Construction Utility Vehicles Market Size was valued at USD 56.28 Billion in 2022. The Construction Utility Vehicles industry is projected to grow from USD 58.54 Billion in 2023 to USD 88.57 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period (2023 - 2032). A shift in the construction and civic utility industries toward the usage of tiny utility vehicles rather than large off-road vehicles is the key market driver accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for construction utility vehicles is being driven by the Utility vehicles' adaptability and efficiency. A vehicle type that is intended to carry out a particular purpose and have the capability to operate in rugged terrain is referred to as a utility vehicle. In addition to being used for passenger transportation, utility vehicles offer several advantages over passenger cars, such as greater passenger capacity, a large cargo-carrying capacity, enhanced safety, and increased comfort.
Additionally, the market is becoming more and more popular due in large part to the versatility and usefulness of utility vehicles. The wide range of features and capabilities that these cars provide make them suitable for a number of needs and uses. Utility vehicles are popular for a variety of jobs and environmental conditions mostly due to their adaptability. They provide answers for many enterprises and individuals since they are designed to be flexible and multipurpose. By combining passenger comfort, cargo space, and towing capacity, utility vehicles excel in satisfying the various needs of families, enterprises, and industries. Families can use utility cars to transport both people and luggage because of their spacious interiors and ample seating.
These vehicles add convenience and comfort to daily commuting as well as family holidays. For busy families, utility cars are ideal since they offer plenty of cargo capacity that makes it easy to transfer large items like sporting goods and other bulky items. Businesses and industries benefit from the versatility of utility vehicles. Due to the large cargo capacity of these trucks, supplies, equipment, and other items may be delivered efficiently and rapidly. Utility vehicles with towing capabilities are especially important in industries like construction, agriculture, and logistics because these sectors depend heavily on their capacity to move heavy equipment and trailers.
For instance, the Organization Internationale des Constructeurs d'Automobiles (OICA) reports that automotive manufacturing reached 77.6 million units in 2020 after reaching 95.6 million units in 2018. In addition, the automobile sector is expanding more slowly than anticipated, which is predicted to reduce utility vehicle demand in the years to come. Thus, result in driving the Construction Utility Vehicles market revenue.
The Construction Utility Vehicles market segmentation, based on Power Supply includes Wheeled, and Tracked Alternate. The wheeled segment dominated the market. In electric utility vehicles, the need for all-wheel drives is growing because they provide effective power distribution to all four corners of the vehicle, enhancing grip, acceleration, and handling.
The Construction Utility Vehicles market segmentation, based on Power, includes Below 25 HP, and 25 to 50 HP. The 25 to 50 HP category generated the most income. Because there are more product varieties and specifications available to consumers in the 25–50 HP market, end users worldwide continue to select 25–50 compact utility vehicles. Small UVs generated 22.7 percent of worldwide market value in 2022. This indicates a 9.1% rise in market share over 2022.
The Construction Utility Vehicles market segmentation, based on Propulsion includes ICE, and Electric. The ICE segment dominated the market. Sales of electric compact utility vehicles, a market with much of potential for growth, are anticipated to increase gradually as product development and refinement efforts continue. Although a number of manufacturers have released their own electric small utility vehicles, it will likely take some more time before electric cars can effectively compete with internal combustion engines in the small utility vehicle market.
The Construction Utility Vehicles market segmentation, based on Vehicle Type, includes Skid Steer Loaders, Excavators, and Detachable Accessory Based Vehicle. The excavators category generated the most income. Compared to detachable-based vehicles and skid steer loaders, excavators have a market share of almost 70%. Skid steers are typically used in small-scale projects and residential settings. Skid steers are frequently employed when the material is heaped and requires tight turns.
Figure1: Construction Utility Vehicles Market, by Vehicle type, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Construction Utility Vehicles market area will dominate this market; one of the main reasons propelling the market's expansion is the rise in industrial usage and civic utility applications around the nation.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2:CONSTRUCTION UTILITY VEHICLES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Construction Utility Vehicles market has the second-largest portion of the market owing to the government's growing emphasis on the region's adoption and utility of electric vehicles. Further, the German Construction Utility Vehicles market maintained the most market share, and the UK Construction Utility Vehicles market was the European market with the quickest rate of growth.
