Power Systems Research (PSR) is an international research company based in St. Paul, Minnesota, USA. It operates a second North America office in Detroit, Mich., and has offices in five other countries. PSR analysts have been collecting and analyzing global engine and powertrain data and information since 1976, and we use this data to develop targeted forecasts by industry segment and region.
Our team of experienced analysts works with OEMs, engine and component manufacturers, dealers, fleet managers and industry experts to compile detailed and focused data that has become an industry standard. It’s the leading source of global information on engines and power equipment powered by IC and alternate sources. Whether you need detailed global data, forecasts or customized local market studies, we can provide you with Data, Forecasting and Solutions. Let’s start today.
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.
The August issue of PSR’s Alternative Power Report includes several articles on battery development, including ones describing news at Tesla. This month’s report also includes news on hydrogen power and the decline in diesel sales. PSR
Guy Youngs is Forecast and Technology Adoption Lead at Power Systems Research
Jet Drive Boats are boats propelled by a jet of water ejected from the back of the craft; they have no propeller and can maneuver in shallow water. PWCs are also driven by jet water and come in several styles: Stand-Ups or Sit-Downs. They are often referred to as jet skis. Sit Downs are designed for one, two or three persons in a sitting position, one in front of the other. PWC Stand-Ups are designed for one rider standing or kneeling on the watercraft.
On-Road Motorcycles or Street Bikes are motorized two-wheeled vehicles that are street legal for sport and leisure activities. They include features such as headlights, brake lights and turn signals.
The Canadian government is preparing tariffs on Chinese-made EVs to align with the US and European Union, which have already proposed heavy duties to deter “unfair” competition imported from overseas
The country holds strong ties with the US and EU and looks to align with its trade partners in solidarity while blocking a potential loophole China could use to enter North America.
PSR Analysis: Canada is still in the early stages of these tariffs, with discussion ongoing. Prime Minister Trudeau has not publicly committed Canada to imposing tariffs on Chinese EVs, stating the cabinet is monitoring the situation closely. PSR
The European Commission told automakers (July 11, 2024) it would impose extra duties of up to 38.1% on imported Chinese electric cars starting in July 2024, risking retaliation from Beijing, which called the move protectionist. Less than a month after Washington announced plans to quadruple duties for Chinese EVs to 100%, Brussels said it would set additional tariffs ranging from 17.4% for BYD to 38.1% for SAIC, on top of the standard 10% car duty. It said this was to combat excessive subsidies
it’s worth noting that commercial EV sales are soaring. PSR
PSR Analysis: On the face of it, this seems like the start of a trade war with Chinese automakers demanding retaliatory tariffs on European cars, however several EU member states have already started to back track (led by Germany) so it remains to be seen as to what the eventual outcome will be.
As the electric vehicle market booms, the demand for lithium has also soared, with global lithium production more than tripling in the last decade. Current methods of extracting lithium from rock ores or brines are slow and come with high energy demands and environmental costs. They also require sources of lithium which are incredibly concentrated to begin with and are only found in a few countries.
Researchers at the University of Chicago Pritzker School of Molecular Engineering (PME) have optimized a new method for extracting lithium from more dilute (and widespread) sources of lithium, including seawater, groundwater, and “flowback water” left behind from fracking and offshore oil drilling.
The short-term picture for EV growth is mixed, but long-term prospects look good. EV sales will continue to grow despite the mixed near-term outlook, according to BloombergNEF’s Long-Term Electric Vehicle Outlook (EVO) which indicates that rapidly falling battery prices, advancements in next-gen battery technology, and improving relative economics of EVs with ICE counterparts continue to underpin long-term EV growth globally.
Global passenger EV sales are expected to continue to grow, but at a slower pace in the next few years.
PSR Analysis: We have seen articles incorrectly claiming that the EV market is in decline, so it’s a welcome article that lays out clearly why the market is expected to slow but not decline while ICE engines peaked in 2017 and have started a long term decline. PSR
The global motorcycles market size is estimated to be valued at $144.1 billion in 2024 and is estimated to rise at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2033 and to be valued at $288.46 billion in 2033, according to research by Power Systems Research (PSR).
The unit sales of Motorcycles market are expected to reach 61.62 million by 2029 according to PSR. In the United States, the trend in the motorcycle market is shifting towards electric bikes, as consumers become more environmentally conscious.
Canada is preparing to join the tariff war against Chinese EVs, according to a report in the July 2024 issue of the Alternative Power Report prepared by Power Systems Research. Another article in the report notes that even thought EV sales are lagging, they’re positioned for long-term growth. And there’s plenty of battery news in this report prepared by PSR analyst Guy Youngs. PSR
