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Utility Vehicle Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: Jun 2022
  • Pages: 130
  • SKU: IRTNTR73815
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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.

What will the Utility Vehicle Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Utility Vehicle Market Size for the Forecast Period and Other Important Statistics

 

Utility Vehicle Market: Key Drivers, Trends, and Challenges

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

  • The increase in penetration of the AWD and 4WD vehicles is one of the key factors driving the utility vehicle market growth.
  • The end-users of utility vehicles such as manufacturing, construction, and agricultural industries are demanding more output efficiency and optimum performance in high-end driving operations owing to operational conditions.
  • The demand for four-wheel drive and all-wheel drive vehicles by end-users to achieve higher levels of safety and vehicle dynamics is increasing. Furthermore, most utility vehicle manufacturers are producing these drive systems to meet the evolving demands of end-users.
  • Both end-users and manufacturers are demanding for AWD and 4WD vehicles. This, in turn, will drive the utility vehicle market growth during the forecast period.

Key Utility Vehicle Market Trend

  • The development of electric-powered utility vehicles is one of the key utility vehicle market trends propelling market growth. 
  • In recent years, most automobiles, including utility vehicles, have witnessed a significant transformation. Market players are now focusing on electrical components due to their output efficiency and lightweight to meet evolving consumer demands.
  • Vehicle emissions are an important element as hazardous greenhouse gases increase environmental and health concerns. As a result, governments globally are adopting vehicle emission standards to reduce greenhouse gas emissions and maintain environmental balance. Manufacturers are required to follow these regulations to maintain emissions under control.
  • The Government of India established the BS6 emission standard in April 2020 to restrict the outflow of air pollutants from vehicles. Such vehicle emission standards adopted by the government may propel the utility vehicle market growth during the forecast period.

Key Utility Vehicle Market Challenge

  • The decrease in production and sale of automobiles is one of the key factors challenging the utility vehicle market growth.
  • The automotive industry witnessed a decline in overall growth in 2021 and 2022 due to the COVID-19 pandemic and the ongoing Russia-Ukraine war. Also, most automotive manufacturers shut down their manufacturing plants in various regions such as Europe, MEA, and North America.
  • In 2020, Honda Motor Company, Ltd. shut down its manufacturing plant due to an increasing number of COVID-19 cases in North America and suspended the export of vehicles to Russia in March 2022.
  • There is a decrease in vehicle demand and a decline in the production of utility vehicles due to the changes in automotive production standards and low customer confidence in purchasing vehicles owing to uncertainties in government laws regulating emission and safety, which, in turn, increase the prices of utility vehicles. Such high costs may challenge the utility vehicle market growth during the forecast period.

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.

Parent Market Analysis

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.

Who are the Major Utility Vehicle Market Vendors?

The report analyzes the market’s competitive landscape and 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
  • Yamaha Motor Co. Ltd.

 

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.

Product Insights and News

  • Volvogroup.com - The company offers utility vehicles that have an electric motor and petrol engine which work for the ultimate plug-in hybrid SUV for less tailpipe emissions, more traction, and instant power.
  • Bmwgroup.com - The company offers utility vehicles that have sporty design enhancements like the Aerodynamic Kit, M wheels, and optional Misano Blue Metallic paint with the available M Sport Package.
  • Ford.com - The company offers utility vehicles that have a bold front grille which gives an aura of rugged masculinity with colour-coordinated seats, door accents and charcoal black dashboard.

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.

Utility Vehicle Market Value Chain Analysis

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.

Which are the Key Regions for Utility Vehicle Market?

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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.

What are the Revenue-generating Type Segments in the Utility Vehicle Market?

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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.

 

Utility Vehicle Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 4.77%

Market growth 2022-2026

9300 th units

Market structure

Fragmented

YoY growth (%)

5.24

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 57%

Key consumer countries

US, China, Japan, India, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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.

