Press release
Compact Utility Vehicles Market to grow at nearly 2.4% during 2021-2031
Compact Utility Vehicles Market
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
1. In addition to sales generated through ‘owning’, rentals will continue to be a substantial avenue for compact utility vehicle manufacturers
2. Tracked compact utility vehicles are witnessing higher sales vis-à-vis other platforms
3. Stringent environment regulations are influencing manufacturers to accelerate electric variant launch
4. 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 (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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