BRP: the global market for side-by-side vehicles in 2022
Canada‘s BRP estimates that the global side-by-side recreational vehicle (SSV) market will account for approximately 357,000 units in 2022.
This figure represents a 20% year-on-year decline, due in part to global supply chain issues.
The leading manufacturers of recreational SSVs are BRP, Honda, John Deere, Kawasaki, Polaris, Textron and Yamaha.
Notably, BRP’s market share of the global recreational SSV market in the 2022 season reflected a number two market share position based on the company’s own estimates.
An SSV drives like a car, with steering wheel and pedals, is equipped with seat belts and roll bars, and seats the driver and passenger side by side.
In addition, some models include one or two additional rows of seats to accommodate up to six passengers.
SSVs can be divided into two categories: recreational SSVs, which can be subdivided into three main groups: sport, recreational-utility and utility-recreational; and utility SSVs.
According to BRP, the utility category of the SSV market remains strong, but over the past decade the SSV market has been transformed by the introduction of vehicles designed primarily for recreational purposes.
Both current and aspiring motorsports consumers are attracted to recreational SSVs largely for their increased functionality, innovation and differentiated driving experience.
In recent years, many consumers have switched from all-terrain vehicles (ATVs) to SSVs.
BRP is a world leader in the design, development, manufacture, distribution and marketing of sport utility vehicles and marine products.
The company is a diversified manufacturer of motor vehicles, propulsion systems and marine products, offering enthusiasts a variety of exhilarating, stylish and powerful products for year-round use in a variety of terrains and providing access to adventures and experiences in different playgrounds.
The company’s diversified portfolio of brands and products includes, in the Powersports segment, year-round products such as Can-Am ATVs, SSVs and 3WVs, seasonal products such as Ski-Doo and Lynx snowmobiles, Sea-Doo jet skis and pontoons and Rotax engines for go-karts and recreational aircraft, and in the Marine segment, Alumacraft, Manitou, Quintrex, Stacer and Yellowfin boats, Rotax engines for jet boats and the Rotax S outboard engine with Stealth technology.
At the end of fiscal 2023, the company had nearly 23,000 employees worldwide.
BRP sells its products in more than 130 countries.
In fiscal 2023, BRP had revenue, normalized EBITDA, net income and normalized net income of $10.033 billion, $1.706 billion, $865.4 million and C$977 million, respectively.