Utility Vehicle Market Size Predicted to Hit USD 51.69 billion by 2030 at 9.4% CAGR, Says AMR

Rise in penetration of the AWD and 4WD vehicle and government rules to support driving utility vehicles such as UTVs on road drive the growth of the global 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭. However, high maintenance cost of utility vehicles and decrease in production and sales of automotive hinder the market growth. On the contrary, development of electric-powered utility vehicles and expansion of dealer networks for effective product reach are expected to open new opportunities for the market players in the coming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A12422

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%.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 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.

Factors such as growing inclination toward vehicle safety is the key supportive factor of the utility vehicle market. Moreover, these vehicles are utilized for the special purpose activities across various applications, which has ability to perform the operations on the off-road terrain. The SUV segment is anticipated to create lucrative growth opportunities for the utility vehicle market, owing to changing consumer sentiments toward mobility options. The electric powered utility vehicles segment is expected to be the global market leader, owing to its operational effectiveness and fuel-efficient operations.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/4c34a5ff6f8129e1aea796f2029404e3

Asia-Pacific is dominant in the global utility vehicle market, China being the leader in the market during the forecast period. Moreover, Asia-Pacific is expected to maintain its dominance in the global market, owing to the changing automotive industry outlook in the region. China and India are expected to be the emerging countries in the utility vehicle market, owing to changing transportation trends from the said countries. The global utility vehicle market is a consolidated in nature with limited number of players holding the majority of the market share. The majority of the market participants are strategically involved in product launch, expansion, partnership, and product development activities.

By vehicle type, the utility terrain vehicle segment would showcase the highest CAGR of 10.4% from 2021 to 2030, due to rise in leisure activities and wide range of applications in agricultural and industrial activities. However, the sport utility vehicle segment held the largest share in 2020, contributing to more than one-third of the global utility vehicle market, due to rise in need to utilize all types of terrains and the effective operational ability.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A12422

Asia-Pacific dominates the market in terms of revenue, followed by North America, Europe, and LAMEA. The U.S. led the global utility vehicle market share in 2020, and is expected to grow at a significant rate during the forecast period due to the changing automotive industry outlook across the country.

By region, the market across Asia-Pacific held the largest share in 2020, accounting for nearly two-fifths of the market, Moreover, the region is projected to manifest the highest CAGR of 10.6% during the forecast period, due to increase in adoption of utility vehicles and off-road vehicle activities. The global utility vehicle market across North America is expected to register a CAGR of 9.6% from 2021 to 2030.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A12422

By propulsion, the IC engine-powered segment held the largest share in 2020, accounting for more than three-fifths of the global utility vehicle market, due to the availability fleet across the globe along with its cost-effective solution. However, the electric-powered segment is expected to register the highest CAGR of 10.8% during the forecast period, owing to rise in penetration of electric vehicle and the growing trend of usage of green mobility solutions.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Electric Vehicle Market - https://www.globenewswire.com/en/news-release/2023/10/23/2764378/0/en/Electric-Vehicle-Market-EV-Industry-Is-Set-to-Reach-an-Estimate-of-823-75-Billion-by-2030-at-a-Compound-Annual-Growth-Rate-CAGR-Of-18-2-Allied-Market-Research.html

Mobility Scooters Market - https://www.globenewswire.com/en/news-release/2021/09/01/2290185/0/en/Mobility-Scooters-Market-to-Garner-3-21-Billion-by-2030-Allied-Market-Research.html

Water Scooter Market - https://www.prnewswire.com/news-releases/water-scooter-market-to-reach-2-2-bn-globally-by-2026-at-7-2-cagr-allied-market-research-300988218.html

Electric Vehicle Battery Recycling Market - https://www.prnewswire.com/news-releases/electric-vehicle-battery-recycling-market-to-reach-2-27-bn-globally-by-2025-at-41-8-cagr-says-amr-300821684.html

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.