The Global Snowmobile Market size was valued at $1.62 billion in 2023, according to Power System Research, and is estimated to register a CAGR of 5.1% between 2023 and 2031 with a projected market value of $2.42 billion in 2032.
Source: Power Systems Research
North America Is Major Snowmobile Market
According to the International Snowmobile Manufacturers Association (ISMA), 82% of snowmobile sales are in North America.
Source: Power Systems Research
Growth Drivers
| Increasing snowmobile sales in North America. 82% of Global sales are in North America Rising demand for adventure sports activities. As people seek ways to enjoy outdoor activities during the winter months, the demand for snowmobiles for personal use increases. Growing electrification in the power sports industry. Electric snowmobiles offer enhanced performance, maneuverability, and reliability. Rising disposable incomes. Consumers with more disposable income may be more likely to invest in high-ticket items |
| Increasing awareness of environmental impacts. There is increasing demand for eco-friendly transportation options. Expanding tourism significantly fuels the snowmobile market. The versatility and excitement of snowmobiling contribute to its appeal as a must-try activity. |
Challenges
- Accidents and injuries related to snowmobiling. Safety issues related while driving are the factors that create a negative impact
- The high maintenance cost is a key factor restraining the market growth. As per the ISMA report, an average snowmobile owner spends approximately $3,000 – $4,000 yearly on travel gear and related services. The annual ownership costs of this vehicle range between $1,500 to $5,500 for an average ride of 1,500 miles a year.
- Decreasing levels of snowfall is some regions. Regions experiencing consistent snowfall are likely to have a steady demand for snowmobiles, while areas with unpredictable snow conditions may see fluctuating demand.
KEY MARKET INSIGHTS. The growing popularity of snowmobiling in North America and Northern Europe is due to the rise in winter sports activities. The increasing number of these vehicles shows the popularity of snowmobiling as a winter sport activity. As people seek ways to enjoy winter activities, the demand for snowmobiles for personal use is growing.
The growth of snowmobiling has undergone a revolution because of technological advances. Innovations in engine design, materials, and electronics have led to more fuel-efficient and environmentally friendly snowmobiles, reducing their environmental impact. Advanced suspension systems and track designs have enhanced handling and maneuverability. PSR
Michael Aistrup is a Senior Analyst at Power Systems Research
