(MENAFN- America News Hour) Research Nester published a report titled “Fun Utility Vehicle (FUV) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global fun utility vehicle (FUV) market in terms of market segmentation by product, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global fun utility vehicle (FUV) market is anticipated to garner a robust CAGR over the forecast period, i.e., 2021–2030. The market is segmented on the basis of product two-wheeled and three-wheeled, out of which, the three-wheeled segment is estimated to hold the larger share in the market during the forecast period, owing to the increasing popularity and acceptance of three-wheeled FUVs for locomotion in tourist spots. These vehicles are safe and run-on battery, which is further estimated to increase the demand for the segment.
The global fun utility vehicle (FUV) market is estimated to grow on the back of increasing concerns for reducing air pollution caused by vehicles running on fossil fuels. FUVs are light weight electric vehicle that can attain a maximum acceleration of 75 mph. these vehicles can be foreseen as the future of transportation. Moreover, advances in the automation technology, and increasing funding for innovation in this direction is estimated to boost the market growth.
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 the North America is estimated to gain the largest share owing to the increasing adoption of electric vehicles in the region. The annual sale of electric vehicles in the U.S. crossed 240,000 units in the year 2019. Moreover, presence of advanced technology, along with increasing investment for development of innovative automotive solution to combat increasing air pollution and depletion of fossil fuels is estimated to boost the market growth. The market in the Europe region is estimated to witness the highest CAGR over the forecast period, on the back of the increasing acceptance of such vehicles, especially in tourism-oriented places, as they do not cause any adverse effects to the scenic beauty.
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Growing Acceptance for Electric Vehicles is estimated to boost the Market Growth
The global sale of electric vehicles (EVs) crossed 3 million units in 2020. The sale of electric vehicles witnessed a 15% growth as compared to 2019, despite a dip in the overall sales of cars between 2019 and 2020.
FUVs are battery-powered plug-in vehicles, which are gaining prominence as the primary mode of transport in various countries. With the increasing acceptance of electric vehicles, the demand for FUVs is also increasing. This is estimated to significantly boost the market growth.
However, lack of popularity for FUVs among masses is expected to operate as key restraint to the growth of global fun utility vehicle (FUV) market over the forecast period.
This report covers the company profiling of Arcimoto, Inc., which is the major manufacturer of FUVs currently. However, various key players of automotive market are expected to enter the market in the upcoming years. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fun utility vehicle (FUV) marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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