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2021
Utility Vehicle Market

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

A12422
Pages: 284
Jul 2021 | 601 Views
   
Author(s) : Omkar Bachal , Sonia Mutreja
Tables: 134
Charts: 85
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Utility Vehicle Market Statistics 2030 -

The global utility vehicle market was valued at $25,727.44 million in 2020, and is projected to reach $51,687.13 million by 2030, registering a CAGR of 9.4%. Asia-Pacific was the highest revenue contributor, accounting for $10,072.29 million in 2020, and is estimated to reach $22,716.49 million by 2030, with a CAGR of 10.6%. 

The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. The demand for utility vehicles has impacted significantly in the year 2020 and it is expected to continue in the year 2021 as well owing to low consumer confidence, economic uncertainty, and the partial shutdown of the business across the globe. Moreover, the supply chain has been hampered significantly amid the pandemic crisis which in turn to impact the production activities as the raw material supply, delay logistics activities have been witnessed in the industry. The year 2022 is expected to witness recovery in the market owing to the streamline of the supply chain and the positive outlook of the demand for utility vehicles.

Utility vehicle refers to a vehicle type designed to perform specific task along with its ability to operate on the rough terrain. Utility vehicles are utilized for the passenger as well as utility commute having additional benefits over passenger vehicles, including additional passenger capacity, high load carrying capacity, improved safety and comfort among others. Majority of the utility vehicles are equipped with all-wheel drive (AWD) or four wheel drive system (4WD) to attain the operational requirements. Utility vehicles has wide range of application area, including industrial activities such as movement of goods, agricultural applications, passenger commute solutions, and others. Electric driven utility vehicles are gaining traction in the recent years, owing to its fuel-efficient operations along with effective noise reduction level.

Utility-Vehicle-Market--2021-2030

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Factors such as increase in penetration of the AWD and 4WD vehicles and government rules to support driving utility vehicles such as UTVs on road are expected to drive the growth of the utility vehicle market.

However, decrease in production and sale of automotive and high maintenance cost of utility vehicles restrain the market growth. On the contrary, development of electric powered utility vehicles and expansion of dealer network for effective product reach are projected to offer lucrative growth opportunities for the market players.

Utility Vehicle Market
By Propulsion

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Electric Powered segment is projected as the most lucrative segments

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The global utility vehicle market is segmented on the basis of vehicle type, application, propulsion, and region. Based on the vehicle type, the market is divided into sport utility vehicle (SUV), multi utility vehicle (MUV), utility terrain vehicle (UTV), and others. On the basis of application, it is categorized into passenger commute, industrial, agricultural, sports, and others. Based on propulsion, it is fragmented into IC engine powered, electric powered, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the report include 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.

Utility Vehicle Market
By Vehicle Type

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Utility Terrain Vehicle segment is projected as the most lucrative segments

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Increase in penetration of the AWD and 4WD vehicles 

The end consumers of utility vehicles are demanding more output efficient and optimum performance high-end driving operations owing to operational conditions. Moreover, end users’ demand outlook has shifted more toward added luxury, comfort, and driving dynamics. The changing demand of the end consumers is gaining traction for four-wheel drive and all drive wheel vehicles to attain the safety and vehicle dynamic levels. Moreover, majority of the utility vehicle manufacturers are developing these drive systems to cater the changing requirement of the end users. In the recent years, AWD and 4WD utility vehicles’ penetration has increased drastically and it is expected to maintain the momentum in the upcoming years, which is anticipated to support the growth for utility vehicle in the upcoming years.

