Utility Vehicle Market
Global Utility Vehicle Market Size, Share & Trends Analysis Report by Vehicle Type (Sport Utility Vehicle, Multi Utility Vehicle, and Utility Terrain Vehicle), by Propulsion Type (Internal Combustion Engine, Electric, and Others), and by Application, (Passenger Commute, Industrial, Agricultural, and Sports) Forecast Period (2022-2028) Update Available - Forecast 2024-2030
The global utility vehicle market is anticipated to grow at a significant CAGR of 10.3% during the forecast period. One of the major factors that are fuelling the market suggestively is the high useability of utility vehicles as compared to the usual passenger cars. Utility vehicles can be used for passenger commute, industrial, agricultural, and sports owing to their spacious cabin, bigger cargo, and capability to run on rough roads. This has increased the demand for vehicles in the past few years, and the future anticipation is high as well. For instance, in October 2021, Mahindra & Mahindra started delivering its new SUV, XUV 700, which registered more than 65,000 pre-booking within 14 days.
Impact of COVID-19 Pandemic on Global Utility Vehicle Market
The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown which strictly restricted most vehicle production, and sales of the vehicles. As per the 2020 data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the global sales of vehicles declined by more than 13% as compared to the sales in 2019. It caused market players of hand-free power liftgate a loss. For instance, as per the financial report of Johnson Electric Holdings Ltd. of 2020, the company’s total sales revenue decreased by more than 6% as compared to the total sales revenue of the company in 2019. However, as the situation got normal, Johnson Electric Holdings Ltd. witnessed decent growth. As per the financial report of Johnson Electric Holdings Ltd. in 2021, total sales revenue increased by 2.8% as compared to the total sales revenue from 2020.
Segmental Outlook
The global utility vehicle market is segmented based on the vehicle type, propulsion type, and application. Based on the vehicle type, the market is segmented into sport utility vehicles (SUV), multi-utility vehicles (MUV), and utility terrain vehicles (UTV). Based on the propulsion type, the market is sub-segmented into the internal combustion engine (ICE), electric, and others. Other propulsion types are segmented into hydrogen. Based on the application, the market is sub-segmented into the passenger commute, industrial, agricultural, and sports. Based on application, passenger commute is anticipated to grow significantly during the forecast period owing to the increasing demand for utility vehicles in the common vehicle consumers.
Global Utility Vehicle Market Share by Propulsion Type, 2021 (%)
The Electric Segment is Anticipated to Grow Considerably in the Global Utility Vehicle Market
Based on propulsion, the electric segment is estimated to grow at a considerable CAGR during the forecast period. One of the core factors backing the projection is the growing electrification of vehicles across the globe. Scarcity of fuel, increasing pollution, and subsidies from the government are boosting the electrification of vehicles. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,986,659 which is more than 40% of the electric car sales in 2019. While, as per the 2020 data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the global sales of vehicles declined by more than 13% as compared to the sales in 2019.
Regional Outlooks
The global utility vehicle market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). North America is projected to hold the prominent share of the global utility vehicle market, while the Asia-Pacific is anticipated to grow at a significant pace during the forecast period.
Global Utility Vehicle Market Growth, by Region 2022-2028
The Asia-Pacific Anticipated to Grow at a significant CAGE in the Global Utility Vehicle Market
The Asia-Pacific region is expected to grow at a considerable CAGR during the forecast period, owing to the growing financial state of people, and being the biggest automobile market region across the globe. The presence of emerging countries such as China, India, Japan, Korea, and others have been growing financially over the years, and have a huge population in the region, which shows the region’s huge future potential market for a utility vehicle. Moreover, the region has key market players such as Honda, Toyota, Hyundai, and others which can make the region the biggest automobile market. As per the data of OICA, 44,289,900 vehicles were produced in the Asia Pacific region in 2020 which is 57% of the total vehicles were produced across the globe in 2020.
