The Global Compact Utility Vehicles Market is expected to attain a valuation of US$ 34.5 Billion in 2023 and is projected to reach US$ 58.9 Billion by 2033, rising at a CAGR of 5.5% during the forecast period.
In recent years, the compact utility vehicle market has grown significantly. This growth is projected to maintain over the following years owing to the expanding use of compact utility vehicles in the existence of big off-road vehicles across the world. These vehicles are employed across various industries such as landscaping, construction, and others as well. Taking this into account, the growing number of construction and civic utility activities is projected to create opportunities for application, thereby encouraging development over the years ahead.
Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, offers insights into key factors driving consumer interest in compact utility vehicles in its new study. The publication tracks global compact utility vehicle sales in 20+ high-growth markets, as well as the impact of Covid-19 on the energy sector in general, and compact utility vehicles in specific.
Key Takeaways:
- The global market was worth $32.7 million in 2022, with a 4% CAGR.
- The German compact utility vehicle market is expected to grow significantly, with a 4.5% growth rate from 2023 to 2033.
- India is forecast to grow with a CAGR of 4% from 2023 to 2033.
- The skid steer loader segment is expected to grow at a CAGR of 2% from 2023 to 2033.
- Which Power25-50 compact utility vehicles segment accounts for over 85% share of the market and is projected to continue to expand at 3% CAGR during the coming decades.
“Compact utility vehicles are commonly used in the construction industry for a variety of tasks such as drilling, digging, fracturing, demolition, gripping, and so on. Because of their small size, they can be used when there are no obstacles to the current project. In addition, compact utility vehicles use less fuel than larger off-road vehicles, which is one of the most advanced features of compact utility vehicles,” – says an analyst at FMI.
Competitive Landscape:
- Zeekr, a luxurious electric brand controlled by China’s Geely Holding Group, unveiled its newest compact sports utility vehicle (SUV) called the Zeekr X in April 2023, with costs that vary from 189,800 yuan ($27,615) to 209,800 yuan ($30,517).
- Renault Korea Motors’ small sport utility vehicle, XM3, is surpassing other car firms’ corresponding frameworks amid enhancing rivalry in the domestic market, declared in April 2023.
In April 2023, Citroen India unveiled the Citroen C3 Aircross SUV in April 2023, a sports utility car created and constructed in India. The SUV vehicle is likely to be offered for sale in India by the end of 2023 and will eventually come with five seats and seven alternatives of seating.
