LAMEA Utility Vehicle Market Size, Share & Industry Trends Analysis Report By Propulsion (IC Engine Powered, Electric Powered), By Vehicle Type, By Application, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Utility Vehicle Market would witness market growth of 10.9% CAGR during the forecast period (2022-2028).
The agricultural sector has seen an increase in the demand for utility vehicles for different farm-related activities such as weed management, fence repair, field ploughing, general transportation, & animal handling. Construction, manufacturing, utilities, mining, and search & rescue are just a few of the industries that use them. Several major corporations are hosting adventure sports & off-road racing events, as well as offering sponsorships, to attract new customers & raise product awareness.
Because of its widespread use in sports & military applications, the demand for gasoline utility vehicles have bolstered. For cargo handling and difficult hauling, heavy-duty utility vehicles are typically equipped with diesel engines. Electric utility vehicles are becoming more popular in several countries as a viable substitute for diesel and gasoline-powered utility vehicles. Fluctuating gasoline & diesel prices, as well as environmental problems, are expected to fuel demand for electric vehicles around the world. Electric utility vehicles now have a performance edge over diesel & gasoline equivalents because of the development of powerful electric motors.
The utility vehicle market in this region is majorly being driven by rising adventure activities, enhanced vehicle modification, & new product development. In the future years, the utility vehicle market is expected to grow strongly in the Middle East & Africa, as well as Latin America. Demand for forestry & mining operations is expected to expand in these regions. Moreover, there is a rapid surge in the demand for electric utility task vehicles in Latin America due to the increasing adoption of these vehicles in the defense sector. Major market players are increasing their efforts on developing strategies for broadening their presence in emerging economies like Brazil & Argentina.
Because of their expanded features including zero-emission technology, convenience, and ease of use, this electric vehicle is becoming increasingly popular in a variety of applications like street sweeping, power line inspection, and arable land farming, among others.
The Brazil market dominated the LAMEA Utility Vehicle Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,034.9 million by 2028. The Argentina market is estimated to grow at a CAGR of 11.4% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 10.6% during (2022 - 2028).
Based on Propulsion, the market is segmented into IC Engine Powered, Electric Powered, and Others. Based on Vehicle Type, the market is segmented into Sport Utility Vehicle (SUV), Multi Utility Vehicle (MUV), Utility Terrain Vehicle Type (UTV), and Others. Based on Application, the market is segmented into Passenger Commute, Industrial, Agricultural, Sports, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Utility Vehicle Market is Predict to reach $46.1 Billion by 2028, at a CAGR of 9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Polaris, Inc., Deere & Company, Honda Motor Co. Ltd., Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Zhejiang CFMoto Power Co., Ltd., and Bombardier Recreational Products, Inc.
Scope of the Study
Market Segments Covered in the Report:
- IC Engine Powered
- Electric Powered
By Vehicle Type
- Sport Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Utility Terrain Vehicle Type (UTV)
- Passenger Commute
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Textron, Inc.
- Polaris, Inc.
- Deere & Company
- Honda Motor Co. Ltd.
- Yamaha Motor Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- KUBOTA Corporation
- Mahindra & Mahindra Limited
- Zhejiang CFMoto Power Co., Ltd.
- Bombardier Recreational Products, Inc.