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

Customization purview

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What are the Key Data Covered in this Utility Vehicle Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive utility vehicle market growth during the next five years
  • Precise estimation of the utility vehicle market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the utility vehicle industry across APAC, Europe, North America, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of utility vehicle market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 15: Chart on Global Market- Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market- Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 26: Chart on Comparison by Type
      • Exhibit 27: Data Table on Comparison by Type
    • 5.3 SUV - Market size and forecast 2021-2026
      • Exhibit 28: Chart on SUV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 29: Data Table on SUV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 30: Chart on SUV - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on SUV - Year-over-year growth 2021-2026 (%)
    • 5.4 MUV - Market size and forecast 2021-2026
      • Exhibit 32: Chart on MUV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 33: Data Table on MUV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 34: Chart on MUV - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on MUV - Year-over-year growth 2021-2026 (%)
    • 5.5 UTV - Market size and forecast 2021-2026
      • Exhibit 36: Chart on UTV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 37: Data Table on UTV - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 38: Chart on UTV - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on UTV - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Type
      • Exhibit 40: Market opportunity by Type (thousand units)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on North America - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 Japan - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 82: Chart on India - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 83: Data Table on India - Market size and forecast 2021-2026 (thousand units)
      • Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography (thousand units)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 AB Volvo
              • Exhibit 93: AB Volvo - Overview
              • Exhibit 94: AB Volvo - Business segments
              • Exhibit 95: AB Volvo - Key news
              • Exhibit 96: AB Volvo - Key offerings
              • Exhibit 97: AB Volvo - Segment focus
            • 10.4 Bayerische Motoren Werke AG
              • Exhibit 98: Bayerische Motoren Werke AG - Overview
              • Exhibit 99: Bayerische Motoren Werke AG - Business segments
              • Exhibit 100: Bayerische Motoren Werke AG - Key news
              • Exhibit 101: Bayerische Motoren Werke AG - Key offerings
              • Exhibit 102: Bayerische Motoren Werke AG - Segment focus
            • 10.5 Ford Motor Co.
              • Exhibit 103: Ford Motor Co. - Overview
              • Exhibit 104: Ford Motor Co. - Business segments
              • Exhibit 105: Ford Motor Co. - Key news
              • Exhibit 106: Ford Motor Co. - Key offerings
              • Exhibit 107: Ford Motor Co. - Segment focus
            • 10.6 General Motors Co.
              • Exhibit 108: General Motors Co. - Overview
              • Exhibit 109: General Motors Co. - Business segments
              • Exhibit 110: General Motors Co. - Key news
              • Exhibit 111: General Motors Co. - Key offerings
              • Exhibit 112: General Motors Co. - Segment focus
            • 10.7 Hyundai Motor Co.
              • Exhibit 113: Hyundai Motor Co. - Overview
              • Exhibit 114: Hyundai Motor Co. - Business segments
              • Exhibit 115: Hyundai Motor Co. - Key news
              • Exhibit 116: Hyundai Motor Co. - Key offerings
              • Exhibit 117: Hyundai Motor Co. - Segment focus
            • 10.8 Mercedes Benz Group AG
              • Exhibit 118: Mercedes Benz Group AG - Overview
              • Exhibit 119: Mercedes Benz Group AG - Product / Service
              • Exhibit 120: Mercedes Benz Group AG - Key offerings
            • 10.9 Renault sas
              • Exhibit 121: Renault sas - Overview
              • Exhibit 122: Renault sas - Product / Service
              • Exhibit 123: Renault sas - Key news
              • Exhibit 124: Renault sas - Key offerings
            • 10.10 Tata Sons Pvt. Ltd.
              • Exhibit 125: Tata Sons Pvt. Ltd. - Overview
              • Exhibit 126: Tata Sons Pvt. Ltd. - Business segments
              • Exhibit 127: Tata Sons Pvt. Ltd. - Key offerings
              • Exhibit 128: Tata Sons Pvt. Ltd. - Segment focus
            • 10.11 Toyota Motor Corp.
              • Exhibit 129: Toyota Motor Corp. - Overview
              • Exhibit 130: Toyota Motor Corp. - Business segments
              • Exhibit 131: Toyota Motor Corp. - Key news
              • Exhibit 132: Toyota Motor Corp. - Key offerings
              • Exhibit 133: Toyota Motor Corp. - Segment focus
            • 10.12 Volkswagen AG
              • Exhibit 134: Volkswagen AG - Overview
              • Exhibit 135: Volkswagen AG - Business segments
              • Exhibit 136: Volkswagen AG - Key offerings
              • Exhibit 137: Volkswagen AG - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The utility vehicle market market growth will increase by $9300 th units during 2023-2026.
              The utility vehicle market market is expected to grow at a CAGR of 4.77% during 2023-2026.
              Technavio has segmented the utility vehicle market market by type (SUV, MUV, and UTV) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
              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, Yamaha Motor Co. Ltd. are a few of the key vendors in the utility vehicle market market.
              APAC will register the highest growth rate of 57% among the other regions. Therefore, the utility vehicle market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the utility vehicle market market growth are:
              • Increase in penetration of the AWD and 4WD vehicles
              • Development of electric-powered utility vehicles
              The utility vehicle market market vendors should focus on grabbing business opportunities from the suv segment as it accounted for the largest market share in the base year.
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