Allied Market Research

Utility vehicle Market Expected to Reach $51.69 Billion by 2030-Allied Market Research


Report Code : A12422

quote By propulsion type, the IC powered vehicle segment dominated the global market in 2020 in terms of revenue. However, the electric powered segment is expected to lead the market during the forecast period. Depending on application, the passenger commute segment incurs a higher share. Asia-Pacific was the highest revenue contributor in 2020, and is expected to witness a significant growth during the forecast period. quote

Omkar Bachal
Lead Analyst, Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a recent report published by Allied Market Research, titled, “Utility vehicle Market by Propulsion Type, Application, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021–2030”, 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 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.

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.

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.

For the utility vehicle market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of utility vehicle are following certain approaches to manage the operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in the short term to overcome the financial downturn. The demand from end users has reduced at a considerable level as there is low consumer confidence and high vehicle prices. The overall production activities of industry players have declined, owing to operations with limited workforce capacity, inadequate health safety measures, and changing consumer sentiments. However, there are most probable chances of sales momentum for the utility vehicle from second half of 2022, owing to its positive demand outlook and green mobility initiatives.

Key Findings Of The Study

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

The key players profiled in the report are BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., and Yamaha Motor Co., Ltd.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975



For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote 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 quote

View Report
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,718 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.


Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Published Date Jan 2021

Surgical Equipment Market

Download Sample

Published Date Nov 2020

Medical Implant Market

Download Sample

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Utility vehicle Market"
Purchase Enquiry