Decrease in production and sale of automotive 

The automotive industry has witnessed decline in the overall growth from the last straight three years, which results in reduced sales as well as production of automotive. This is majorly attributed to changes in manufacturing standard of the automotive and low consumer confidence for buying the vehicles due to uncertainty in the government regulations regarding emission and safety, which, in turn, increases the prices of automotive. The growth of the utility vehicle market movement is completely dependent on automotive industry outlook. Thus, lowering automotive demand and weaken vehicle sales outlook is expected to hamper the growth of the overall market. According to the OICA (Organisation Internationale des Constructeurs d'Automobiles) has recorded total automotive production of 95.6 Mn units in 2018 and it has reached to 77.6 Mn units in 2020. Moreover, the automotive industry is witnessing slower growth than expected, which is likely to downturn the demand for utility vehicle market in the upcoming years.

Utility Vehicle Market
By Application

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Agricultural segment is projected as the most lucrative segments

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Development of electric powered utility vehicles

In the recent years, all mobility solutions has witnessed drastic change in terms of technological evolution. To cater to the changing demands of consumers, market players are relying on electrical components, owing to their output efficiency and lightweight; thus, manufacturing electric driven utility vehicle solution. Moreover, emission from vehicles is a crucial factor, as harmful greenhouse gases are released, which increase environmental and health concerns. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented the BS6 emission standard to control the outflow of air pollutants from vehicles. Thus, all these factors collectively escalate the demand for electric driven utility vehicle in the near future. To cope up with the changing mobility solutions, market participants need to develop electric driven solutions.

COVID-19 impact analysis

The spread of the COVID-19 pandemic has negatively impacted the global utility vehicle market, owing to commute restrictions and expected weak financial performance of the market players in 2020. It has impacted the overall economy and contributors such as market participants formulating strategic cost-saving plans. The major risk factors of the utility vehicle market participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. Majority of the manufacturing facilities of utility vehicle has been shut down during the pandemic due to commute restrictions, workforce unavailability, and short supply of raw material due to supply chain disturbance.  

Utility Vehicle Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 10.6% during 2021-2030.

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Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global utility vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall utility vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Vehicle Type 

  • Sport Utility Vehicle (SUV)
  • Multi Utility Vehicle (MUV)
  • Utility Terrain Vehicle (UTV)
  • Others

By Application

  • Passenger Commute
  • Industrial
  • Agricultural
  • Sports
  • Others

By Propulsion

  • IC Engine Powered
  • Electric Powered
  • Others 

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • LATAM
    • Latin America
    • Middle East
    • Africa

Key Players

  • 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.
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1.Top impacting factors
3.2.2.Top investment pockets
3.2.3.Top winning strategies

3.3.Porter’s five forces analysis
3.4.Market share analysis, 2020
3.5.Market dynamics

3.5.1.Drivers

3.5.1.1.Increase in penetration of the AWD and 4WD vehicles
3.5.1.2.Government rules to support driving utility vehicles such as UTVs on road

3.5.2.Restraints

3.5.2.1.Decrease in production and sale of automotive
3.5.2.2.High maintenance cost of Utility vehicles

3.5.3.Opportunities

3.5.3.1.Development of electric powered utility vehicles
3.5.3.2.Expansion of dealer network for effective product reach

3.6.COVID-19 impact analysis

3.6.1.Evolution of outbreaks
3.6.2.Macro-economic impact analysis
3.6.3.Micro-economic impact analysis
3.6.4.Impact on industry analysis

CHAPTER 4:UTILITY VEHICLE MARKET, BY VEHICLE TYPE

4.1.Overview
4.2.Sport Utility Vehicle (SUV)

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.Multi Utility Vehicle (MUV)

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country

4.4.Utility terrain vehicle (UTV)

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market analysis, by country

4.5.Others

4.5.1.Key market trends, growth factors, and opportunities
4.5.2.Market size and forecast, by region
4.5.3.Market analysis, by country

CHAPTER 5:UTILITY VEHICLE MARKET, BY APPLICATION

5.1.Overview
5.2.Passenger Commute

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.Industrial

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

5.4.Agricultural

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis, by country

5.5.Sports

5.5.1.Key market trends, growth factors, and opportunities
5.5.2.Market size and forecast, by region
5.5.3.Market analysis, by country

