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:
By Propulsion
- IC Engine Powered
- Electric Powered
- Others
By Vehicle Type
- Sport Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Utility Terrain Vehicle Type (UTV)
- Others
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports
- Others
By Country
- US
- Canada
- Mexico
- 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.
Related Reports:
Global Utility Vehicle Market Report 2022-2028
Europe Utility Vehicle Market Report 2022-2028
Asia Pacific Utility Vehicle Market Report 2022-2028
LAMEA Utility Vehicle Market Report 2022-2028
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Utility Vehicle Market, by Propulsion
1.4.2 North America Utility Vehicle Market, by Vehicle Type
1.4.3 North America Utility Vehicle Market, by Application
1.4.4 North America Utility Vehicle Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Jan – 2022, Apr) Leading Players
Chapter 4. North America Utility Vehicle Market by Propulsion
4.1 North America IC Engine Powered Market by Country
4.2 North America Electric Powered Market by Country
4.3 North America Others Market by Country
Chapter 5. North America Utility Vehicle Market by Vehicle Type
5.1 North America Sport Utility Vehicle (SUV) Market by Country
5.2 North America Multi Utility Vehicle (MUV) Market by Country
5.3 North America Utility Terrain Vehicle Type (UTV) Market by Country
5.4 North America Others Market by Country
Chapter 6. North America Utility Vehicle Market by Application
6.1 North America Passenger Commute Market by Country
6.2 North America Industrial Market by Country
6.3 North America Agricultural Market by Country
6.4 North America Sports Market by Country
6.5 North America Others Market by Country
Chapter 7. North America Utility Vehicle Market by Country
7.1 US Utility Vehicle Market
7.1.1 US Utility Vehicle Market by Propulsion
7.1.2 US Utility Vehicle Market by Vehicle Type
7.1.3 US Utility Vehicle Market by Application
7.2 Canada Utility Vehicle Market
7.2.1 Canada Utility Vehicle Market by Propulsion
7.2.2 Canada Utility Vehicle Market by Vehicle Type
7.2.3 Canada Utility Vehicle Market by Application
7.3 Mexico Utility Vehicle Market
7.3.1 Mexico Utility Vehicle Market by Propulsion
7.3.2 Mexico Utility Vehicle Market by Vehicle Type
7.3.3 Mexico Utility Vehicle Market by Application
7.4 Rest of North America Utility Vehicle Market
7.4.1 Rest of North America Utility Vehicle Market by Propulsion
7.4.2 Rest of North America Utility Vehicle Market by Vehicle Type
7.4.3 Rest of North America Utility Vehicle Market by Application
Chapter 8. Company Profiles
8.1 Textron, Inc.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.2 Polaris, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional & Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Product Launches and Product Expansions:
8.2.5.3 Geographical Expansions:
8.3 Deere & Company
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional & Segmental Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Product Launches and Product Expansions:
8.3.5.3 Acquisition and Mergers:
8.4 Honda Motor Co. Ltd.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.6 SWOT Analysis
8.5 Yamaha Motor Co., Ltd.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Product Launches and Product Expansions:
8.6 Kawasaki Heavy Industries, Ltd.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Product Launches and Product Expansions:
8.6.5.2 Geographical Expansions:
8.7 KUBOTA Corporation
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.8 Mahindra & Mahindra Limited (Mahindra Group)
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent strategies and developments:
8.8.5.1 Collaborations, Partnerships and Agreements:
8.9 Zhejiang CFMoto Power Co., Ltd.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Partnerships, Collaborations, and Agreements:
