Compact Utility Vehicles Market Overview:
The Compact Utility Vehicles market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Compact Utility Vehicles Market, as well as the reasons for variations in the industry's growth in various locations.
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Compact Utility Vehicles Market is anticipated to reach US$ 41.40 Mn by 2027 from US$ 30.2 Mn in 2020 at a CAGR of 5.4% during a forecast period.
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
In the construction industry, small utility vehicles are frequently used for a range of tasks like drilling, digging, breaking, and demolition. One of the most cutting-edge characteristics of compact utility vehicles is their lower fuel consumption compared to larger off-road vehicles. During the anticipated period, these elements are anticipated to fuel market expansion. Additionally, the market for compact utility vehicles is anticipated to experience strong growth due to rising off-road vehicle demand, increased adoption of green revolution technologies, and growing acceptance of electric utility vehicles due to their zero-carbon emissions fuel.
In 2020, ICE compact utility vehicles held 90% of the market share by propulsion. Sales of electric compact utility vehicles are anticipated to increase gradually as work on product development and refinement continues in this area, which has a lot of room for growth. It will likely take a few more years for electric vehicles to effectively compete with ICE vehicles in the market for small utility vehicles, despite the fact that many manufacturers have already released their own electric versions of these vehicles.
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Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Compact Utility Vehicles market are as follows:
• Kubota Corporation
• Komatsu Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Hyundai Construction Equipment Co., Ltd.
• CNH Industrial America LLC
• YANMAR HOLDINGS CO., LTD.
• Mitsubishi Logisnext Co., Ltd.
• Volvo Construction Equipment
• CNH Industrial N.V.
• Deere & Company
• Doosan Bobcat
• J C Bamford Excavators Ltd.
• Wacker Neuson SE
• AB Volvo
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Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Compact Utility Vehicles market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Compact Utility Vehicles Market:
Due to a break in operations, end-user sectors where Compact Utility Vehicles are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Compact Utility Vehicles manufacturers, affecting the development of the Compact Utility Vehicles market in 2020. End-user business demand for Compact Utility Vehicles has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Compact Utility Vehicles Market Report are:
- Which segment had the largest share in the Compact Utility Vehicles market in 2021?
- What is the competitive landscape of the Compact Utility Vehicles market?
- Which are the key drivers aiding the Compact Utility Vehicles market growth?
- Which region has the maximum share in the Compact Utility Vehicles market?
- What will be the CAGR of the Compact Utility Vehicles market during the forecast period (2022-2027)?
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