Utility Vehicles Market is predicted to reach USD 61.5 billion at a CAGR of ~9.90% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Utility Vehicles Market” that contains information from 2018 to 2032. The utility vehicles market is estimated to register a CAGR of 9.90% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global utility vehicles market— BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd.

Market Highlights

The global utility vehicles market is accounted to register a CAGR of 9.90% during the forecast period and is estimated to reach USD 61.5 Billion by 2032.

The adaptability and usefulness of utility vehicles play a significant role in the market's increasing attractiveness and demand. Because of the wide range of features and capabilities they provide, these vehicles are appropriate for a range of demands and applications. One of the key elements of utility vehicles' attractiveness for varied tasks and climatic conditions is their versatility. They are designed to be versatile and adaptive, providing solutions for various enterprises and individuals. By combining passenger comfort, cargo space, and towing capacity, utility vehicles excel in satisfying the various needs of families, enterprises, and industries. Families may transport both passengers and goods in utility vehicles because of their spacious interiors and ample seating. Family holidays and daily commuting are made comfortable and convenient by these autos. Utility vehicles are ideal for active families since they feature a large cargo area that makes it easy to move bulky items like sports equipment. The versatility of utility vehicles benefits both enterprises and industries. These trucks can transport a lot of goods, allowing for efficient and speedy delivery of materials, tools, and other items. Construction, agriculture, and logistics are industries where the capacity to move heavy machinery and trailers is essential, hence utility vehicles with towing capabilities are especially important in these industries.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Utility Vehicles Market Research Report

Segment Analysis

The global utility vehicles market has been segmented based type, application and propulsion.

On the basis of type, the market is segmented into Sport Utility Vehicle (SUV), Multi Utility Vehicle (MUV), Utility Terrain Vehicle (UTV), Others. The market was dominated by the sport utility vehicle (SUV) segment, which had a 52.3% market share. SUVs are very well-liked by a wide range of clients due to their versatility, comfort, and ability to go off-road.

Based on application, the global Utility Vehicles market has been segmented into Passenger Commute, Industrial, Agricultural, Sports, Others. The industrial sector dominated the market and maintained a 31.25% share. These vehicles are used for tasks including transferring equipment, tools, and supplies inside manufacturing facilities, construction sites, and distribution centers. They offer characteristics including roomy cargo beds, towing capacity, and robust construction to meet the demands of heavy-duty industrial applications.

On the basis of propulsion, the market is segmented into IC Engine Powered, Electric Powered, Others. The market was led by the electric powered category, which had a 65.42% market share. Because electric utility cars don't emit any pollutants, they help battle climate change and air pollution. As the world places more attention on sustainability and reducing carbon emissions, electric utility vehicles are regarded as a cleaner and greener alternative than ICE-powered vehicles.

Regional Analysis

The global 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 Utility Vehicles market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The 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 Utility Vehicles market comprises of Middle East, Africa, and Latin America.

The largest market share for Utility Vehicles was maintained by the North American regional sector. Due to consumer preference for their roominess, flexibility, and off-road capabilities, SUVs and pickup trucks are in great demand. Additionally, the custom of going on road trips, participating in outdoor activities, and favoring larger cars will help the market develop in this region.

Moreover, the Europe market has been persistently growing over the forecast period. There is a sizable market for utility vehicles in Europe, where crossover and SUV models are rising in popularity. Demand for electric utility cars is increasing as a result of severe emission rules and government incentives to promote electric mobility.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Utility vehicles are widely utilised for both personal and professional transportation because of their durability and capacity for passenger transport. Growing urbanization, infrastructural development, and a preference for roomy and adaptable vehicles are driving up demand for utility vehicles. There are both native and foreign brands on the market that provide different utility vehicle types.

Furthermore, the rest of the world's Utility Vehicles market is divided into the Middle East, Africa, and Latin America. Due to their adaptability and functionality, utility vehicles are very popular in LAMEA. They are employed in a variety of contexts, including as passenger transportation, business operations, agricultural endeavors’, and sports and leisure pursuits. Utility vehicles are essential for transportation and utility activities due to the region's varied geography and industry.

Key Findings of the Study

• The global utility vehicles market is expected to reach USD 61.5 Billion by 2032, at a CAGR of 9.90% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the Utility vehicles are widely utilized for both personal and professional transportation because of their durability and capacity for passenger transport.


• Based on application, the industrial segment was attributed to holding the largest market in 2022, with an approximate market share of 31.25%.


• BRP Inc., CFMOTO, Deere & Company, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KUBOTA Corporation, Mahindra & Mahindra Limited, Polaris Inc., Textron Inc., Yamaha Motor Co., Ltd.