Global Fun Utility Vehicle (FUV) Market Highlights over 2020-2030
The global fun utility vehicle (FUV) market is estimated to garner a robust CAGR over the forecast period, i.e., 2021–2030. 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. The sale of EVs witnessed a significant surge of around 15% as compared to 2019, despite a dip in the overall sales of cars during this period.
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. CLICK TO DOWNLOAD SAMPLE REPORT
Global Fun Utility Vehicle (FUV) Market Regional Synopsis
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. The market in North America region is estimated to garner largest share over the forecast period 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. The 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.
The global fun utility vehicle (FUV) market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global fun utility vehicle (FUV) market includes the following segments:
By Product
- Two-Wheeled
- Three-Wheeled
By Application
- Personal
- Delivery
- Others
Growth Drivers
- Increasing Innovation in Automotive Industry
- Growing Climatic Concerns Regarding Vehicular Pollution
Challenges
- Lack of Awareness amongst the Masses
Top Featured Companies Dominating the Market
The market is dominated by Arcimoto, Inc. as this is the only major company commercially producing FUVs currently. However, major players of the automotive industry are anticipated to step into the global fun utility vehicle (FUV) market over the forecast period.