8.9.2.2 Acquisition and Mergers:
8.9.2.3 Geographical Expansions:
8.10. Bombardier Recreational Products, Inc.
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Geographical Expansions:
TABLE 1 North America Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 2 North America Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Utility Vehicle Market
TABLE 4 Product Launches And Product Expansions – Utility Vehicle Market
TABLE 5 Acquisition and Mergers – Utility Vehicle Market
TABLE 6 Geographcial Expansions – Utility Vehicle Market
TABLE 7 North America Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 8 North America Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 9 North America IC Engine Powered Market by Country, 2018 - 2021, USD Million
TABLE 10 North America IC Engine Powered Market by Country, 2022 - 2028, USD Million
TABLE 11 North America Electric Powered Market by Country, 2018 - 2021, USD Million
TABLE 12 North America Electric Powered Market by Country, 2022 - 2028, USD Million
TABLE 13 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 14 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 15 North America Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 16 North America Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 17 North America Sport Utility Vehicle (SUV) Market by Country, 2018 - 2021, USD Million
TABLE 18 North America Sport Utility Vehicle (SUV) Market by Country, 2022 - 2028, USD Million
TABLE 19 North America Multi Utility Vehicle (MUV) Market by Country, 2018 - 2021, USD Million
TABLE 20 North America Multi Utility Vehicle (MUV) Market by Country, 2022 - 2028, USD Million
TABLE 21 North America Utility Terrain Vehicle Type (UTV) Market by Country, 2018 - 2021, USD Million
TABLE 22 North America Utility Terrain Vehicle Type (UTV) Market by Country, 2022 - 2028, USD Million
TABLE 23 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 24 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 25 North America Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 26 North America Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 27 North America Passenger Commute Market by Country, 2018 - 2021, USD Million
TABLE 28 North America Passenger COMMUTE MARKET by Country, 2022 - 2028, USD Million
TABLE 29 North America INDUSTRIAL MARKET by Country, 2018 - 2021, USD Million
TABLE 30 North America Industrial Market by Country, 2022 - 2028, USD Million
TABLE 31 North America Agricultural Market by Country, 2018 - 2021, USD Million
TABLE 32 North America Agricultural Market by Country, 2022 - 2028, USD Million
TABLE 33 North America SPORTS MARKET by Country, 2018 - 2021, USD Million
TABLE 34 North America Sports Market by Country, 2022 - 2028, USD Million
TABLE 35 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 36 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 37 North America Utility Vehicle Market by Country, 2018 - 2021, USD Million
TABLE 38 North America Utility Vehicle Market by Country, 2022 - 2028, USD Million
TABLE 39 US Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 40 US Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 41 US Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 42 US Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 43 US Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 44 US Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 45 US Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 46 US Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 47 Canada Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 48 Canada Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 49 Canada Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 50 Canada Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 51 Canada Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 52 Canada Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 53 Canada Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 54 Canada Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 55 Mexico Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 56 Mexico Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 57 Mexico Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 58 Mexico Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 59 Mexico Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 60 Mexico Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 61 Mexico Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 62 Mexico Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 63 Rest of North America Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 64 Rest of North America Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 65 Rest of North America Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 66 Rest of North America Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 67 Rest of North America Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 68 Rest of North America Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 69 Rest of North America Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 70 Rest of North America Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 71 Key information – Textron, Inc.
TABLE 72 Key information – Polaris, Inc.
TABLE 73 Key information – Deere & Company
TABLE 74 key Information – Honda Motor Co. Ltd.
TABLE 75 Key Information – Yamaha Motor Co., Ltd.
TABLE 76 Key Information – Kawasaki Heavy Industries, Ltd.
TABLE 77 Key Information – KUBOTA Corporation
TABLE 78 key Information – Mahindra & Mahindra Limited
TABLE 79 Key information – Zhejiang CFMoto Power Co., Ltd.
TABLE 80 Key information – Bombardier Recreational Products, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Jan – 2022, Apr) Leading Players
FIG 5 Recent strategies and developments: Polaris, Inc.
FIG 6 Recent strategies and developments: Deere & Company
FIG 7 SWOT ANALYSIS: HONDA MOTORS CO. LTD.
FIG 8 Recent strategies and developments: KUBOTA Corporation
FIG 9 Recent strategies and developments: Zhejiang CFMoto Power Co., Ltd.