Snowmobiles Parts Market
Snowmobiles Parts Market - By Product (Bearing, Brake Pad, Clutches, Spark Plug, Bumper, Carburetor, Control Cables, Crankcase, Crankshaft Piston, Cylinder Head, Exhaust, Fuel Tank, Handle Bar, Light, Oil Tank, Seat, Ski, Steering, Others), By Market (OEMRequest Sample Request Discount
The global snowmobiles part market size was estimated at USD 5.7 billion in 2019 and is expected to reach USD 7.1 billion by 2027, growing with a CAGR of 5.7% over the forecasted period of 2021 to 2027. Snowmobiles are known as recreational winter vehicles which is mostly used in areas covered with snow. Moreover, snowmobiles is an open terrain vehicle and it do not need rail and road which can smoothly run over ice and snow. Furthermore, snowmobile is also known as snow or sled machine. Snowmobile part market has observe low demand owing to a recreational transportation product, it is usually sold in regions with appropriate snow. Few of the geographies where snowmobiles are largely markets includes Alaska, Sweden, Finland, Quebec, Canada and others. Another big reason behind snowmobile being commonly categorized as it comes under recreational category owing to its high cost of snowmobile and its utilization restricted to winter season with sufficient snow.
Snowmobiles are largely available in two-seater and single seater variants, out if which single seater is largely found variant. Snowmobiles may be powered by a four stroke or two stroke engine, the engines are alike to that find in personal watercraft. Moreover, the type of engine which is used in snowmobile is crucial as power and performance is one of the most important factors while selection of a snowmobile. There are variety of variants along with various engine capacity are available in the market which selection is totally depended upon the riding requirement. Furthermore, the market for snowmobiles is extremely united with various producers holding major share of the market.
Raising inclination of young population towards recreational sports is supplementing the market growth. Moreover, raising disposable income and the growing trend of snowmobile in emerging market is expected to further boost the growth of the snowmobile part market. Snowmobiles in the U.S. are taking snowmobilers as a family activity and great size of families living in the U.S. opts snowmobiles for recreation purpose. This in turn created demand for snowmobiles parts market. Moreover, from macro-economic point of view, large growth if economy is major market force which is responsible for decelerating or accelerating market growth. However, the global snowmobile pats market was badly affected by the global economic recession between 2007 and 2009. A significant decline is sales figure of snowmobile was seen in 2009. In addition, the market situation improved slightly post-recession period. One of the significant factors which is hampering the adoption of snowmobile among various is the higher cost of the snowmobiles. Moreover, snowmobile is usually cost between US$ 9000 to US$ 11,000- which is nearly a cost of passenger car. This result in restricting the snowmobile customer base to people with relatively high incomes. In addition, the expensive cost of replacement parts and their maintenance is among the other various factors which restraints customers from buying new snowmobile and buy or sent old snowmobiles.
North America market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. North America is mature market. Increase in population and improved lifestyle are the major factors that boost the growth of the snowmobiles part market. Raising purchasing power in this region is the prime factor which contributes towards the growth of the snowmobiles part market. This in turn further boosts the growth of the snowmobiles part market.
By type analysis, the snowmobiles part market is segmented into bearing, brake pad, clutches, spark plug, bumper, carburetor, control cables, crankcase, crankshaft piston and others. The bearing segment holds the major market share and it is expected to retain its dominance during the forecast period.
On the basis of cylinder type, the snowmobiles part market is divided into one cylinder, two cylinders, and three cylinders. The two cylinders segment holds the major share followed by three cylinders.
By distribution channel, the snowmobiles part market is segmented into sports stores, franchised stores, specialty stores and online sales channel. Specialty stores are small retail outlets that focus on selling a particular range and associated items. Specialty stores maintains considerable depth in the type of product that they specialize in selling premium prices products. Moreover, manufacturers are continuously making efforts to increase shelf visibility of their products and hence they are majorly targeting specialty stores. As a result, great variety of snowmobiles part products are available in specialty stores. Moreover, specialty stores provides great amount discount which result in attracting more and more customer, hence resulting in boosting the snowmobiles part market.
Key Companies Profiled
The global snowmobiles part market is characterized by the presence of various small and big players. The major market player includes Yamaha Motor Corporation, Polaris Industries, Inc., Arctic Cat Inc., John Deere GMBH & Co.KG, Ski-doo (Bombardier Recreational Products), Alpina Snowmobiles S.r.l., Crazy Mountain, Bombardier Recreational Products & Vehicles (BRP), Moto MST, Taiga Motors and others. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
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