North America 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 North America Utility Vehicle Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
A utility vehicle is a vehicle designed to do a variety of tasks in a variety of industries, such as logistics & supply chain, green industry, and lawn maintenance. Its large capacity & versatility have enhanced its popularity for a range of lawn care, agricultural, construction, & industrial applications in both rural & urban environments. Utility task vehicles are equipped with a continuously variable transition system (CVT), which, unlike mechanical transition, enables high gear ratios. Electric utility task vehicles require significantly less maintenance than their agricultural counterparts.
Due to the growing use of compact utility vehicles in place of large off-road vehicles, this increase is expected to continue in the coming years. These vehicles are employed for a variety of purposes, such as landscaping & construction. As a result, the expansion of construction & civic utility activities will provide more opportunities for application, resulting in increased growth in the near future. Moreover, end-users have always been concerned about difficulties like as high fuel consumption, poor performance, and exorbitant costs. End users have found it hard to select the right compact utility vehicle for their needs, thus manufacturers have increased the number of in-built attachments & features to meet their needs.
There is a growing demand for utility vehicles in this region. FMI expects the United States to stay one of the most profitable markets for the utility vehicle market players. The increase in industrial use & civic utilities applications in the country is one of the primary elements driving enhancement. Because the United States is one of the largest construction markets, once the recession ended, construction projects in the United States accelerated, and total sales of compact utility vehicles are likely to increase in the near future. Due to these considerations, the United States continues to be one of the world's top markets for compact utility vehicles, making it an attractive market for producers.
The US market dominated the North America Utility Vehicle Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8,744.1 million by 2028. The Canada market is poised to grow at a CAGR of 10.7% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 9.7% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Utility Vehicle Market is Estimated 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
- Rest of North America
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.