The global utility vehicle market is expected to grow at a CAGR of 10.5% during the forecast period. A utility vehicle is a vehicle that is built to fulfill a certain duty while also being able to operate on tough terrain. Utility vehicles are used for both passenger and utility commutes and offer a number of advantages over passenger vehicles, including increased passenger capacity, increased cargo-carrying capacity, greater safety and comfort, and so on. Electric-powered utility vehicles have gained popularity in recent years owing to their fuel-efficient operations and great noise reduction. The market is predicted to rise owing to factors such as increased penetration of all wheel drive (AWD) and 4 wheel drive cars, as well as government policies supporting the use of utility vehicles such as UTVs on public roads.
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However, a drop in car production and sales, as well as the high maintenance costs of utility vehicles, limit the market growth. However, the development of electric utility vehicles and the expansion of dealer networks to ensure optimal product reach is expected to provide profitable growth prospects for market participants. Owing to operating conditions, utility vehicle end-users are expecting greater output efficiency and optimum performance in high-end driving operations. Furthermore, end-user demand has altered to include more luxury, comfort, and driving dynamics. End-user demand is shifting toward four-wheel drive and all-wheel drive vehicles to achieve higher levels of safety and vehicle dynamics. Furthermore, the majority of utility vehicle manufacturers are working on developing these drive systems to meet the changing needs of end consumers. The penetration of all wheel drive and four-wheel drive utility vehicles has expanded dramatically in recent years, and this trend is predicted to continue in the next years, supporting utility vehicle growth. The automotive industry has experienced a reduction in overall growth for the past three years, resulting in lower sales and manufacture of automobiles. This is mostly due to changes in automotive manufacturing standards and low consumer confidence in purchasing vehicles owing to uncertainties in government laws surrounding emissions and safety, which, in turn, raises automotive pricing.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Application
- By Propulsion
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BRP Inc., John Deere, and Honda Motor Co., Ltd., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Utility Vehicle Market Report by Segment
By Vehicle Type
- Sport Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Utility Terrain Vehicle (UTV)
- Others
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports and Others
- By Propulsion
- IC Engine Powered
- Electric Powered
- Others
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