The emerging markets are currently experiencing a notable upswing in the demand for snowmobiles and their corresponding parts and accessories. This surge can be attributed to several factors that collectively contribute to the growing interest in winter sports and recreational activities in these regions.
First and foremost, the escalating popularity of winter sports has led to an increased demand for snowmobiles in emerging markets. As more individuals actively participate in snowmobiling, there arises a distinct need for various parts and accessories to augment their overall experience and ensure safety. This surge in participation directly correlates with a heightened demand for components that enhance performance, safety features, and the overall customization of snowmobiles.
Secondly, the improved economic conditions in emerging markets play a pivotal role in this burgeoning demand. With higher disposable incomes among consumers in these regions, individuals now have the financial capacity to engage in leisure activities and invest in snowmobiles. Moreover, this economic upturn enables them to procure essential parts and accessories, allowing for the customization and optimization of their snowmobiles according to their preferences.
Additionally, the substantial growth in tourism in emerging markets significantly contributes to the surge in snowmobile demand. As countries actively invest in promoting winter tourism and attracting visitors with a range of snow-based activities, there is a corresponding increase in the need for snowmobiles. These vehicles become essential for both transportation and adventure, aligning with the broader objective of enhancing winter tourism experiences.
Lastly, the expansion of distribution networks and the increased availability of snowmobile parts and accessories in emerging markets have played a crucial role in fueling the heightened demand. The accessibility and convenience of procuring these products have been greatly enhanced, making it easier for consumers in these regions to access and purchase snowmobiles and their corresponding components.
In conclusion, the confluence of factors such as the burgeoning interest in winter sports, improved economic conditions, the growth of winter tourism, and enhanced accessibility to snowmobile parts and accessories collectively propels the demand for snowmobiles in emerging markets. As these regions embrace the thrill of winter activities, the market for snowmobiles is expected to witness sustained growth, driven by the evolving preferences and economic capacities of consumers in these dynamic and expanding markets.
Report Attribute/Metric | Details |
---|---|
Segment Outlook | Snowmobile Type, Propulsion Type, Product Type, End Use, Distribution Channel, and Region |
Global Snowmobile Parts & Accessories Market Size was valued at USD 504.2 Million in 2022. The Snowmobile Parts & Accessories Market industry is projected to grow from USD 531.9 Million in 2023 to USD 783.0 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.4% during the forecast period (2023 - 2032). The snowmobile parts and accessories market encompass a range of products specifically designed to enhance, maintain, and personalize snowmobiles. It includes components such as engine parts, suspension systems, tracks, and safety gear, as well as various accessories like apparel, helmets, and storage solutions.
The snowmobile parts and accessories market has witnessed substantial growth due to the surging popularity of snowmobiling as a recreational pursuit. Riders seek high-quality components and accessories to enhance their riding experience, improve safety measures, and customize their snowmobiles to align with their preferences. The popularity of snowmobiling has increased due to advancements in snowmobile technology, the expansion of snowmobile trail networks, and the establishment of dedicated snowmobiling areas. As more individuals embrace this thrilling winter sport, the demand for high-quality, innovative, and personalized snowmobile parts and accessories is expected to continue its upward trajectory.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The introduction of electric snowmobiles creates significant opportunities for the snowmobile parts and accessories industry. E-snowmobiles have several advantages over gas-powered models. They produce zero operational emissions, which aligns with the global emphasis on eco-friendliness. E-snowmobiles also have lower maintenance costs since electric powertrains lack complex engine components. Fuel expenses are also reduced since electricity is frequently cheaper than gas. E-snowmobiles further reduce noise pollution for a more serene riding experience. The emergence of electric snowmobiles in the industry presents a promising chance with environmental perks, lower running costs, and innovative accessory potential.
February 2023- Ski-Doo and Lynx have introduced their first electric snowmobiles, the Grand Touring Electric and the Adventure*, which will launch in 2024. Both models will feature Rotax E-Power technology with a range of up to 31 miles and are designed for short-distance guided tours and recreational use, respectively. The Grand Touring Electric is a commercial vehicle, while the Adventure* is built for recreational use. This is the first-ever fully electric snowmobile from BRP.
