According to Future Market Insights (FMI), the compact utility vehicles market is projected to grow at a CAGR of 5.5% from 2023 to 2033, reaching an estimated value of USD 58.9 billion by 2033.
The market has experienced notable growth in recent years, a trend expected to continue. This expansion is fueled by the increasing use of compact utility vehicles in sectors traditionally dominated by larger off-road vehicles, such as landscaping, construction, and municipal services. The growing number of construction and public utility projects is anticipated to further drive demand and support market growth.
FMI, an ESOMAR-certified market research and consulting firm, offers comprehensive insights into the factors influencing consumer interest in compact utility vehicles. Their latest report examines global sales trends across more than 20 high-growth markets and assesses the impact of the COVID-19 pandemic on both the energy sector and the compact utility vehicle industry.
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Key Takeaways:
- The global market was worth $32.7 million in 2022, with a 4% CAGR.
- The German compact utility vehicle market is expected to grow significantly, with a 4.5% growth rate from 2023 to 2033.
- India is forecast to grow with a CAGR of 4% during 2023 to 2033.
- The skid steer loader segment is expected to grow at a CAGR of 2% from 2023 to 2033.
- Which Power25-50 compact utility vehicles segment accounts for over 85% share of the market and is projected to continue to expand at 3% CAGR during the coming decades.
“Compact utility vehicles are commonly used in the construction industry for a variety of tasks such as drilling, digging, fracturing, demolition, gripping, and so on. Because of their small size, they can be used when there are no obstacles on the current project. In addition, compact utility vehicles use less fuel than larger off-road vehicles, which is one of the most advanced features of compact utility vehicles.” – say as FMI analyst.
Competitive Landscape
- Zeekr, a luxurious electric brand controlled by China’s Geely Holding Group, unveiled its newest compact sports utility vehicle (SUV) called the Zeekr X in April 2023, with costs that vary from 189,800 yuan ($27,615) to 209,800 yuan ($30,517).
- Renault Korea Motors’ small sport utility vehicle, XM3, is surpassing other car firms’ corresponding frameworks amid enhancing rivalry in the domestic market, the declared in April 2023.
- In April 2023, Citroen India unveiled the Citroen C3 Aircross SUV in April 2023, a sports utility car created and constructed in India. The SUV vehicle are likely to be offered for sale in India by the end of 2023 and will eventually come with five seats and seven alternatives of seating.
Some of the leading companies operating in the market are
- Kubota Corporation
- Komatsu Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Doosan Bobcat
- Hyundai Construction Equipment Co., Ltd.
- CNH Industrial America LLC
- YANMAR HOLDINGS CO., LTD.
- Mitsubishi Logisnext Co., Ltd.
- Volvo Construction Equipment
- Caterpillar
Compact Utility Vehicles Market 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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