Utility Vehicle Market Booming Worldwide with Latest Trend and Future Scope by 2028

The Utility Vehicle market is anticipated to grow at a considerable CAGR of 10.3% during the forecast period (2022-2028). One of the core factors driving the market is the growing participation of the market players which has increased the competition in the market. In recent years, market players have been launching their new vehicles in the segment to stay in the competition, which has boosted the market significantly. The utility vehicles can be used for other works, and drive off-road which has increased the interest of consumers in recent years. It also gets equipped with advanced features such as ADAS, automotive braking, and more which also appeals to most young consumers.

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For instance, in October 2021, MG launched its another SUV, MG Astor. In India, MG has offered only SUVs such as Hector, ZS EV, Gloster, and Hector Plus. Moreover, in April 2021, Arctic Cat announced a new ATV, being part of its model year 2022 lineup, the new Alterra 600 EPS features an all-new drivetrain, engine, and chassis that offers increased power, easier servicing, and better handling.

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  • Market Coverage
  • Market number available for – 2022-2028
  • Base year- 2021
  • Forecast period- 2022-2028
  • Segment Covered- By Source, By Product Type, By Applications
  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others

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

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 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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