Based on Snowmobile Type, the global Snowmobile Parts & Accessories Market segmentation includes Trail, Crossover, Mountain, and Utility.
The Trail segment held the majority share in 2022, contributing around ~52.0 % to the market revenue. Trail snowmobiles have engines having lower horsepower, making them suitable for recreational riding on prime trails. They are designed for riding purposes as well as efficient on established trails. There are several different alternatives in the trail category, although all these sleds have shorter as well as lighter weights. This makes the convenience to handle, which is an alternative for beginner’s riders. Additionally, the popularity of winter sports and outdoor recreational activities is driving the demand for trail snowmobiles. Increasing expenditure on outdoor recreational activities, rising sports competitions, and leisure during winter also drive the need for these types of vehicles. Another reason for the growing demand for snowmobiles is their increasing usage by rescue and search teams as their primary vehicle in high altitudes.
Based on Propulsion Type, the global Snowmobile Parts & Accessories Market segmentation includes ICE and Electric. The ICE Snowmobile Parts & Accessories segment held the majority share in 2022 contributing around ~91.7% to the market revenue.
The ICE (Internal Combustion Engine) segment of the snowmobile market is growing due to several factors. Snowmobiling is becoming more popular across developed and developing regions, which is expected to boost snowmobile sales in forecasted year. The growing popularity of winter sports and recreational activities worldwide is also expected to contribute to the growth of the snowmobile market. Focused marketing has resulted in dramatic growth in snowmobile sales in some regions. Snowmobiles are used for various utility purposes, such as transportation, search and rescue, and military operations. They are also used for touring and exploring remote areas, as well as for both on-trail and off-trail riding.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on the Product Type, the global Snowmobile Parts & Accessories Market segmentation includes Parts and Accessories. By product type, parts segment holds the majority market share in 2022 contributing 69.1% of the market share.
The parts segment is holding the largest share owing to the various factors such as increasing online stores, increasing popularity of winter sports, growing demand for customization, and others. Snowmobile parts are essential for the optimal functioning of a snowmobile. These parts can be categorized into distinct categories such as transmission parts, engine components, suspension components, body elements, battery, and more. Some of the specific parts include belts, pumps, engine and its parts, tracks, torque arms, A-arms, shafts, electrical harnesses and components, shocks, struts, gauges, body components, batteries, and fasteners. There are several online stores that offer snowmobile parts, such as Dennis Kirk, MFG Supply, Straightline Performance, Kimpex USA, and Sled Solutions, these stores offer a wide range of snowmobile parts, accessories, and gear for different snowmobile brands such as Polaris, Arctic Cat, Ski-Doo, Yamaha, and Can-AM. Al's Snowmobile Parts Warehouse which further propel the market growth.
Based on End Use, the global Snowmobile Parts & Accessories Market segmentation includes OEM and Aftermarket. By End Use, the OEM segment holds the majority market share in 2022 contributing 67.6 % of the market share. There are many snowmobile OEMs providing snowmobile parts and accessories such as Polaris Inc, Arctic Cat Inc, BRP Inc, Alpina Snowmobiles S.r.L, TAIGA Motors Inc, Caliber Products Inc, Straight-line Performance Inc, etc. The OEMs produce a broad range of snowmobiles, from entry-level models to high performance models. They also provide a variety of accessories as well as parts for customizing your snowmobile. Companies in the OEM market are using new techniques to increase their market growth and stay competitive. These techniques include launching new products, investing in new patterns, and forming partnerships and mergers. Product growth strategies are plans that businesses use to increase revenue and product usage. There are different types of product growth strategies, such as market penetration, market development, product development, and diversification.