5.6.Others

5.6.1.Key market trends, growth factors, and opportunities
5.6.2.Market size and forecast, by region
5.6.3.Market analysis, by country

CHAPTER 6:UTILITY VEHICLE MARKET, BY PROPULSION

6.1.Overview
6.2.IC engine powered

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market analysis, by country

6.3.Electric powered

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market analysis, by country

6.4.Others

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market analysis, by country

CHAPTER 7:UTILITY VEHICLE MARKET, BY REGION

7.1.Overview
7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by vehicle type
7.2.3.Market size and forecast, by application
7.2.4.Market size and forecast, by propulsion
7.2.5.Market size and forecast, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by vehicle type
7.2.5.1.2.Market size and forecast, by application
7.2.5.1.3.Market size and forecast, by propulsion

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by vehicle type
7.2.5.2.2.Market size and forecast, by application
7.2.5.2.3.Market size and forecast, by propulsion

7.2.5.3.Mexico

7.2.5.3.1.Market size and forecast, by vehicle type
7.2.5.3.2.Market size and forecast, by application
7.2.5.3.3.Market size and forecast, by propulsion

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by vehicle type
7.3.3.Market size and forecast, by application
7.3.4.Market size and forecast, by propulsion
7.3.5.Market size and forecast, by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by vehicle type
7.3.5.1.2.Market size and forecast, by application
7.3.5.1.3.Market size and forecast, by propulsion

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by vehicle type
7.3.5.2.2.Market size and forecast, by application
7.3.5.2.3.Market size and forecast, by propulsion

7.3.5.3.France

7.3.5.3.1.Market size and forecast, by vehicle type
7.3.5.3.2.Market size and forecast, by application
7.3.5.3.3.Market size and forecast, by propulsion

7.3.5.4.Spain

7.3.5.4.1.Market size and forecast, by vehicle type
7.3.5.4.2.Market size and forecast, by application
7.3.5.4.3.Market size and forecast, by propulsion

7.3.5.5.Rest of Europe

7.3.5.5.1.Market size and forecast, by vehicle type
7.3.5.5.2.Market size and forecast, by application
7.3.5.5.3.Market size and forecast, by propulsion

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by vehicle type
7.4.3.Market size and forecast, by application
7.4.4.Market size and forecast, by propulsion
7.4.5.Market size and forecast, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by vehicle type
7.4.5.1.2.Market size and forecast, by application
7.4.5.1.3.Market size and forecast, by propulsion

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by vehicle type
7.4.5.2.2.Market size and forecast, by application
7.4.5.2.3.Market size and forecast, by propulsion

7.4.5.3.South Korea

7.4.5.3.1.Market size and forecast, by vehicle type
7.4.5.3.2.Market size and forecast, by application
7.4.5.3.3.Market size and forecast, by propulsion

7.4.5.4.India

7.4.5.4.1.Market size and forecast, by vehicle type
7.4.5.4.2.Market size and forecast, by application
7.4.5.4.3.Market size and forecast, by propulsion

7.4.5.5.Rest of Asia-Pacific

7.4.5.5.1.Market size and forecast, by vehicle type
7.4.5.5.2.Market size and forecast, by application
7.4.5.5.3.Market size and forecast, by propulsion

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by vehicle type
7.5.3.Market size and forecast, by application
7.5.4.Market size and forecast, by propulsion
7.5.5.Market size and forecast, by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by vehicle type
7.5.5.1.2.Market size and forecast, by application
7.5.5.1.3.Market size and forecast, by propulsion

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by vehicle type
7.5.5.2.2.Market size and forecast, by application
7.5.5.2.3.Market size and forecast, by propulsion

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by vehicle type
7.5.5.3.2.Market size and forecast, by application
7.5.5.3.3.Market size and forecast, by propulsion

CHAPTER 8:COMPANY PROFILES

8.1.BRP INC.

