Global Snowmobile Market: Introduction
Snowmobiles are recreational winter vehicles often found in areas covered with snow. Snowmobile is an open terrain vehicle and doesn’t require road and rail and can smoothly run over snow and ice. Snowmobile is also popularly known as sled or snow machine. Snowmobile market witnesses limited demand, being a recreational transportation product, it is commonly sold in regions with sufficient snow. Some of the geographies where snowmobiles are mostly marketed includes Finland, Alaska, Canada, Sweden, Quebec, etc. Another major reason behind snowmobile being commonly categorized under recreational category is the relatively high cost of snowmobiles and use limited only to winter season with sufficient snow.
Snowmobiles are generally available in single and two-seater variants, out of which single-seater is most commonly found variant. Snowmobiles can be powered by a two stroke or a four stroke engine, the engines are similar to that found in personal watercraft. Type of engine deployed in snowmobile is important as performance and power is one of the key parameters concerned while selection of a snowmobile. A variety of variants with different engine capacity are available in the market, selection of which depend upon the riding requirements. The market for snowmobile is highly consolidated with few manufacturers holding major share of the market.
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Global Snowmobile Market: Market Dynamics
Increasing inclination of young population towards recreational sports supplemented by the increasing disposable incomes in key target markets is a prominent factor that drives the growth of snowmobile market. Snowmobilers in the U.S. take snowmobiling as a family activity and large portion of families residing in the U.S. opts snowmobiling for recreation purpose. This in turn creates demand for snowmobiles. From a macro-economic point of view, robust growth of economy is a major market force responsible for accelerating or decelerating market growth. The snowmobile market was adversely hit by the global economic recession between 2007 and 2009. A noteworthy decline in sales figures of snowmobile was witnessed in 2009. However, the market situation improved slightly post-recession period. One of the major factors that is hampering the adoption of snowmobile among various is the higher cost of the snowmobiles. Snowmobiles generally costs between US$ 9000 to US$ 11000 – nearly the cost of a passenger car. This limits snowmobiles customer base to people with relatively high incomes. Furthermore, the high cost of replacement parts and their maintenance is among other factors that restraints customers from buying new snowmobile and rent or buy old snowmobiles.
Global Snowmobile Market: Market Segmentation
On the basis of product type, the Snowmobile market can be segmented into;
- Entry level Snowmobile
- Performance Snowmobile
- Touring Snowmobile
- Mountain Snowmobile
- Utility Snowmobile
- Crossover Snowmobile
On the basis of Engine type, the Snowmobile market can be segmented into;
- Two stroke engine
- Four stroke engine
On the basis of Engine Size, the Snowmobile market can be segmented into;
- <500 CC
- 500 CC – 800 CC
- 900 CC and Above
On the basis of seating capacity, the Snowmobile market can be segmented into;
- 1 rider
- 2 rider
- 3 rider
Global Snowmobile Market: Region-wise Outlook
By region, North America accounts for a significantly large share of demand for snowmobile, the U.S. and Canada remain as major contributors to the growth of the market. However, the U.S. holds a relatively high share in terms of volume sales in the region. Followed by the North America, Europe is expected to be the next big market for snowmobiles. Countries in the Eastern parts such as Russia, Finland, Sweden and Norway are prominent markets for snowmobile. Western European countries create limited demand for snowmobiles primarily for recreational activities. Asia and Oceania region generates minimal demand for recreational vehicles and are expected to maintain a minimal share over the forecast period.
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Global Snowmobile Market: Market Participants
Examples of some of the market participants identified in the global Snowmobile market are;
- Arctic Cat Inc.
- Polaris Industries, Inc.
- Yamaha Motor Corporation, U.S.A.
- Bombardier Recreational Products & Vehicles (BRP)
- Alpina Snowmobiles S.r.l.
- Crazy Mountain
- Moto MST