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The utility vehicle market share is expected to increase to 9300 thousand units from 2021 to 2026, at a CAGR of 4.77%.
This utility vehicle market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers utility vehicle market segmentations by type (SUV, MUV, and UTV) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The utility vehicle market report also offers information on several market vendors, including AB Volvo, Bayerische Motoren Werke AG, Bombardier Recreational Products Inc., Deere and Co., Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Hyundai Motor Group, Kawasaki Heavy Industries Ltd., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault sas, SAIC Motor Corp. Ltd., Suzuki Motor Corp., Tata Sons Pvt. Ltd., Toyota Motor Corp., Volkswagen AG, and Yamaha Motor Co. Ltd. among others.
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The increase in penetration of the AWD and 4WD vehicles is notably driving the utility vehicle market growth, although factors such as the decrease in production and sale of automotive may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the utility vehicle industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Utility Vehicle Market Driver
Key Utility Vehicle Market Trend
Key Utility Vehicle Market Challenge
This utility vehicle market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global utility vehicle market as a part of the global automotive market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the utility vehicle market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the utility vehicle market encompasses successful business strategies deployed by the key vendors. The utility vehicle market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand /image, distribution, and marketing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The utility vehicle market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the utility vehicle market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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57% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the utility vehicle market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increase in disposable income of the individuals and the rising popularity of UTVs in India and China will facilitate the utility vehicle market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 in 2020 hampered the growth of the regional market. However, in Q3 2021, supply chain operations for utility vehicles were resumed, owing to the increased rate of vaccination drives in APAC. This, in turn, will drive the utility vehicle market growth during the forecast period.
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The utility vehicle market share growth by the SUV segment will be significant during the forecast period. The sports utility vehicle (SUV) segment in the global utility vehicle market is expected to witness significant growth in terms of market revenue when compared to the other segment, such as multi-utility vehicle (MUV) and utility task vehicle (UTV) segments during the forecast period. This is owing to the additional benefits that SUVs offer compared to passenger vehicles, such as high load carrying capacity, additional passenger capacity, and improved safety and comfort while off-roading, which increases demand for SUVs globally. Such factors of SUV will boost the utility vehicle market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the utility vehicle market size and actionable market insights on post COVID-19 impact on each segment.
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Utility Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 4.77% |
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Market growth 2022-2026 |
9300 th units |
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Market structure |
Fragmented |
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YoY growth (%) |
5.24 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 57% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, Bayerische Motoren Werke AG, Bombardier Recreational Products Inc., Deere and Co., Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Hyundai Motor Group, Kawasaki Heavy Industries Ltd., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault sas, SAIC Motor Corp. Ltd., Suzuki Motor Corp., Tata Sons Pvt. Ltd., Toyota Motor Corp., Volkswagen AG, and Yamaha Motor Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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