Utility Vehicle Market Expected to Hit $51.69 Billion with 9.4% CAGR by 2030 | BRP Inc., CFMOTO, Deere & Company

By propulsion type, the electric vehicle segment is expected to register significant growth during the forecast period.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 18, 2024 /EINPresswire.com/ -- 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

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.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/187b06c688c8827a4c5b5da27a3c3e7e

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 propulsion, the IC engine-powered segment held the largest share in 2020, accounting for more than three-fifths of the global utility vehicle market size, 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.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

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.

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 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.

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

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

On the basis of vehicle type, the sport utility vehicle segment is projected to lead the global market in terms of market share by the end of the forecast period.

On the basis of application, the agricultural segment is projected to lead the global market, in terms of growth rate, by the end of the forecast period.

Asia-Pacific dominated the global utility vehicle market in 2020 in terms of market share.

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

Used Bike Market - https://www.prnewswire.com/news-releases/used-bikes-market-to-reach-66-2-billion-globally-by-2031-at-5-6-cagr-allied-market-research-301756457.html

Electric Ships Market - https://www.prnewswire.com/news-releases/electric-ship-market-to-reach-23-8-billion-globally-by-2032-at-18-0-cagr-allied-market-research-301915936.html

David Correa
Allied Market Research
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