FMI states in its recent study on compact utility vehicles that the market will record a CAGR of 2.4% through 2031. Demand for a compact utility vehicle is anticipated to continue surging particularly due to the adaptation of the latest technologies, which is a result of extensive R&D activities.
“Manufacturers are aiming at strategic collaborations with end-users and regional distributors to address the requirements of an expanding customer base. Suppliers adopt acquisition and regional expansion strategies to establish a foothold. .” says the FMI analyst.
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Compact utility vehicles Market – Important Highlights
- According to product type, the crawler excavator is expected to hold a major market share on account of its vast usage across mining and construction sites.
- Diesel compact utility vehicles are anticipated to lead the demand of the market during forecast years.
- The US remains the most lucrative market during the projected years.
- Germany to hold the lion’s share in the market amongst all the countries in Europe due to its advancements in the automation sector.
Compact utility vehicles Market – Drivers
- The construction industry is the key market driver on account of the Rapid rise in urbanization.
- The growth of the mining industry is encouraging the market growth of the compact utility vehicles
- An increase in investment in R&D activities is anticipated to further drive the demand of the market during the projected years.
- Rising environmental concerns are expected to allow the growth of the electric compact utility vehicles market
Compact utility vehicles Market – Restraints
- Heavy investment in the latest technologies and fewer number sales remains to be the key market restraint
- Strict government rules in some areas to attain certain standards of construction equipment is hindering the growth of the market
COVID-19 Impact on Compact utility vehicles Market
The compact utility vehicles market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. It is expected to witness a significant drop in demand in 2020. As the majority of end-users are affected in regions like North America, East Asia, and Asia-Pacific, the supply and shortage in demand are expected to have a significant drop in sales. however, the market is expected to encounter a swift turnaround as economies steadily stabilize.
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The compact utility vehicles market players are leaning towards robust partnerships with a high focus on innovations to attain a competitive edge.
For instance, the Wacker Neuson Group came up with the idea of the electric mini-excavator EZ17e. With the mini-excavator EZ17e, The group has increased its zero-emission series of mini excavators
A few of the key companies functioning in the global market which are profiled by FMI include Kubota Corporation, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Bobcat, Hyundai Construction Equipment Co., Ltd, CNH Industrial America LLC, YANMAR HOLDINGS CO., LTD., Mitsubishi Logisnext Co., Ltd., Volvo Construction Equipment and Caterpillar.