Polaris Company Analysis
- Polaris generated $8.2 billion in revenues in 2021 and had 16,000 employees.
- Polaris adheres to many values, including self-belief, fairness, integrity, innovative mindset, curiosity to learn, and trusted relationships.
- Polaris is committed to delivering agile and efficient operations by aligning tools, processes, and people to deliver responsive customer-centric service levels while leveraging its current scale to improve productivity.
An in-depth analysis of Polaris is provided below. The analysis focus on the company's digital transformation strategy, critical challenges in the market, and competition.
- Polaris Inc. is one of the world’s leading manufacturers of automobiles. The firm specializes in the manufacture of off-road vehicles (ORV), which includes motorcycles, snowmobiles, small vehicles (SV), all-train vehicles (SV), and side-by-side automobiles for utility and recreational use. The company also offers spare parts, garments, and accessories (PG&A). Polaris provides a wide range of services, including insurance, financing, and extended service contracts. Polaris is headquartered in Minnesota and has operations in Germany, Australia, France, Canada, Mexico, Brazil, China, Norway, India, and the United Kingdom.
- In the fiscal year ending 2021, Polaris generated $8.2 billion in revenues and had 16,000 employees under its payroll.
- In December 2121, Polaris announced receiving $500 million in post-IPO debt funding.
Corporate Value and Missions
- Polaris's mission statement is: “At Polaris, we approach digital transformation as a 360° endeavor - simplifying, digitizing, and automating all internal and external channels, with the goal of optimizing performance.”
- The company adheres to a wide range of values, including self-belief, fairness, integrity, innovative mindset, curiosity to learn, and trusted relationships.
Recent and Announced Strategic Initiatives
- In June 2022, Polaris partnered with Octane and Joyride to deliver a coherent, digital-to-retail shopping experience for the Polaris Slingshot and Indian Motorcycle brands. Octane is a fintech specializing in revolutionizing the buying experiences, while Joydrive is a global leader in e-commerce and innovative technology.
- In June 2022, the “Digital Journal” identified Polaris as one of the vital participants in the worldwide Low-speed Electric Vehicles market.
Quotes Relating to Polaris’ Digital Strategy
- Following the ranking of Polaris as one of the 50 Most Innovative Companies 2022, Mike Speetzen, the CEO of Polaris, was quoted as saying, “as the global leader in Powersports, we are committed to rider-driven innovation - to listen and learn from our customers and design our products accordingly. We are moving to electric in a purposeful manner. Polaris and the Zero Motorcycles teams have capitalized on their respective strengths and shared passion for innovation to accelerate our development of category-defining vehicles that take advantage of the benefits of electric powertrains.”
- In an interview, Mike Speetzen, CEO of Polaris, observed, "We will need to continue advancing in areas like product innovation, electrification, digital and technology, creating a more seamless ownership experience and building out nonownership opportunities.”
Key Highlights about the Company’s Digital Strategy
- Polaris's business is built around innovation that is embraced not only in the company’s products but also in its digital and information services team. The company is committed to producing technology-driven products through cutting-edge manufacturing processes. Polaris is currently engaged in 3D modeling, in-vehicle infotainment, machine learning, and IoT integration. The company will continue to remain an industry leader by leveraging the advances in technology and information services.
- In line with the company's tagline "Think Outside," Polaris is committed to achieving rider-driven innovation that entails developing products and services that provide the best experiences to consumers. In addition, the company is committed to delivering agile and efficient operations by aligning tools, processes and people to deliver responsive customer-centric service levels while leveraging its current scale to improve productivity.
Existing Marketing Tech Stack
- Polaris Inc. utilizes products from different product categories. The company mainly uses MarTech stack in online advertising, web analytics, and advertising campaign management. Products used by the company include "Advertising Campaign Management, Online Advertising, Web Analytics, Computer-aided Design & Engineering, Software Frameworks, Data Management Platform (DMP), Business Intelligence, Cloud Platforms & Services, Email & Social Media Marketing, and Content Delivery Network (CDN)."
- One key challenge facing Polaris is its failure to keep up with the rising demand due to supply chain disruptions. Disruptions in the supply chain occasioned by the shortage of truckers, shortages of parts and clogged ports remain a significant challenge to global automobile companies such as Polaris Inc.
- Polaris has struggled to improve its brand image following a product recall in 2016. In addition, Polaris has had to contend with competition from formidable rivals such as Honda Motor and Harley-Davidson
Using key parameters, namely revenues and number of employees, the following is a list of the four major competitors for Polaris Inc.
1. Honda Motor. Co Ltd
- Honda Motor Company designs and manufactures automobiles, motorcycles, and products for the sea and aircraft.
- The company manufactures passenger cars, mini-vehicles, light trucks, general-purpose engines, marine engines, riding mowers, snow blowers, lawn mowers, and robotic mowers, among other products. The company also provides financial, leasing, and retail lending services to customers and dealers.
- Headquartered in Japan, Honda Motor Company’s revenues for the 2021 fiscal year were $129.6 billion. In addition, the company had 211,374 employees as of December 2021.
2. Yamaha Motor Co Ltd
- Yamaha Motor Company designs, manufactures and marine products, all-terrain vehicles, snowmobiles, personal watercraft, industrial boats, boats, motorcycles and other automobile components. Headquartered in Japan, Yamaha also provides financial services.
- Yamaha Motor Company generated $17.1 billion in revenues for 2021. The company had a total of 51,249 employees.
3. BRP Inc.
- Headquartered in Canada, BRP Inc. designs, manufactures and markets power sport vehicles, marine propulsion systems, snowmobiles, on- and off-road vehicles, watercraft, motorcycles, and engines for karts and recreational aircraft.
- BRP Inc. generated $6.1 billion in revenues for December 2021. The public listed company has 19,500 employees.
4. Harley-Davidson Inc.
- Harley-Davidson designs, assembles and sells motorcycles, motorcycle parts, and related products. The company also provides retail and wholesale financing and insurance services to its customers and dealers in the United States and Canada.
- Headquartered in the United States, Harley-Davidson Inc. generated $5.3 billion in revenues for the fiscal year 2021. The company workforce was made up of 5,800 employees.
To provide an analysis of Polaris Inc, the research relied on the most credible and publicly available news articles and journals such as Star Tribune, Yahoo Finance, PR Newswire and the Digital Journal. The research team also obtained critical data from the profiled companies' websites and LinkedIn profiles and other. We relied on revenue generated and the number of employees as parameters to determine formidable competitors for Polaris Inc.