8.1.1.Company overview
8.1.2.Key executives
8.1.3.Company snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2.CFMOTO

8.2.1.Company overview
8.2.2.Key executives
8.2.3.Company snapshot
8.2.4.Product portfolio
8.2.5.Key strategic moves and developments

8.3.DEERE & COMPANY

8.3.1.Company overview
8.3.2.Key executives
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.R&D expenditure
8.3.7.Business performance
8.3.8.Key strategic moves and developments

8.4.HONDA MOTOR CO., LTD.

8.4.1.Company overview
8.4.2.Key executives
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.R&D expenditure
8.4.7.Business performance
8.4.8.Key strategic moves and developments

8.5.KAWASAKI HEAVY INDUSTRIES, LTD.

8.5.1.Company overview
8.5.2.Key executives
8.5.3.Company snapshot
8.5.4.Operating business segments
8.5.5.Product portfolio
8.5.6.R&D expenditure
8.5.7.Business performance
8.5.8.Key strategic moves and developments

8.6.KUBOTA CORPORATION

8.6.1.Company overview
8.6.2.Key executives
8.6.3.Company snapshot
8.6.5.Operating business segments
8.6.6.Product portfolio
8.6.7.R&D expenditure
8.6.8.Business performance
8.6.9.Key strategic moves and developments

8.7.MAHINDRA & MAHINDRA LTD.

8.7.1.Company overview
8.7.2.Key executives
8.7.3.Company snapshot
8.7.4.Operating business segments
8.7.5.Product portfolio
8.7.6.R&D expenditure
8.7.7.Business performance

8.8.POLARIS INC.

8.8.1.Company overview
8.8.2.Key executives
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.R&D expenditure
8.8.7.Business performance
8.8.8.Key strategic moves and developments

8.9.TEXTRON INC.

8.9.1.Company overview
8.9.2.Key executives
8.9.3.Company snapshot
8.9.4.Operating business segments
8.9.5.Product portfolio
8.9.6.R&D expenditure
8.9.7.Business performance
8.9.8.Key strategic moves and developments

8.10.YAMAHA MOTOR CO., LTD.

8.10.1.Company overview
8.10.2.Key executives
8.10.3.Company snapshot
8.10.4.Operating business segments
8.10.5.Product portfolio
8.10.6.R&D expenditure
8.10.7.Business performance
8.10.8.Key strategic moves and developments

