The global utility vehicle market is anticipated to grow at a significant CAGR of 10.3% during the forecast period. One of the major factors that are fuelling the market suggestively is the high useability of utility vehicles as compared to the usual passenger cars. Utility vehicles can be used for passenger commute, industrial, agricultural, and sports owing to their spacious cabin, bigger cargo, and capability to run on rough roads. This has increased the demand for vehicles in the past few years, and the future anticipation is high as well. For instance, in October 2021, Mahindra & Mahindra started delivering its new SUV, XUV 700, which registered more than 65,000 pre-booking within 14 days.
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The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown which strictly restricted most vehicle production, and sales of the vehicles. As per the 2020 data of Organisation Internationale des Constructeurs d’Automobiles (OICA), the global sales of vehicles declined by more than 13% as compared to the sales in 2019. It caused market players of hand-free power liftgate a loss. For instance, as per the financial report of Johnson Electric Holdings Ltd. of 2020, the company’s total sales revenue decreased by more than 6% as compared to the total sales revenue of the company in 2019. However, as the situation got normal, Johnson Electric Holdings Ltd. witnessed decent growth. As per the financial report of Johnson Electric Holdings Ltd. in 2021, total sales revenue increased by 2.8% as compared to the total sales revenue from 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Utility Vehicle Market Report Segment
By Vehicle Type
- Sport Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
- Utility Terrain Vehicle (UTV)
By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Others (Hydrogen)
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports
Global Utility Vehicle Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global utility vehicle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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