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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Key Takeaways
- 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.
Competitive Landscape
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.
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Key Segments
By Vehicle Type
- Skid Steer Loaders
- Excavators
- Detachable Accessory Based Vehicles
- Power Auger
- Hydraulic Breaker
- Diggers
- Dumpers
- Others
By Platform
- Tracked
- Wide
- Narrow
- Wheeled
By Operation Type
- Diesel
- Electric
By Rated Power
- 20 to 25 HP
- 25 to 50 HP
By Applications
- Construction
- Gardening & Landscaping
- Civic Utilities
- Industrial
By Sales Channel
- Direct End User
- Rental
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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