Global Snowmobile Market Forecast for $2.42 Billion

News: Industry News

2024-08-27

Global Snowmobile Market Forecast for $2.42 Billion

Michael Aistrup

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

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Deutz and Rolls Royce Engine Deal Approved

EUROPE REPORT 
Emiliano Marzoli
Emiliano Marzoli

DEUTZ and Rolls-Royce’s Power Systems division have completed the transaction for DEUTZ to take over the sales and service activities for various Daimler Truck industrial engines. The transaction relates specifically to engines with displacements from 5 to 16 litres and power output of up to 480 kW.

Under the completed transaction, DEUTZ will take over distribution of the MTU Classic model series and the MTU 1000 to 1500 engine series, which are based on three Daimler Truck engine platforms. These engines are used in a range of off-highway applications, mainly in the agricultural machinery and construction equipment sectors.

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2024-07-15

PowerTALK™, July 2024

IN THIS ISSUE

Western countries–United States, Europe and Canada–are placing tariffs on low-cost Chinese EVs and Beijing doesn’t like it. Read about the EV tariff controversy in the July 2024 issue of PowerTALK News. Also in this issue are articles on the global motorcycle market, North American scooter production and Hitachi’s demonstration of a huge EV mining truck.

ALTERNATIVE POWER REPORT

  • EV Sales Are Headed for Long-Term Growth
  • Research Offers Environmentally Friendly Lithium Production
  • EU Tariffs Hit Chinese EVs, Draw Reaction from Beijing
  • Canada Considers Tariffs on Chinese EVs

GLOBAL:  

  • 2024 MHCV Production Expected To Decline by 1.6%
  • 2024 Global Motorcycle Market Estimated at $144 Billion

DATAPOINT: NA Scooter Production

EUROPE:

  • Belgium Risks Losing Audi Car Production in Brussels
  • Electric/Hybrid Marine Event Shows New Technologies

BRAZIL/SOUTH AMERICA:

  • Brazil Truck Production Grows Significantly
  • Brazil’s Frasle Mobility To Buy Dacomsa for $389 Million

JAPAN: Hitachi Demonstrates Ultra-Large Electric Dump Truck
THAILAND: Honda To Cut Thai Car Production Capacity by 50%
CHINA: Chinese Joint Venture Begins Battery Plant in Mississippi
INDIA: Bajaj, TVS Enter CNG Two-Wheeler Market PSR

EU Tariffs Hit Chinese EVs, Draw Stern Words from Beijing

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

Source: Reuters (via MSN): Read The Article

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.  

Guy Youngs is Forecast & Adoption Lead at Power Systems Research

EV Sales Headed for Long-Term Growth

ALTERNATIVE POWER REPORT

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.

Source: Electrek: Read The Article

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

Guy Youngs is Forecast & Adoption Lead at Power Systems Research

2024 Global Motorcycle Market Estimated at $144 Billion

Michael Aistrup

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.

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Electric and Hybrid Marine Exhibition Demonstrates New Technologies

EUROPE REPORT 
Natasa Mulahalilovic
Natasa Mulahalilovic

Amsterdam–The Tenth Annual Electric and Hybrid Marine Exhibition in Amsterdam’s RAI June 18-20 attracted more than 200 exhibitors and provided an opportunity for shipowners and operators to review the latest solutions to speed marine electrification, decarbonization, hybridization.

Reaching the objective to reduce greenhouse gas by 70% in maritime industry by 2050 looks realistic but the new technologies developers, equipment manufacturers and end users need more clarity and support from the regulatory and governmental bodies to accelerate the process. Creation of reliable and safe storage and fueling infrastructure will ensure the shipbuilders and ship owners trust the transition.

The three-day event presented the latest innovations and achievements in efficient decarbonization of the maritime industry. New technologies from companies in Europe, North America, China and other regions designed to support and accelerate the transition from high polluting fossil combustion to zero emission solutions in maritime industry were exhibited at the event. The exhibition was visited by thousands of industry professionals.

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Honda To Cut Thai Car Production

THAILAND REPORT

Honda said it plans to integrate its two automotive manufacturing plants in Thailand by 2025. The move will cut annual production capacity in Thailand by 50% to 270,000 units.

Production at the Ayutthaya plant will be discontinued and consolidated at the Prachinburi plant in central Thailand. The Ayutthaya plant has an annual production capacity of 150,000 units. Honda’s total production capacity in Thailand is 270,000 units, but there was a surplus of 147,000 units in 2011. The company will improve the profitability of its four-wheel business by reducing fixed costs. The Ayutthaya plant will continue to be used as an auto parts plant.

Source: The Nikkei

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2024-07-14

Alternative Power Report, July 2024

PSR Alternative Power Report – July 2024Download

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