The snowmobile industry has witnessed many ups and downs in recent years. Snowmobiles are used as leisure and transport vehicles in snow and in places that are highly susceptible to snowfall throughout the year. General economic situation and heavy snowfall conditions exert major impact on the already mature snowmobile global market. Factors that influence the expansion of the snowmobile industry significantly include snowfall in key riding places, replacement buying by consumers, production redesign cycles, discretionary spending by consumers, launch of four-stroke engines, consumer confidence, and easy availability and affordability of credit.
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Currently, many snowmobile manufacturers are focusing primarily on providing quieter and cleaner snowmobile engines, emissions reduction, and enhancing safety measures. The sales and distribution channel of the snowmobile industry is particularly dependent on the network of snowmobile dealers. There are many snowmobile dealers present in North America and parts of Russia, which makes the market highly competitive in North America and Europe. Recently, highly advanced snowmobiles have been introduced by many major players in the industry, which are solely focused on providing enhanced safety features and reducing emission. A major factor driving the competition between the major players, in recent times, is the development of technical expertise and delivering more value for money products to customers. Currently, the snowmobile market is highly competitive, and to increase their market share, many manufacturers are offering highly sophisticated snowmobiles, which are equipped with high-end engineering capabilities and parts. Many small players also tried to endure the weak market conditions attributed by the global economic slowdown in the recent past; however, they failed to survive the harsh market conditions in the snowmobile market.
Recent economic recovery in Asia Pacific, North America, and Europe, increasing popularity of winter sports, and increasing popularity of all-terrain snowmobiles are major drivers for the global snowmobile market. Winter sports and snowmobiling has reenergized regional economies in many snow-laden countries of Europe and North America. The rising popularity of snowmobiles in snow-prone regions of the countries in Asia Pacific is also driving the market for snowmobiles in the region. Promotional activities by governments and increasing popularity of winter sports in the region has also driven the market for snowmobiles.
A majority of the global demand for snowmobiles comes from the U.S., Canada, and Scandinavia. A majority of the demand for snowmobiles comes from the U.S. itself, as compared to other countries, despite the fluctuating market conditions. Presently, the U.S. is a prominent market for snowmobiles, around the globe, in terms of volume and revenue. Other major markets for snowmobiles are Canada and the countries of Scandinavia. The market for snowmobiles in Canada is also projected to expand at a modest growth rate in in the near future.
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Economic downturn, inhibitive snowmobile unit prices, unfavorable snowfall conditions, and low consumer confidence are major restraints for the global snowmobile market. Furthermore, stringent government regulations and harmful emissions from snowmobiles also restrain the market for snowmobiles in environmentally protected areas around the globe. Key market players which have a global presence in the snowmobile market are Bombardier Recreational Products Inc., Arctic Cat, Inc., Polaris Industries Inc., TeamFast.com Inc., and Yamaha Motor Co, Ltd.
Rise in winter sports events and recreational and adventure activities across the globe provide immense potential for the snowmobile market. Increase in demand for snowmobiles in the tourism industry is also driving the global snowmobile market. Stringent environmental laws and high cost of snowmobiles in developing economies are key restraints of the snowmobile market.
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