The global utility vehicle market is anticipated to grow at a considerable CAGR of 10.3% during the forecast period. One of the core factors driving the market is the growing participation of the market players which has increased the competition in the market. In recent years, market players have been launching their new vehicles in the segment to stay in the competition, which has boosted the market significantly. The utility vehicles can be used for other works, and drive off-road which has increased the interest of consumers in recent years. It also gets equipped with advanced features such as ADAS, automotive braking, and more which also appeals to most young consumers.
For instance, in October 2021, MG launched its another SUV, MG Astor. In India, MG has offered only SUVs such as Hector, ZS EV, Gloster, and Hector Plus. Moreover, in April 2021, Arctic Cat announced a new ATV, being part of its model year 2022 lineup, the new Alterra 600 EPS features an all-new drivetrain, engine, and chassis that offers increased power, easier servicing, and better handling.
In India, at the time of Diwali, an Indian festival, 2021, most of the automobile market players launched their new SUV vehicles such as Tata Punch micro SUV, Volkswagen Taigun, Mahindra XUV700, Force Gurkha, Jeep Compass Trailhawk, and others.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Vehicle Type
- By Propulsion Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including BRP Inc., John Deere, Honda Motor Co., Ltd., Mahindra & Mahindra Ltd., Yamaha Motor Co., Ltd., and others.
Utility Vehicle Market Report Segment
By Vehicle Type
- Sport Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Utility Terrain Vehicle (UTV)
By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Others (Hydrogen)
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports
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Utility Vehicle Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Arctic Cat
- ARGO
- Bobcat Co.
- CNH Industrial (Case IH)
- Caterpillar’s Global
- CFMOTO
- Husqvarna AB
- Ingersoll Rand corp.
- Kawasaki Heavy Industries, Ltd.
- Kubota Corp.
- Kwang Yang Motor Co., Ltd.
- Nikola Motor Co.
- Polaris Inc.
- Suzuki Motor Corp.
- Textron Inc.
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