Construction Utility Vehicles Market Expected to Reach USD XX Billion by 2032 | Growing at a CAGR of XX%

Market Research Future (MRFR) has published a cooked research report on the “Global Construction Utility Vehicles Market” that contains information from 2018 to 2032.The construction utility vehicles market is estimated to register a CAGR of XX% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global construction utility vehicles market 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., and Volvo Construction Equipment.

Market Highlights

The global construction utility vehicles market is accounted to register a CAGR of XX% during the forecast period and is estimated to reach USD XX billion by 2032.

In the construction sector, compact utility trucks are frequently utilized for a range of tasks including drilling, excavation, breaking, and demolition. One of the most cutting-edge characteristics of tiny utility vehicles is their ability to consume less fuel than larger off-road vehicles. The market for compact utility vehicles is expanding quickly because of the rise in mining activities, civic utility operations, and construction. Increased funding for the mining industry's efforts to extract minerals and ores.

Segment Analysis

The global construction utility vehicles market has been segmented based power supply, power, propulsion and vehicle type.

On the basis of power supply, the market is segmented Wheeled and Tracked Alternate. The wheeled segment was attributed to holding the largest market share in 2022 because wheels move more quickly, require less upkeep, and burn less fuel.

Based on power, the global construction utility vehicles market has been segmented into Below 25 HP and 25 to 50 HP. The 25 to 50 HP segment was expected to hold the largest market share in 2022 due to the larger variety of product variations and specifications, 25 to 50 HP have more freedom.

On the basis of propulsion, the market is segmented into ICE and Electric. The ICE segment was attributed to holding the largest market share in 2022 due to the fact that internal combustion engines (ICEs) run on traditional, oil-derived fuels like gasoline or diesel.

On the basis of vehicle type, the market is segmented into Skid Steer Loaders, Excavators and Detachable Accessory Based Vehicle. The excavators segment was attributed to holding the largest market share in 2022 because of their longer reach on building sites, excavators are more useful tools.

Regional Analysis

The global construction utility vehicles market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe construction utility vehicles market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The construction utility vehicles market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World construction utility vehicles market comprises of Middle East, Africa, and Latin America.

The largest market share for construction utility vehicles was maintained by the North American regional sector. The largest market for compact utility vehicles is the United States. One of the main reasons fueling the industry's expansion is the country's growing demand for municipal utility and industrial applications. Building projects in the US are anticipated to rise following the pandemic, and total sales of small utility vehicles are anticipated to rise over the projection period, as the US is one of the main construction markets.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for construction utility vehicles is driven by rising environmental consciousness and the establishment of strict environmental legislation. The market expansion is supported by an increase the development of diesel and electric compact utility vehicles is receiving more funding from leading manufacturers, especially in the electric utility vehicle segment.

Additionally, India holds the second-largest position in the Asia Pacific market for compact utility vehicles. Excavators of between 20 and 50 horsepower are becoming a popular class of compact utility vehicles in India.  The largest in the Asia Pacific compact utility vehicle market over the course of the projection. Positive market growth is being achieved by India's small utility vehicle market, which is being stimulated by increased building activity and civic utility applications.

Furthermore, the rest of the world's construction utility vehicles market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of diesel and electric compact utility vehicles t. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

• The global construction utility vehicles market is expected to reach USD XX billion by 2032, at a CAGR of XX% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the increasing the nation's greater use of public services and construction by government bodies through policies and initiatives.


• Based on power supply, the wheeled segment was attributed to holding the largest market share in 2022.


• 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., and Volvo Construction Equipment..