LIST OF TABLES

TABLE 01.UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 02.UTILITY VEHICLE MARKET FOR SPORT UTILITY VEHICLE (SUV), BY REGION 2020–2030 ($MILLION)
TABLE 03.UTILITY VEHICLE MARKET FOR MULTI UTILITY VEHICLE (MUV), BY REGION 2020–2030 ($MILLION)
TABLE 04.UTILITY VEHICLE MARKET FOR UTILITY TERRAIN VEHICLE (UTV), BY REGION 2020–2030 ($MILLION)
TABLE 05.UTILITY VEHICLE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 06.UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 07.UTILITY VEHICLE MARKET FOR PASSENGER COMMUTE, BY REGION 2020–2030 ($MILLION)
TABLE 08.UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY REGION 2020–2030 ($MILLION)
TABLE 09.UTILITY VEHICLE MARKET FOR AGRICULTURAL, BY REGION 2020–2030 ($MILLION)
TABLE 10.UTILITY VEHICLE MARKET FOR SPORTS, BY REGION 2020–2030 ($MILLION)
TABLE 11.UTILITY VEHICLE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 12.UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 13.UTILITY VEHICLE MARKET FOR IC ENGINE POWERED, BY REGION 2020–2030 ($MILLION)
TABLE 14.UTILITY VEHICLE MARKET FOR ELECTRIC POWERED, BY REGION 2020–2030 ($MILLION)
TABLE 15.UTILITY VEHICLE MARKET FOR OTHERS, BY REGION 2020–2030 ($MILLION)
TABLE 16.UTILITY VEHICLE MARKET, BY REGION, 2020–2030 ($MILLION)
TABLE 17.NORTH AMERICA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 18.NORTH AMERICA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 19.NORTH AMERICA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 20.U.S. UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 21.U.S. UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 22.U.S. UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 23.CANADA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 24.CANADA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 25.CANADA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 26.MEXICO UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 27.MEXICO UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 28.MEXICO UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 29.EUROPE UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 30.EUROPE UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 31.EUROPE UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 32.UK UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 33.UK UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 34.UK UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 35.GERMANY UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 36.GERMANY UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 37.GERMANY UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 38.FRANCE UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 39.FRANCE UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 40.FRANCE UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 41.SPAIN UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 42.SPAIN UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 43.SPAIN UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 44.REST OF EUROPE UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 45.REST OF EUROPE UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 46.REST OF EUROPE UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 47.ASIA-PACIFIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 48.ASIA-PACIFIC UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 49.ASIA-PACIFIC UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 50.CHINA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 51.CHINA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 52.CHINA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 53.JAPAN UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 54.JAPAN UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 55.JAPAN UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 56.SOUTH KOREA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 57.SOUTH KOREA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 58.SOUTH KOREA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 59.INDIA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 60.INDIA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 61.INDIA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 62.REST OF ASIA-PACIFIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 63.REST OF ASIA-PACIFIC UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 64.REST OF ASIA-PACIFIC UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 65.LAMEA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 66.LAMEA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 67.LAMEA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 68.LATIN AMERICA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 69.LATIN AMERICA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 70.LATIN AMERICA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 71.MIDDLE EAST UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 72.MIDDLE EAST UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 73.MIDDLE EAST UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 74.AFRICA UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2020–2030 ($MILLION)
TABLE 75.AFRICA UTILITY VEHICLE MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 76.AFRICA UTILITY VEHICLE MARKET, BY PROPULSION, 2020–2030 ($MILLION)
TABLE 77.BRP INC.: KEY EXECUTIVES
TABLE 78.BRP INC.: COMPANY SNAPSHOT
TABLE 79.BRP INC.: OPERATING SEGMENTS
TABLE 80.BRP INC.: PRODUCT PORTFOLIO
TABLE 81.BRP INC.: NET SALES, 2019–2021 ($MILLION)
TABLE 82.CFMOTO: KEY EXECUTIVES
TABLE 83.CFMOTO: COMPANY SNAPSHOT
TABLE 84.CFMOTO: PRODUCT PORTFOLIO
TABLE 85.DEERE & COMPANY: KEY EXECUTIVES
TABLE 86.DEERE & COMPANY: COMPANY SNAPSHOT
TABLE 87.DEERE & COMPANY: OPERATING SEGMENTS
TABLE 88.DEERE & COMPANY: PRODUCT PORTFOLIO
TABLE 89.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 90.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 91.HONDA MOTOR CO., LTD.: KEY EXECUTIVES
TABLE 92.HONDA MOTOR CO., LTD.: COMPANY SNAPSHOT
TABLE 93.HONDA MOTOR CO., LTD.: OPERATING SEGMENTS
TABLE 94.HONDA MOTOR CO., LTD.: PRODUCT PORTFOLIO
TABLE 95.HONDA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 96.HONDA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 97.KAWASAKI HEAVY INDUSTRIES, LTD.: KEY EXECUTIVES
TABLE 98.KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
TABLE 99.KAWASAKI HEAVY INDUSTRIES, LTD.: OPERATING SEGMENTS
TABLE 100.KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT PORTFOLIO
TABLE 101.KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 102.KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 103.KUBOTA CORPORATION: KEY EXECUTIVES
TABLE 104.KUBOTA CORPORATION: COMPANY SNAPSHOT
TABLE 105.KUBOTA CORPORATION: OPERATING SEGMENTS
TABLE 106.KUBOTA CORPORATION: PRODUCT PORTFOLIO
TABLE 107.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 108.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 109.MAHINDRA & MAHINDRA LIMITED: KEY EXECUTIVES
TABLE 110.MAHINDRA & MAHINDRA LIMITED: COMPANY SNAPSHOT
