Utility Vehicle Market Statistics 2030 -
The global utility vehicle market was valued at $25.73 billion in 2020, and is projected to reach $51.69 billion by 2030, registering a CAGR of 9.4%. Asia-Pacific was the highest revenue contributor, accounting for $10,072.3 million in 2020, and is estimated to reach $22,716.5 million by 2030, with a CAGR of 10.6%.
Utility vehicle refers to a vehicle type designed to perform specific task along with its ability to operate on the rough terrain. Utility vehicles are utilized for the passenger as well as utility commute having additional benefits over passenger vehicles, including additional passenger capacity, high load carrying capacity, improved safety and comfort among others. Majority of the utility vehicles are equipped with all-wheel drive (AWD) or four-wheel drive system (4WD) to attain the operational requirements. Utility vehicles has wide range of application area, including industrial activities such as movement of goods, agricultural applications, passenger commute solutions, and others. Electric driven utility vehicles are gaining traction in the recent years, owing to its fuel-efficient operations along with effective noise reduction level.
Factors such as increase in penetration of the AWD and 4WD vehicles and government rules to support driving utility vehicles such as UTVs on road are expected to drive the growth of the utility vehicle market. However, decrease in production and sale of automotive and high maintenance cost of utility vehicles restrain the market growth. On the contrary, development of electric powered utility vehicles and expansion of dealer network for effective product reach are projected to offer lucrative growth opportunities for the market players.
The global utility vehicle market is segmented on the basis of vehicle type, application, propulsion, and region. Based on the vehicle type, the market is divided into sport utility vehicle (SUV), multi utility vehicle (MUV), utility terrain vehicle (UTV), and others. The utility terrain vehicle (UTV) is further sub-segmented by application type into work, crossover and leisure. On the basis of application, the global utility vehicle market is categorized into passenger commute, industrial, agricultural, sports, and others.
Based on propulsion, it is fragmented into IC engine powered, electric powered, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Propulsion
Electric Powered segment is projected as the most lucrative segments
Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the report include BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd.
Increase in penetration of the AWD and 4WD vehicles
The end consumers of utility vehicles are demanding more output efficient and optimum performance high-end driving operations owing to operational conditions. Moreover, end users’ demand outlook has shifted more toward added luxury, comfort, and driving dynamics. The changing demand of the end consumers is gaining traction for four-wheel drive and all drive wheel vehicles to attain the safety and vehicle dynamic levels. Moreover, majority of the utility vehicle manufacturers are developing these drive systems to cater the changing requirement of the end users. In the recent years, AWD and 4WD utility vehicles’ penetration has increased drastically and it is expected to maintain the momentum in the upcoming years, which is anticipated to support the growth for utility vehicle in the upcoming years.
By Vehicle Type
Utility Terrain Vehicle segment is projected as the most lucrative segments
Decrease in production and sale of automotive
The automotive industry has witnessed decline in the overall growth from the last straight three years, which results in reduced sales as well as production of automotive. This is majorly attributed to changes in manufacturing standard of the automotive and low consumer confidence for buying the vehicles due to uncertainty in the government regulations regarding emission and safety, which, in turn, increases the prices of automotive. The growth of the utility vehicle market movement is completely dependent on automotive industry outlook. Thus, lowering automotive demand and weaken vehicle sales outlook is expected to hamper the growth of the overall market.
According to the OICA (Organisation Internationale des Constructeurs d'Automobiles) has recorded total automotive production of 95.6 Mn units in 2018 and it has reached to 77.6 Mn units in 2020. Moreover, the automotive industry is witnessing slower growth than expected, which is likely to downturn the demand for utility vehicle market in the upcoming years.
By Application
Agricultural segment is projected as the most lucrative segments
Development of electric powered utility vehicles
In the recent years, all mobility solutions has witnessed drastic change in terms of technological evolution. To cater to the changing demands of consumers, market players are relying on electrical components, owing to their output efficiency and lightweight; thus, manufacturing electric driven utility vehicle solution. Moreover, emission from vehicles is a crucial factor, as harmful greenhouse gases are released, which increase environmental and health concerns. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented the BS6 emission standard to control the outflow of air pollutants from vehicles. Thus, all these factors collectively escalate the demand for electric driven utility vehicle in the near future. To cope up with the changing mobility solutions, market participants need to develop electric driven solutions.
COVID-19 impact analysis
The spread of the COVID-19 pandemic has negatively impacted the global utility vehicle market, owing to commute restrictions and expected weak financial performance of the market players in 2020. It has impacted the overall economy and contributors such as market participants formulating strategic cost-saving plans. The major risk factors of the utility vehicle market participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. Majority of the manufacturing facilities of utility vehicle has been shut down during the pandemic due to commute restrictions, workforce unavailability, and short supply of raw material due to supply chain disturbance.
By Region
Asia-Pacific would exhibit the highest CAGR of 10.6% during 2021-2030.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global utility vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall utility vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Utility Vehicle Market Report Highlights
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Analyst Review
The global utility vehicle market is expected to witness significant growth, owing to adoption of utility vehicle in the various applications such as agricultural and military and increase in trend of adventure sports and recreational activities. Utility vehicle is being popular in the current era, owing to its operational capability along with cost effectiveness.
Asia-Pacific is a leader in the global utility vehicle market, owing to presence of several automotive manufacturer, the changing automotive industry outlook in the region, and changing consumer sentiments toward automotive. The global utility vehicle market is a consolidated nature, where countable market participants are operating in the global market.
Market participants are focused to develop their sales footprints by expanding the dealer network and introduce new product lines of utility vehicles to cope up with changing requirement of the end users. Numerous developments have been carried out by top companies, such as BRP Inc., Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Kubota Corporation, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd. and others, which have supplemented the growth of the global utility vehicle market. The impacts of COVID-19 significantly affected the global utility vehicle market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020, and is expected to witness a recovery in the global market.
The global utility vehicle market was valued at $25.73 billion in 2020, and is projected to reach $51.69 billion by 2030, registering a CAGR of 9.4%.
The utility vehicle can be useful for the passenger commute, industrial, agricultural, sports, and others.
The report sample for global utility vehicle market report can be obtained on demand from the website.
Increase in penetration of the AWD and 4WD vehicles and Government rules to support driving utility vehicles such as UTVs on road are expected to drive the market during the forecast period
By vehicle tupe utility vehicle market is segmented into sport utility vehicle (SUV), multi utility vehicle (MUV), utility terrain vehicle (UTV), and others.
The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated
Development of electric powered utility vehicles and Expansion of dealer network for effective product reach is expected to provide opportunity for utility terrain vehicle market
Expansion, product development, and partnership are the top most competitive developments which are adopted by the leading market players in the global utility vehicle market
The increased demand for electric driven utility vehicle solution to support the low carbon footprint initiatives by the policymakers
Key players operating in the market includes BRP Inc., Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd among others
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