Utility Vehicle Market 2022-2028

Description

List of Tables

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)

The global utility vehicle market is anticipated to grow at a substantial CAGR of 10.3% during the forecast period. One of the crucial factors that are fueling the market is the applications provided by utility vehicles. These vehicles are designed to perform specific tasks along with their ability to operate on rough terrain. Utility vehicles are utilized for the passenger as well as utility commute having additional benefits over passenger vehicles, including high load carrying capacity, additional passenger capacity, comfort among others, and improved safety. This makes these vehicles are much useful in agricultural applications, movement of goods, passenger commute solutions, and others. For instance, in May 2019, AEV and Club Car's partnered for a light-duty, all-electric, compact, and emissions-free utility truck vehicle, which was initially branded the Club Car 411. The vehicle was designed for a multitude of applications ranging from warehouse and logistics, campus environments, utilities, city government, and university markets.

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 vehicle type, the SUV segment is anticipated to grow significantly during the forecast period owing to the growing demand for SUVs among the general consumers owing to the more space, luxurious experience, and multiple applications. As per the IEA report, SUV sales across global had proven very resilient throughout the pandemic and had grown by more than 10% from 2020 to 2021. In 2021, SUVs are accounted for over 45% of global car sales - to set a new record in terms of both market share, and volume.

Geographically the global utility market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is anticipated to hold the major share in the market owing to the high appreciation for these vehicles for off-road adventure, and recreational activities as several off-road races and rallies are organized frequently in the region.

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 January 2022, John Deere launched XUV865R Signature Edition Gator Utility Vehicle and the XUV835R Signature Edition Gator Utility Vehicle.

Research Methodology

The market study of the global utility vehicle market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

Financial reports of companies involved in the market.
Whitepapers, research papers, and news blogs.
Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global Utility Vehicle Market Research and Analysis by Vehicle Type.

2. Global Utility Vehicle Market Research and Analysis by Propulsion Type.

3. Global Utility Vehicle Market Research and Analysis by Application.

The Report Covers:

Comprehensive Research Methodology of the global utility vehicle market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global utility vehicle market.
Insights about market determinants that are stimulating the global utility vehicle market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.

Product Code: OMR2026443

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.