Market Players Outlook
The major companies serving the global utility vehicle market include BRP Inc., John Deere, Honda Motor Co., Ltd., Mahindra & Mahindra Ltd., Yamaha Motor Co., Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2019, Bobcat launched a new UV34 and UV34XL with an all-new chassis for increased durability, increased towing capacity, an enhanced suspension system, and more integrated accessories. The UV34 and UV34XL had a high-performance feature, diesel engines designed to excel in challenging and harsh working conditions.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global utility vehicle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Utility Vehicle Market
• Recovery Scenario of Global Utility Vehicle Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. BRP Inc.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. John Deere
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Honda Motor Co., Ltd.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Mahindra & Mahindra Ltd.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Yamaha Motor Co., Ltd.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Segmentation
4.1. Global Utility Vehicle Market by Vehicle Type
4.1.1. Sport Utility Vehicle (SUV)
4.1.2. Multi Utility Vehicle (MUV)
4.1.3. Utility Terrain Vehicle (UTV)
4.2. Global Utility Vehicle Market by Propulsion Type
4.2.1. Internal Combustion Engine (ICE)
4.2.2. Electric
4.2.3. Others (Hydrogen)
4.3. Global Utility Vehicle Market by Application
4.3.1. Passenger Commute
4.3.2. Industrial
4.3.3. Agricultural
4.3.4. Sports
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Arctic Cat
6.2. ARGO
6.3. Bobcat Co.
6.4. CNH Industrial (Case IH)
6.5. Caterpillar’s Global
6.6. CFMOTO
6.7. Husqvarna AB
6.8. Ingersoll Rand corp.
6.9. Kawasaki Heavy Industries, Ltd.
6.10. Kubota Corp.
6.11. Kwang Yang Motor Co., Ltd.
6.12. Nikola Motor Co.
6.13. Polaris Inc.
6.14. Suzuki Motor Corp.
6.15. Textron Inc.
1. GLOBAL UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
2. GLOBAL SPORTS UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL MULTI UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL UTILITY TERRAIN VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
6. GLOBAL INTERNAL COMBUSTION ENGINE UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL ELECTRIC UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL OTHERS UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
10. GLOBAL UTILITY VEHICLE FOR PASSENGER COMMUTE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL UTILITY VEHICLE FOR INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL UTILITY VEHICLE FOR AGRICULTURAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL UTILITY VEHICLE FOR SPORTS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
15. NORTH AMERICAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
16. NORTH AMERICAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
17. NORTH AMERICAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
18. NORTH AMERICAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
19. EUROPEAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
20. EUROPEAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
21. EUROPEAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
22. EUROPEAN UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
24. ASIA-PACIFIC UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
25. ASIA-PACIFIC UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
26. ASIA-PACIFIC UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
27. REST OF THE WORLD UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. REST OF THE WORLD UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
29. REST OF THE WORLD UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
30. REST OF THE WORLD UTILITY VEHICLE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL UTILITY VEHICLE MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL UTILITY VEHICLE MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL UTILITY VEHICLE MARKET, 2022-2028 (%)
4. GLOBAL UTILITY VEHICLE MARKET SHARE BY VEHICLE TYPE, 2021 VS 2028 (%)
5. GLOBAL SPORTS UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL MULTI UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL UTILITY TERRAIN VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
8. GLOBAL UTILITY VEHICLE MARKET SHARE BY PROPULSION TYPE, 2021 VS 2028 (%)
9. GLOBAL INTERNAL COMBUSTION ENGINE UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL ELECTRIC UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL OTHERS UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL UTILITY VEHICLE MARKET SHARE BY APPLICATION, 2021 VS 2028 (%)
13. GLOBAL UTILITY VEHICLE FOR PASSENGER COMMUTE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL UTILITY VEHICLE FOR INDUSTRIAL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL UTILITY VEHICLE FOR AGRICULTURAL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. GLOBAL UTILITY VEHICLE FOR SPORTS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
17. GLOBAL UTILITY VEHICLE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. US UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
19. CANADA UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
20. UK UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
21. FRANCE UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
22. GERMANY UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
23. ITALY UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
24. SPAIN UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
25. REST OF EUROPE UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
26. INDIA UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
27. CHINA UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
28. JAPAN UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
29. SOUTH KOREA UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
30. REST OF ASIA-PACIFIC UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
31. REST OF THE WORLD UTILITY VEHICLE MARKET SIZE, 2021-2028 ($ MILLION)
