Fun Utility Vehicle (FUV) Market size is anticipated to witness lucrative growth rate during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed to the increasing demand for environment friendly transport solutions. FUVs are electrically powered, which reduces the pollution caused by burning of fossil fuels. Additionally, these vehicles can achieve a maximum acceleration of 75 mph, are safe, spacious and conditioned to function in any kind of weather. These features are estimated to boost the demand for FUVs for commercial as well as personal use. Moreover, innovation and development in the automotive industry, with increasing adoption of electric vehicles, is further projected to boost the market growth. More than 3 million electric vehicles were sold in 2020.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The global fun utility vehicle (FUV) market is segmented by product into two-wheeled and three-wheeled, out of which, the three-wheeled segment is anticipated to hold the larger share in the market during the forecast period owing to the growing acceptance of these vehicles for locomotion in large areas such as tourist spots, shopping malls, and others. Furthermore, FUVs are also being actively used as the primary mode of transportation in various countries around the world. This is estimated to boost the growth of the segment over the forecast period.
Our in-depth analysis of the global fun utility vehicle (FUV) market includes the following segments
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By Product |
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By Application |
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Regionally, the global fun utility vehicle (FUV) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to dominate majority revenue share by 2036, on the back of growing adoption of electric vehicles, backed by high investment in development of environment friendly vehicles. Around 240,000 all-electric vehicles (EV) were sold in the United States in 2019. Moreover, rising climate awareness among the masses, is also expected to boost the market growth in the upcoming years.
Europe Market Statistics
The fun utility vehicle (FUV) market in the Europe region is estimated to witness highest CAGR over the forecast period owing to the increasing use of EVs in tourist spots in countries, such as, France, the Netherlands, and others, to minimize the degradation of monuments, heritage sites, and scenic beauty. Availability of such vehicles on rent for tourists, is another factor estimated to boost the market growth in the region.
Author Credits: Saima Khursheed
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