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U.S. Utility Vehicle Market Trends

Report ID: GMI9785
Published Date: Jun 2024
Report Format: PDF

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U.S. Utility Vehicle Market Trends

Utility vehicles are becoming essential tools in agriculture and various industrial sectors for their efficiency in transporting goods, equipment, and personnel. Their adaptability to different terrains and tasks, combined with their durability and ease of maintenance, makes them invaluable for farming operations, construction sites, and other industrial applications.

Innovations in utility vehicle technology, such as electric powertrains, advanced safety features, and improved navigation and connectivity systems, are attracting consumers. These technological improvements enhance the performance, efficiency, and user experience of utility vehicles, making them more appealing for both recreational & commercial purposes, thereby driving market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for utility vehicle in U.S. reached USD 391.7 billion in 2023 and is set to witness 5% CAGR from 2024 to 2032, led by the growth in the construction and agriculture sector in the region.

The electric propulsion segment held 60% share in 2023, due to advancements in battery technology and environmental consciousness.

The hospitality application segment in the U.S. utility vehicle industry recorded 30% share in 2023, as they are extensively used to transport luggage, linens, and supplies across expansive properties.

Texas market accounted for over 10% share in 2023, as universities are increasingly opting for street-legal utility vehicles that can seamlessly transition between on-campus use and public roads.