The compact utility vehicles market is valued at $3.65 Bn in 2021, with a projected growth of 2.4% CAGR till 2031. Key players focus on electric variants due to environmental regulations.
Global compact utility vehicle sales are set to be valued at US$ 3.65 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report estimates global compact utility vehicle market to grow at nearly 2.4% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on compact utility vehicle growth will evolve in the next decade.
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
“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
By Platform
By Operation Type
By Rated Power
By Applications
By Sales Channel
By Region
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About 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, the global financial capital, and has delivery centers in the 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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Report: https://www.futuremarketinsights.com/reports/compact-utility-vehicles-market
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The article discusses the compact utility vehicles market, its valuation, growth projections, and key players.
Growth is driven by increased construction activities and demand for electric variants due to environmental regulations.
Major players include Doosan Bobcat, Kubota Corporation, Komatsu Ltd, and Hitachi Construction Machinery.
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