Allied Market Research recently published a report, titled, “Utility Vehicle Market by Vehicle Type (Sport Utility Vehicle (SUV), Multi Utility Vehicle (MUV), Utility Terrain Vehicle (UTV), and Others), Application (Passenger Commute, Industrial, Agricultural, Sports, and Others), and Propulsion (IC Engine Powered, Electric Powered, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global utility vehicle industry was pegged at $25.73 billion in 2020, and is expected to reach $51.69 billion by 2030, growing at a CAGR of 9.4% from 2021 to 2030.
Drivers, restraints, and opportunities
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.
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- The Covid-19 pandemic negatively affected the demand for utility vehicles due to commute restrictions and weak financial performance of the market players in 2020. Moreover, the pandemic affected the overall economy and market players have been formulating strategic cost-saving plans.
- The pandemic resulted in supply chain disruption, changes in regulatory & policies, and disruption in working capital management. Moreover, majority of manufacturing facilities of utility vehicle were closed due to lack of workers, commute restrictions, and short supply of raw materials.
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The IC engine powered segment held the lion’s share
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.
The utility terrain vehicle segment to manifest the highest CAGR through 2030
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.
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Asia-Pacific, followed by North America, held the largest share
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.
Major market players
- BRP Inc.
- Deere & Company
- Kawasaki Heavy Industries, Ltd.
- Honda Motor Co., Ltd.
- Mahindra & Mahindra Limited
- KUBOTA Corporation
- Textron Inc.
- Polaris Inc.
- Yamaha Motor Co., Ltd.
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