Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Utility Vehicle Market size is expected to reach $46.1 billion by 2028, rising at a market growth of 9.0% CAGR during the forecast period.
The Electric Powered segment is showcasing a CAGR of 9.7% during (2022 - 2028). Due to rising electric vehicle penetration and the rising trend of using green mobility solutions, the electric-powered vehicles are witnessing increased demand. Electric UTVs are undergoing numerous technological advancements in the modern era, due to which, the growth of this segment is increasing.
The Sport Utility Vehicle (SUV) segment acquired maximum revenue share in the Global Utility Vehicle Market by Vehicle Type in 2021, thereby, achieving a market value of $15.7 billion by 2028. The rising demand for sports utility vehicles, or SUVs, is on a surge owing to the increasing number of off-roading racing events. SUVs are completely suitable for off roading events and can run with a big number of passengers. The off-road racing events that are being conducted by several organizations, clubs, and market players, the demand for SUVs is rapidly increasing.
The Agricultural segment has shown growth rate of 10.4% during (2022 - 2028). The market is being driven by the growing usage of electric utility task vehicles (UTVs) in agriculture. The agricultural industry has been expanding at a rapid pace, due to the rising population and rising per capita food demand. Farmers are increasingly reliant on technology to boost productivity and profit margins in their farming operations.
Asia Pacific market is the fastest growing region in the Global Utility Vehicle Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $17.2 billion by 2028. The Europe market is estimated to witness a CAGR of 8.5% during (2022 - 2028). Additionally, The North America market would display a CAGR of 8.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/utility-vehicle-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Vehicle Type
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