The Asia-Pacific Construction Utility Vehicles Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is owing to the highly developed market for electric vehicles and the government support provided by tax cuts and subsidies in the area. Moreover, China’s Construction Utility Vehicles market maintained the most market share, and the Indian Construction Utility Vehicles market was the Asia-Pacific region's fastest-growing market.
Leading market players are making significant investments in R&D to broaden their product ranges, which will fuel further growth in the market for Construction Utility Vehicles. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly competitive and challenging market environment, Construction Utility Vehicles industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the Construction Utility Vehicles industry to help customers and expand the market segment. In recent years, the Construction Utility Vehicles industry has provided some of the biggest benefits to medicine. Major players in the Construction Utility Vehicles market, including Kubota Corporation, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Co., Ltd., CNH Industrial America LLC, YANMAR HOLDINGS CO., LTD., and others, are engaging in research and development activities in an effort to boost market demand.
Komatsu Ltd. is a multinational firm based in Japan that produces industrial equipment such as press machines, lasers, and thermoelectric generators, as well as diesel engines and equipment for mining, forestry, construction, and military use. Its main office is in Tokyo, Japan's Minato district. The company was created in 1921 and was named after the city of Komatsu in Ishikawa Prefecture. The Komatsu Group comprises 258 other firms in addition to Komatsu Ltd. throughout the world. After Caterpillar, Komatsu is the second-biggest maker of mining and construction equipment worldwide. In December 2022, It was revealed that Komatsu has purchased GHH Group GmbH, a Gelsenkirchen-based producer of tunneling, underground mining, and specialized civil engineering equipment.
Originally known as Munktells, Bolinder-Munktell, or Volvo BM, Volvo Construction Equipment, or Volvo CE, is a significant corporation that designs, produces, and distributes equipment for the construction and other industries. It is an enterprise and a component of the Volvo Group. A variety of wheel loaders, hydraulic excavators, articulated haulers, motor graders, compactors for soil and asphalt, pavers, backhoe loaders, skid steers, and milling machines are among the items offered by Volvo CE. The United States, Brazil, Scotland, Sweden, France, Germany, Poland, India, China, Russia, and South Korea are among the countries where Volvo CE has production sites. In December 2020, Volvo started shipping its clients' all-electric ECR25 Electric compact excavators.
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.
Caterpillar
CNH Industrial N.V.
Deere & Company
Doosan Bobcat
J C Bamford Excavators Ltd.
Wacker Neuson SE
AB Volvo
June 2023: Mahindra & Mahindra plans to introduce many new tractor models under the Swaraj brand in the next several months in order to close the gaps in the market for horticulture and agricultural.
April 2022: Honda unveiled the Honda HR-V e HEV, a small hybrid SUV that combines cutting-edge safety features, usability, and fuel efficiency.
April 2021: BRP Inc., the firm that manufactures Can-Am off-road vehicles, revealed the Can-Am Commander Max XT-P, a utility side-by-side vehicle designed for off-road excursions and utility usage.
Wheeled
Tracked Alternate
Below 25 HP
25 to 50 HP
ICE
Electric
Skid Steer Loaders
Excavators
Detachable Accessory Based Vehicle
North America
Europe
Asia-Pacific
Rest of the World
Middle East & Africa
South America
| Report Attribute/Metric | Details |
| Market Size2022 | USD 56.28 Billion |
| Market Size 2023 | USD 58.54 Billion |
| Market Size2032 | USD 88.57 Billion |
| Compound Annual Growth Rate (CAGR) | 4.7% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Power Supply, Power, Propulsion, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Â Kubota Corporation, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Co., Ltd., CNH Industrial America LLC, YANMAR HOLDINGS CO., LTD., |
| Key Market Opportunities | greater use of 4WD and AWD automobiles |
| Key Market Dynamics | rapid expansion in the mining industry, civic utility operations, and construction |
Construction Utility Vehicles Market Highlights:
Frequently Asked Questions (FAQ) :
In 2022, the market for Construction Utility Vehicles was estimated to be worth USD 56.28 billion.
From 2023 to 2032, the market is expected to expand at a compound annual growth rate of 4.7%.
North America held the most market share worldwide.
Kubota Corporation, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Co., Ltd., CNH Industrial America LLC, and YANMAR HOLDINGS CO., LTD. are the major participants in the market.
In 2022, the Wheeled category held a dominant market share.
In the market, the 25 to 50 HP segment held the highest share.
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