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
- In addition to sales generated through ‘owning’, rentals will continue to be a substantial avenue for compact utility vehicle manufacturers
- Tracked compact utility vehicles are witnessing higher sales vis-à-vis other platforms
- Stringent environment regulations are influencing manufacturers to accelerate electric variant launch
- Consistent increase in constriction activities through infrastructure development will be key to demand during 2021-2031
“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
- Skid Steer Loaders
- Excavators
- Detachable Accessory Based Vehicles
- Power Auger
- Hydraulic Breaker
- Diggers
- Dumpers
- Others
By Platform
- Tracked
- Wide
- Narrow
- Wheeled
By Operation Type
- Diesel
- Electric
By Rated Power
- 20 to 25 HP
- 25 to 50 HP
By Applications
- Construction
- Gardening & Landscaping
- Civic Utilities
- Industrial
By Sales Channel
- Direct End User
- Rental
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
Table Of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
- Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
- Global Compact Utility Vehicles Market Demand (Units) Analysis 2015–2019 and Forecast, 2020–2030
5.1. Historical Market Volume (Units) Analysis, 2015–2019
5.2. Current and Future Market Value (Units) Projections, 2020–2030
5.3. Y-o-Y Growth Trend Analysis
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | USD Million for value and Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Oceania, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Vehicle Type, Platform, Operation, Rated Power, Application, Sales Channel, and Region. |
| Key Companies Profiled |
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| Report Coverage | Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Key Questions Answered in the Report
Q1. Which is the most lucrative market for Compact Utility Vehicles?
U.S currently leads the global market for Compact Utility Vehicle. Sales in U.S will be over 15% of total demand throughout the forecast period.
Q2. Which are the top-selling Compact Utility Vehicles?
Excavators are highly sought-after for many applications. The demand for excavators is expected to remain high in the near future, especially due to its intense penetration in all regions.
Q3. Which is the most lucrative application for compact utility vehicles?
Compact utility vehicle are widely used in construction applications. Their usage in demolition, construction of buildings and roads is rising day-by-day.