New York, US, July 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Utility Vehicles Market Information by Type, by Application, and Region - Forecast till 2032”, The market for utility vehicles will increase from USD 28.90 billion in 2023 to USD 61.50 billion by 2032, with a 9.90% growth rate between 2023 and 2032.
Utility Vehicles Market Overview
The term "utility vehicle" refers to a particular vehicle type with the ability to go through difficult terrain and perform specialized tasks. Utility vehicles are used for both passenger and utility transportation, offering more advantages than passenger vehicles, such as increased passenger capacity, greater load-carrying capacity, improved safety and comfort, and others. For the most part, utility vehicles have all-wheel drive (AWD) or a four-wheel drive system (4WD) to meet their operational needs. A wide range of industrial tasks, such as the transportation of commodities, agricultural uses, passenger commuting solutions, and others, can be carried out with utility vehicles. Due to their fuel-efficient operations and effective noise reduction level, electric-driven utility vehicles have gained popularity in recent years.
Utility Vehicles Market Competitive Landscape:
The eminent companies in the market for Utility Vehicles Market include
- BRP Inc.
- CFMOTO
- Deere & Company
- Honda Motor Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- KUBOTA Corporation
- Mahindra & Mahindra Limited
- Polaris Inc.
- Textron Inc.
- Yamaha Motor Co. Ltd.
- Among others.
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The major competitors in the market are in intense competition with one another. There are businesses that create utility terrain vehicles all around the world. The sector is also seeing a rise in the prominence of numerous local players. The most current technical developments in the sector are causing many businesses to advance and take the lead. The top competitors in the worldwide Utility Vehicles Market are focusing on new security features including off-road airless tires, covered roofs for rollover circumstances, efficient shifting between 2WD and 4WD, free suspensions for improved strength, and supportability in changing weather conditions.
Market USP Covered:
Utility Vehicles Market Drivers:
Surge in AWD and 4WD Vehicle Penetration
Due to operational circumstances, utility vehicle buyers are requesting higher production, more efficient, and best-in-class driving operations. Additionally, end customers' demand expectations have evolved more in favor of increased luxury, comfort, and driving dynamics. Four-wheel drive and all-wheel drive vehicles are becoming more and more popular as end users change their demands for safety and vehicle dynamics. Furthermore, most utility vehicle producers are working on these drive systems to meet the changing needs of the end users. The penetration of AWD and 4WD utility vehicles has significantly increased recently, and it is likely to continue growing in the years to come. This is expected to be advantageous for the utility vehicle industry.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 61.50 billion |
| CAGR during 2023-2032 | 9.90% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Propulsion |
| Key Market Opportunities | Growing Preference for SUVs and Crossovers |
| Key Market Dynamics | Increasing demand, technology advancements, shift towards electric vehicles, and expanding markets |
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Increasing Development of Utility Vehicles with Electric Propulsion
All mobility options have recently seen a significant change in terms of technological development. Due to their output efficiency and lightweight nature, market participants are turning to electrical components to meet changing consumer demands, leading to the creation of electric-driven utility vehicle solutions. Additionally, a significant role in car emissions, which release dangerous greenhouse gases and raise worries for both the environment and human health. In order to reduce greenhouse gas emissions and preserve the ecological balance, governments all over the world are enacting automobile emission standards. To regulate the emission level, manufacturers must abide by these rules.
Utility Vehicles Market Trends
The rise in technical innovations will be the biggest trend in the worldwide market. Utility vehicles usually have sophisticated technology and safety features. These feature devices that alert the driver of lane departures, offer adaptive cruise control and prevent collisions. Utility vehicles become more desirable with the addition of these safety measures, and drivers and passengers feel more secure as well. Customers who care about safety, especially those who reside in urban and suburban areas, value the assurance that these cutting-edge safety measures offer. Consequently, the utility vehicles industry revenue is increased.
Utility Vehicles Market Restraints:
The last three years have seen a fall in the industry's overall growth, which has led to a decrease in both automobile production and sales. This is mostly related to changes in automotive manufacturing standards and low consumer confidence in car purchases due to uncertainties around government laws pertaining to emissions and safety, which, in turn, raises the cost of automobiles. The forecast for the automotive industry is wholly responsible for the expansion of the Utility Vehicles Market movement. Therefore, it is anticipated that declining automotive demand and a gloomier outlook for car sales will restrain market expansion as a whole.
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Utility Vehicles Market COVID 19 Analysis
In order to halt the COVID-19 pandemic, governments around the world were obliged to impose stringent lockdowns and mandate social seclusion. Due to poor consumer confidence, economic uncertainty, and the global partial business shutdown, the market for utility vehicles has been considerably impacted in the year 2020 and is anticipated to continue in the year 2021 as well. Additionally, the pandemic issue has severely hindered the supply chain, which has had an influence on output as a result of the shortage of raw materials and the industry-wide occurrence of delayed logistics activities. Due to the supply chain's simplification and the anticipated growth in utility vehicle demand, the market experienced a comeback in 2022.
Utility Vehicles Market Market Segmentation
By Type
Sport utility vehicles (SUV), multi-utility vehicles (MUV), utility terrain vehicles (UTV), and others are the four main categories of utility vehicles. With a 52.3% market share, the sport utility vehicle (SUV) class led the industry. SUVs are very well-liked by a wide range of clients due to their versatility, comfort, and off-road prowess.
By Application
Applications for utility vehicles include industrial, agricultural, sporting, and other uses. With a 31.25% market share, the industrial sector led the industry. These vehicles are used for tasks including transferring equipment, tools, and supplies inside manufacturing facilities, construction sites, and distribution centers. They offer characteristics including roomy cargo beds, towing capability, and strong construction to meet the needs of heavy-duty industrial applications.
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By Propulsion
IC Engine Powered, Electric Powered, and Others are the propulsion-based segments of the Utility Vehicles Market. With a market share of 65.42%, the electric-powered category dominated the industry. Electric utility vehicles have no exhaust emissions, which lessens air pollution and combats climate change. In light of the increased emphasis being placed on sustainability and reducing carbon emissions around the world, electric utility vehicles are considered a cleaner and greener option to ICE-powered vehicles.
Utility Vehicles Market Regional Insights
In 2022, the worldwide market was headed by North America (45.80%). On account of the consumer preference for their roominess, adaptability, and off-road capabilities, SUVs and pickup trucks are in great demand. Additionally, this region's culture of road trips, participation in outdoor sports, and preference for larger cars will support market expansion. Additionally, the North American market for utility vehicles was dominated by the United States, and the market for armor materials in Canada experienced the strongest growth.
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