiles play a crucial role in tourism, providing visitors with unique and thrilling winter experiences in regions characterized by snow-covered landscapes. These vehicles are popular as a mode of recreational transportation and adventure, particularly in destinations with cold climates. Notably, the World Tourism Organization's findings in May 2023 revealed a notable increase in international tourist receipts, surpassing the USD 1 trillion mark in 2022. This significant rise, a 50% increase in real terms compared to 2021, signifies the resurgence in foreign travel. Consequently, the growth of the tourism industry plays a pivotal role in driving the demand and expansion of the snowmobile market.

The snowmobile market faces a challenge in its growth trajectory due to the considerable maintenance expenses associated with owning and upkeeping these vehicles. The costs linked with maintaining snowmobiles serve as a substantial factor for consumers, potentially dissuading them from purchasing or utilizing these vehicles. Notably, data from Social Finance, Inc. in August 2023 revealed that, on average, owners spend between $200 to $500 annually on snowmobile maintenance and repairs. This expense becomes significant when contrasted with the maintenance costs of other vehicles such as cars. Consequently, the high maintenance expenses act as a hindrance to the expansion of the snowmobile market.

Leading companies within the snowmobile industry are embracing innovative technologies, particularly electric snowmobile technology, to address evolving environmental regulations and meet the increasing consumer demand for environmentally friendly and quieter snowmobiling experiences. Electric snowmobile technology employs electric powertrains comprising electric motors and batteries to propel and operate these vehicles, offering a more eco-conscious and serene alternative for snowmobilers. This technology aims to reduce emissions and noise pollution in snow-laden environments. For instance, in March 2022, Taiga Motors Corporation, a Canadian company specializing in electric off-road vehicles, introduced the fully electric Nomad snowmobile. This groundbreaking product enables outdoor enthusiasts to experience nature while prioritizing performance and environmental sustainability. The Taiga Nomad boasts an elegant design and seamless mechanical construction suitable for various applications. With exceptional features including a top speed of 120 km/h, a powerful 120 HP engine, and a towing capacity of up to 1,125 lbs, the Taiga Nomad effortlessly navigates mountains and steep terrains. Its impressive torque of 170 Nm positions it as an ideal choice for winter adventure enthusiasts.

In February 2023, Vidde Snow Mobility AB, a Swedish manufacturer of electric snowmobiles, forged a partnership with PaperShell AB to pioneer the world's inaugural climate-neutral snowmobile. This collaboration marks a significant stride toward leveraging electric and potentially circular solutions, heralding a transformative phase in the industry. The joint effort aims to facilitate the adoption of an electric product, thereby curbing emissions generated during its usage. Notably, PaperShell AB, a Sweden-based company renowned for its expertise in sustainable solutions, particularly in fiber composites, contributes to this innovative endeavor.

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.

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 countries covered in the snowmobile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The snowmobile market consists of sales of sport-trail snowmobiles, traditional snowmobiles, and electric snowmobiles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Snowmobiles are categorized into types such as entry-level, performance, touring, mountain, utility, and crossover. Entry-level snowmobiles are designed for basic and beginner-friendly recreational use on snowy terrains, offering a straightforward way to explore winter landscapes and engage in outdoor activities. They are equipped with two-stroke or four-stroke engines, and their displacement sizes typically fall within ranges such as below 500 CC, 500 CC to 900 CC, and above 900 CC. These snowmobiles come in single- and multi-seat configurations and are distributed through both offline and online channels.

The snowmobile market research report is one of a series of new reports that provides snowmobile market statistics, including snowmobile industry global market size, regional shares, competitors with a snowmobile market share, detailed snowmobile market segments, market trends and opportunities, and any further data you may need to thrive in the snowmobile industry. This snowmobile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future- scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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