Global Industrial Utility Vehicle Market, By Type (Gasoline Industrial Utility Vehicle, Electric Industrial Utility Vehicle, Diesel Industrial Utility Vehicle), Application (Metallurgical Industry, Coal Industry, Golf Courses, Airports, Hotels and Resorts, Other), Power Output (<8 KW, 8 –15 KW, >15 KW) Industry Trends and Forecast to 2029.
Global Industrial Utility Vehicle Market Analysis and Size
The utility vehicles are being highly deployed as they are vehicles are equipped with four-wheel drive system (4WD) and all-wheel drive (AWD) for acquiring operational requirements. These vehicles have a wide range of application area, such as agricultural applications, goods, and passenger commute solutions, among others.
- The industrial utility vehicle market was valued at USD 29.97 billion in 2021 and is expected to reach USD 52.66 billion by 2029, registering a CAGR of 7.30% during the forecast period of 2022-2029. “Electric Industrial Utility Vehicle” is expected to witness high growth owing to the rapid technological advancements. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Global Industrial Utility Vehicle Market Definition
Utility vehicle is defined as a vehicle type that is designed for performing specific task. This type of vehicle possesses the ability to operate on the rough terrain. Utility vehicles are widely used for operating on the rough terrain. Utility vehicles are deployed for the passenger and utility commute having additional benefits over passenger vehicles.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Gasoline Industrial Utility Vehicle, Electric Industrial Utility Vehicle, Diesel Industrial Utility Vehicle), Application (Metallurgical Industry, Coal Industry, Golf Courses, Airports, Hotels and Resorts, Other), Power Output (<8 KW, 8 –15 KW, >15 KW)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Polaris Inc. (US), Textron Inc (US), Deere & Company. (US), The Toro Company. (US), Ingersoll-Rand plc (Ireland), Yamaha Motor Co., Ltd. (Japan), KUBOTA Corporation. (Japan), American Landmaster (US), Columbia Vehicle Group Inc. (US), AGT Electric Cars (Canada), Bintelli Electric Vehicles. (US), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), SpeedwaysElectric (India), Marshell Green Power (China), Garia A/S (Denmark), JH Global Services, Inc. (US), HDK Co.,Ltd. (Japan), Tropos Technologies Inc. (US), among others
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Market Opportunities
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Industrial Utility Vehicle Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
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Penetration of the AWD and 4WD Vehicles
The increase in the penetration of the AWD and 4WD vehicles across the globe acts as one of the major factor driving the growth of industrial utility vehicle market. The deployment of these systems are done to acquire operational requirements.
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Government Initiatives
The surge in initiatives to support driving utility vehicles such as UTVs on road by government accelerate the market growth.
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Technological Advancements
The rise in technological advancements in the components and systems to enhance the productivity and efficiency further influence the market.
Opportunities
Furthermore, rise in demand for battery-operated industrial vehicles extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, advent of smart factories in the material-handling industry will further escalate the growth of industrial utility vehicle market.
Restraints/Challenges faced by the Industrial Utility Vehicle Market
On the other hand, lack of research and development for industrial vehicles and high cost of automation are expected to obstruct market growth. Also, government and safety regulations are projected to challenge the industrial utility vehicle market in the forecast period of 2022-2029.
This industrial utility vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial utility vehicle market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Industrial Utility Vehicle Market
The COVID-19 had a negative impact on the industrial utility vehicle market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for utility vehicles. The supply chain got hampered during the pandemic along with delay logistics activities. However, the industrial utility vehicle market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Industrial Utility Vehicle Market Scope
The industrial utility vehicle market is segmented on the basis of type, power output, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Gasoline Industrial Utility Vehicle
- Electric Industrial Utility Vehicle
- Diesel Industrial Utility Vehicle
Industrial utility vehicle market on the basis of type has been segmented as gasoline industrial utility vehicle, electric industrial utility vehicle, and diesel industrial utility vehicle.
Power Output
- <8 KW
- 8 –15 KW
- >15 KW
Based on power output, industrial utility vehicle market has been segmented into <8 KW, 8 –15 KW, and >15 KW.
Application
- Metallurgical Industry
- Coal Industry
- Golf Courses
- Airports
- Hotels and Resorts
- Other
On the basis of application, industrial utility vehicle market has been segmented into metallurgical industry, coal industry, golf courses, airports, hotels and resorts, and other.
Industrial Utility Vehicle Market Regional Analysis/Insights
The industrial utility vehicle market is analyzed and market size insights and trends are provided by country, type, power output, and application.
The countries covered in the industrial utility vehicle market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the industrial utility vehicle market because of the adoption of stringent emission regulations along with prevalence of various manufacturing companies within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rapid industrialization along with growth of the automotive sector in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Industrial Utility Vehicle Market Share Analysis
The industrial utility vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial utility vehicle market.
Some of the major players operating in the industrial utility vehicle market are:
- Polaris Inc. (US)
- Textron Inc (US)
- Deere & Company. (US)
- The Toro Company. (US)
- Ingersoll-Rand plc (Ireland)
- Yamaha Motor Co., Ltd. (Japan)
- KUBOTA Corporation. (Japan)
- American Landmaster (US)
- Columbia Vehicle Group Inc. (US)
- AGT Electric Cars (Canada)
- Bintelli Electric Vehicles. (US)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)
- SpeedwaysElectric (India)
- Marshell Green Power (China)
- Garia A/S (Denmark)
- JH Global Services, Inc. (US)
- HDK Co.,Ltd. (Japan)
- Tropos Technologies Inc. (US)
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