Global compact utility vehicle sales are set to be valued at US$ 3.65 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report estimates global compact utility vehicle market to grow at nearly 2.4% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on compact utility vehicle growth will evolve in the next decade.
Demand for compact utility vehicles waned in 2020, and due to the COVID-19 economic impact, the automotive industry is in recovery mode. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
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- In addition to sales generated through ‘owning’, rentals will continue to be a substantial avenue for compact utility vehicle manufacturers
- Tracked compact utility vehicles are witnessing higher sales vis-à-vis other platforms
- Stringent environment regulations are influencing manufacturers to accelerate electric variant launch
- Consistent increase in constriction activities through infrastructure development will be key to demand during 2021-2031
“Upsurge in demand for off-road vehicles in recent years is expected to provide an impetus to compact utility vehicle sales. Compact size, low fuel consumption and high performance of compact utility vehicles is expected to create substantial growth prospects.” says FMI analyst.
The market is moderately consolidated, with key players accounting for significant market share. Some of the key players in the market are Doosan Bobcat, Kubota Corporation, and Komatsu Ltd, and Hitachi Construction Machinery Co. Ltd. among others. These players are likely to invest in new technologies, especially electric variants, to maintain their market share
Compact Utility Vehicle Market Projection
Compact utility vehicle market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop customized vehicles that meet personalized requirements of consumers. Collaboration with regional construction contractors or construction companies as a prime strategy expected magnify in the forecast period.
The research report analyzes demand for compact utility vehicles. The global compact utility vehicle market has been analyzed upon covid-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of applications, customers & regions. The report gives us qualitative and quantitative information on various players in this market. Also, this report tracks the market by both supply side and demand side.
By Vehicle Type
- Skid Steer Loaders
- Detachable Accessory Based Vehicles
- Power Auger
- Hydraulic Breaker
By Operation Type
By Rated Power
- 20 to 25 HP
- 25 to 50 HP
- Gardening & Landscaping
- Civic Utilities
By Sales Channel
- Direct End User
- North America
- Latin America
- East Asia
- South Asia & Pacific