TABLE 111.MAHINDRA & MAHINDRA LIMITED: OPERATING SEGMENTS
TABLE 112.MAHINDRA & MAHINDRA LIMITED: PRODUCT PORTFOLIO
TABLE 113.MAHINDRA & MAHINDRA LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 114.MAHINDRA & MAHINDRA LIMITED: NET SALES, 2018–2020 ($MILLION)
TABLE 115.POLARIS INC.: KEY EXECUTIVES
TABLE 116.POLARIS INC.: COMPANY SNAPSHOT
TABLE 117.POLARIS INC.: OPERATING SEGMENTS
TABLE 118.POLARIS INC.: PRODUCT PORTFOLIO
TABLE 119.POLARIS INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 120.POLARIS INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 121.TEXTRON INC.: KEY EXECUTIVES
TABLE 122.TEXTRON INC.: COMPANY SNAPSHOT
TABLE 123.TEXTRON INC.: OPERATING SEGMENTS
TABLE 124.TEXTRON INC.: PRODUCT PORTFOLIO
TABLE 125.TEXTRON INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 126.TEXTRON INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 127.TEXTRON INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 128.YAMAHA MOTOR CO., LTD.: KEY EXECUTIVES
TABLE 129.YAMAHA MOTOR CO., LTD.: COMPANY SNAPSHOT
TABLE 130.YAMAHA MOTOR CO., LTD.: OPERATING SEGMENTS
TABLE 131.YAMAHA MOTOR CO., LTD.: PRODUCT PORTFOLIO
TABLE 132.YAMAHA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 133.YAMAHA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
TABLE 134.YAMAHA MOTOR CO., LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.EXECUTIVE SUMMARY
FIGURE 03.EXECUTIVE SUMMARY
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.TOP WINNING STRATEGIES, BY YEAR, 2018–2021*
FIGURE 07.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2018–2021*
FIGURE 08.TOP WINNING STRATEGIES, BY COMPANY, 2018–2021*
FIGURE 09.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 10.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 11.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 12.MODERATE-TO-HIGH INTENSITY OF RIVALRY
FIGURE 13.MODERATE-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 14.MARKET SHARE ANALYSIS (2020)
FIGURE 15.UTILITY VEHICLE MARKET SHARE, BY VEHICLE TYPE, 2020–2030 (%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR SPORT UTILITY VEHICLE (SUV), BY COUNTRY, 2020 & 2030 (%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR MULTI UTILITY VEHICLE (MUV), BY COUNTRY, 2020 & 2030 (%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR UTILITY TERRAIN VEHICLE (UTV), BY COUNTRY, 2020 & 2030 (%)
FIGURE 19.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 20.UTILITY VEHICLE MARKET SHARE, BY APPLICATION, 2020–2030 (%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR PASSENGER COMMUTE, BY COUNTRY, 2020 & 2030 (%)
FIGURE 22.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 23.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR AGRICULTURAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 24.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR SPORTS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 25.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 26.UTILITY VEHICLE MARKET SHARE, BY PROPULSION, 2020–2030 (%)
FIGURE 27.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR IC ENGINE POWERED, BY COUNTRY, 2020 & 2030 (%)
FIGURE 28.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR ELECTRIC POWERED, BY COUNTRY, 2020 & 2030 (%)
FIGURE 29.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 30.UTILITY VEHICLE MARKET, BY REGION, 2020–2030 (%)
FIGURE 31.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 32.U.S. UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 33.CANADA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 34.MEXICO UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 35.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 36.UK UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 37.GERMANY UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 38.FRANCE UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 39.SPAIN UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 40.REST OF EUROPE UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 41.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 42.CHINA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 43.JAPAN UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 44.SOUTH KOREA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 45.INDIA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 46.REST OF ASIA-PACIFIC UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 47.COMPARATIVE SHARE ANALYSIS OF UTILITY VEHICLE MARKET, BY COUNTRY, 2020–2030 (%)
FIGURE 48.LATIN AMERICA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 49.MIDDLE EAST UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 50.AFRICA UTILITY VEHICLE MARKET, 2020–2030 ($MILLION)
FIGURE 51.BRP INC.: NET SALES, 2019–2021 ($MILLION)
FIGURE 52.BRP INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 53.BRP INC.: REVENUE SHARE BY REGION, 2021 (%)
FIGURE 54.DEERE & COMPANY: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 55.DEERE & COMPANY: NET SALES, 2018–2020 ($MILLION)
FIGURE 56.DEERE & COMPANY: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 57.DEERE & COMPANY: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 58.HONDA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 59.HONDA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 60.HONDA MOTOR CO., LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 61.HONDA MOTOR CO., LTD.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 62.KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 63.KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 64.KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 65.KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 66.KUBOTA CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 67.KUBOTA CORPORATION: NET SALES, 2018–2020 ($MILLION)
FIGURE 68.KUBOTA CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 69.KUBOTA CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 70.MAHINDRA & MAHINDRA LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 71.MAHINDRA & MAHINDRA LIMITED: NET SALES, 2018–2020 ($MILLION)
FIGURE 72.MAHINDRA & MAHINDRA LIMITED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 73.MAHINDRA & MAHINDRA LIMITED: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 74.POLARIS INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 75.POLARIS INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 76.POLARIS INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 77.POLARIS INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 78.TEXTRON INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 79.TEXTRON INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 80.TEXTRON INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 81.TEXTRON INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 82.YAMAHA MOTOR CO., LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 83.YAMAHA MOTOR CO., LTD.: NET SALES, 2018–2020 ($MILLION)
FIGURE 84.YAMAHA MOTOR CO., LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 85.YAMAHA MOTOR CO., LTD.: REVENUE SHARE BY REGION, 2020 (%)