Based on Distribution Channel, the global Snowmobile Parts & Accessories Market segmentation includes Brick & Mortar Stores, E-commerce Marketplaces, Direct-to-Consumer, and Online Retailer. By Distribution Channel, the E-commerce Marketplaces segment holds the majority market share in 2022 contributing 42.8% of the market share. E-commerce platforms for snowmobiling parts and accessories market is growing due to the convenience and ease of purchasing, technological advancements, and the growing popularity of online shopping-commerce marketplaces are online platforms for snowmobiling parts and accessories where users can sell, buy, and explore a broad range of products regarding snowmobiling. These virtual marketplaces offer a way for a user to find and buy replacement parts for specialized gear. Seller showcases their products on these online platforms, allowing the reach to a global audience. Customers have the convenience of browsing or searching a broad selection of items and comparing their prices along with reading reviews from other buyers.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 74.5% in the Snowmobile Parts & Accessories Market in 2022 and is expected to maintain its dominance during the forecast period.
The presence of key players and a focus on infrastructure development in the region contribute to market growth. The region by country has been segmented into the US, Canada, and Mexico. North America is witnessing continuous growth in the Snowmobile Parts & Accessories industry. It has a vast presence of R&D and snowmobile companies, which is driving the implementation of Snowmobile Parts & Accessories infrastructure in the region.
The presence of key market players in the US of the snowmobile parts and accessories market further propel the market growth in the region. The market players include Honda Motor Co. Ltd., Harley Davidson, Polaris Industries, Inc., Skidoo, Yamaha and others. The market players are considerably contributing to the market growth by the adoption of various strategies including merger, and acquisition, collaborations, funding to the start-ups, and new product launches to stay competitive in the market.
March 2023- Polaris has announced its 2024 snowmobile lineup featuring new deep snow innovation and a SnowCheck Ship Guarantee Program. The company is also launching nearly 250 new accessories, parts, and apparel.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The Europe snowmobile parts and accessories market is witnessing a significant increase in demand because of the growing utilization of snowmobiles in different industries. While snowmobiles are popular due to recreational purposes, their application in various sectors such as rescue operations, tourism, as well as transportation in regions having harsh conditions. In the Europe tourism sector, snowmobiles offer a way to explore snowy landscapes, attracting travelers seeking adventures. This led to an increase in demand for accessories for instance heated handlebars, comfortable seating, and storage operations. In remote areas where conventional means of communication are challenging, snowmobiles offer an efficient alternative for travel. This has generated a demand for accessories such as towing, cargo racks, towing capabilities as well as weather-resistant gear. To cater to this diverse demand the Europe snowmobile parts and accessories market is experiencing innovation to enhance the performance. In conclusion, the increasing adoption of snowmobiles in different sectors in Europe is driving the snowmobile parts and accessories market in the region.Asia Pacific has diverse terrain along with the rising popularity of snowmobiling has contributed to the demand for different types of snowmobiles. The rise of e-commerce platforms has led to easier access to a broad range of parts as well as accessories, thus allowing customization in the snowmobiles conveniently, Manufacturers are increasingly incorporating smart features, such as mobile applications for maintenance and diagnostic tracking. The region continuously embracing winter sports which is boosting the snowmobile parts & accessories market.
With a strong presence across different verticals and geographies, the Snowmobile Parts & Accessories Market is highly competitive and dominated by established, pure-play vendors. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Snowmobile Parts & Accessories Market is highly competitive, with many vendors offering similar products and services. The major players in the market include Polaris Inc,Arctic Cat Inc. (Textron),Brp Inc.,Alpina Snowmobiles S.R.L,Taiga Motors Inc, Caliber Products Inc., Diamond S Manufacturing , and Straight-line Performance Inc and Others. Polaris Inc is committed to strategically and intentionally developing its current employees to become the next generation of leaders as part of its growth strategy through external partnerships and employee development programs such as Succeeding as a Polaris Leader and Polaris Leadership Development 1 and 2. These programs allow high-potential individuals to advance and prepare for higher-level positions. Polaris Inc increased that investment in 2022 to include virtual and in-person leadership training for many leaders and additional manager and employee skill training linked with organizational strengths. Polaris Inc has strengthened our senior leadership succession and development procedures, collaborating with top executives to increase their pipeline for essential executive jobs.The global Snowmobile Parts & Accessories Market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)