FMI states in its recent study on compact utility vehicles that the market will record a CAGR of 2.4% through 2031. Demand for a compact utility vehicle is anticipated to continue surging particularly due to the adaptation of the latest technologies, which is a result of extensive R&D activities.
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“Manufacturers are aiming at strategic collaborations with end-users and regional distributors to address the requirements of an expanding customer base. Suppliers adopt acquisition and regional expansion strategies to establish a foothold. .” says the FMI analyst.
Compact utility vehicles Market – Important Highlights
According to product type, the crawler excavator is expected to hold a major market share on account of its vast usage across mining and construction sites.
Diesel compact utility vehicles are anticipated to lead the demand of the market during forecast years.
The US remains the most lucrative market during the projected years.
Germany to hold the lion’s share in the market amongst all the countries in Europe due to its advancements in the automation sector.
Compact utility vehicles Market – Drivers
The construction industry is the key market driver on account of the Rapid rise in urbanization.
The growth of the mining industry is encouraging the market growth of the compact utility vehicles
An increase in investment in R&D activities is anticipated to further drive the demand of the market during the projected years.
Rising environmental concerns are expected to allow the growth of the electric compact utility vehicles market
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Compact utility vehicles Market – Restraints
Heavy investment in the latest technologies and fewer number sales remains to be the key market restraint
Strict government rules in some areas to attain certain standards of construction equipment is hindering the growth of the market
COVID-19 Impact on Compact utility vehicles Market
The compact utility vehicles market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. It is expected to witness a significant drop in demand in 2020. As the majority of end-users are affected in regions like North America, East Asia, and Asia-Pacific, the supply and shortage in demand are expected to have a significant drop in sales. however, the market is expected to encounter a swift turnaround as economies steadily stabilize.
The compact utility vehicles market players are leaning towards robust partnerships with a high focus on innovations to attain a competitive edge.
For instance, the Wacker Neuson Group came up with the idea of the electric mini-excavator EZ17e. With the mini-excavator EZ17e, The group has increased its zero-emission series of mini excavators
A few of the key companies functioning in the global market which are profiled by FMI include Kubota Corporation, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Bobcat, Hyundai Construction Equipment Co., Ltd, CNH Industrial America LLC, YANMAR HOLDINGS CO., LTD., Mitsubishi Logisnext Co., Ltd., Volvo Construction Equipment and Caterpillar.
About the Study
The study offers readers a comprehensive assessment of the compact utility vehicles market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (kid Steer Loaders, Excavators, Detachable Accessory Based Vehicles), Application(Construction, Gardening & Landscaping, Civic Utilities, Industrial and others) sales channel (direct end-user and rental), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Vertical Integration and Adoption of Inorganic Growth Strategies
3.2. Increasing Adoption of Synthetic Fibers
3.3. Compliance with Environment Management Norms
3.4. Rising Adoption of Eco-friendly Fibres
3.5. Highly Customised Products
3.6. Increasing Adoption of Carpet Tiles and Luxury Products
4. The Massive Impact of the Crisis
4.1. Covid-19 The Situation Now
4.2. An economic and labor market shock impacting the production, consumption and investments
4.3. Impact of declining global growth on unemployment based on three scenarios, world and income groups
4.4. Countries in action: How have countries been responding?
4.5. The Economic Impact of the COVID-19 Outbreak on Developing Asia
4.6. Impact of COVID-19 on the Gross Domestic Product of Selected Economies
4.7. Current Economic Projection – GDP/GVA and probable impact
4.8. Comparison of SAARs and market recovery, comparison to 2008 financial crisis and market recovery and forecast comparison for recovery of COVID 19
4.8.1. Cluster Wise Comparison of all Key Countries (USA, Italy, Spain, Germany, France, UK, China, India, South Korea, Japan, Iran etc.)
5. The 2020 Market Size of Flooring and Carpet
5.1. Previous forecast
5.2. Quarter by Quarter forecast, 2020
5.3. Projected Recovery Quarter
5.4. Change In Market Size by –
5.4.2. By Flooring Type
5.4.3. By Material Type
5.4.4. By Application
6. Brand Mapping Analysis
6.1. Price v/s Product
6.2. Value for Money
6.3. Top of Mind Flooring and Carpet Brands
6.4. Product Portfolio-by Key Players
6.5. Brand Loyalty Mapping
6.6. Usage Pattern Overview