 
 

The global utility vehicle market is expected to witness significant growth, owing to adoption of utility vehicle in the various applications such as agricultural and military and increase in trend of adventure sports and recreational activities. Utility vehicle is being popular in the current era, owing to its operational capability along with cost effectiveness. 

Asia-Pacific is a leader in the global utility vehicle market, owing to presence of several automotive manufacturer, the changing automotive industry outlook in the region, and changing consumer sentiments toward automotive. The global utility vehicle market is a consolidated nature, where countable market participants are operating in the global market. 

Market participants are focused to develop their sales footprints by expanding the dealer network and introduce new product lines of utility vehicles to cope up with changing requirement of the end users. Numerous developments have been carried out by top companies, such as BRP Inc., Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., Kubota Corporation, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd. and others, which have supplemented the growth of the global utility vehicle market. The impacts of COVID-19 significantly affected the global utility vehicle market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020, and is expected to witness a recovery in the global market.
 

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A. 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%.

A. The increased demand for electric driven utility vehicle solution to support the low carbon footprint initiatives by the policymakers

A. The report sample for global utility vehicle market report can be obtained on demand from the website.

A. The potential customer mainly includes the agricultural farmers, off-road enthusiast, off-raod racers, industrial players, among others

A. Low consumer confidence due to COVID-19 helath crisis is expected to impact the market growth amid the lifting lockdown measures

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. Based on the utility vehicle market analysis, Asia-Pacific region accounted for the highest revenue contribution in 2020 and is expected to see lucrative business opportunities during the forecast period

A. By Propulsion, the Electric Powered segment is expected to gain traction over the forecast period

A. The U.S. and Germany are key matured markets growing in the global utility vehicle market

A. Expansion, product development, and partnership are the top most competitive developments which are adopted by the leading market players in the global utility vehicle market

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