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Utility Vehicle Market Report 2022: Industry to Swell by 10.3% Annually Through 2028 -

PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.
December 19, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Dec 19, 2022--

The “Utility Vehicle Market 2022-2028” report has been added to’s offering.

The global utility vehicle market is anticipated to grow at a substantial CAGR of 10.3% during the forecast period. One of the crucial factors that are fueling the market is the applications provided by utility vehicles. These vehicles are designed to perform specific tasks along with their ability to operate on rough terrain. Utility vehicles are utilized for the passenger as well as utility commute having additional benefits over passenger vehicles, including high load carrying capacity, additional passenger capacity, comfort among others, and improved safety.

This makes these vehicles are much useful in agricultural applications, movement of goods, passenger commute solutions, and others. For instance, in May 2019, AEV and Club Car’s partnered for a light-duty, all-electric, compact, and emissions-free utility truck vehicle, which was initially branded the Club Car 411. The vehicle was designed for a multitude of applications ranging from warehouse and logistics, campus environments, utilities, city government, and university markets.


The global utility vehicle market is segmented based on the vehicle type, propulsion type, and application. Based on the vehicle type, the market is segmented into sport utility vehicles (SUV), multi-utility vehicles (MUV), and utility terrain vehicles (UTV). Based on the propulsion type, the market is sub-segmented into the internal combustion engine (ICE), electric, and others. Other propulsion types are segmented into hydrogen.

Based on the application, the market is sub-segmented into the passenger commute, industrial, agricultural, and sports. Based on vehicle type, the SUV segment is anticipated to grow significantly during the forecast period owing to the growing demand for SUVs among the general consumers owing to the more space, luxurious experience, and multiple applications.

As per the IEA report, SUV sales across global had proven very resilient throughout the pandemic and had grown by more than 10% from 2020 to 2021. In 2021, SUVs are accounted for over 45% of global car sales - to set a new record in terms of both market share, and volume.


Geographically the global utility market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is anticipated to hold the major share in the market owing to the high appreciation for these vehicles for off-road adventure, and recreational activities as several off-road races and rallies are organized frequently in the region.

Market Segmentation

  • Global Utility Vehicle Market Research and Analysis by Vehicle Type.
  • Global Utility Vehicle Market Research and Analysis by Propulsion Type.
  • Global Utility Vehicle Market Research and Analysis by Application.

The Report Covers

  • Comprehensive research methodology of the global utility vehicle market.
  • This report also includes a detailed and extensive market overview with key analyst insights.
  • An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
  • Analysis of regional regulations and other government policies impacting the global utility vehicle market.
  • Insights about market determinants that are stimulating the global utility vehicle market.
  • Detailed and extensive market segments with the regional distribution of forecasted revenues.
  • Extensive profiles and recent developments of market players.


Key Topics Covered:

1. Report Summary

2. Market Overview and Insights

3. Competitive Landscape

4. Market Segmentation

5. Regional Analysis

6. Company Profiles

Companies Mentioned

  • Arctic Cat
  • Argo
  • Bobcat Co.
  • Cnh Industrial (Case Ih)
  • Caterpillar’S Global
  • Cfmoto
  • Husqvarna Ab
  • Ingersoll Rand Corp.
  • Kawasaki Heavy Industries, Ltd.
  • Kubota Corp.
  • Kwang Yang Motor Co. Ltd.
  • Nikola Motor Co.
  • Polaris Inc.
  • Suzuki Motor Corp.
  • Textron Inc.

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SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 12/19/2022 06:16 AM/DISC: 12/19/2022 06:16 AM