
Global Electric Utility Vehicle Market Size study, by Vehicle Type (Electric ATV, Electric UTV, Electric Utility Carts, Electric Shuttle, Industrial Electric Utility), by Battery Type (Lead-acid, Lithium-Ion, Others), by Drive Type (Front Wheel Drive, Rea
Description
Global Electric Utility Vehicle Market Size study, by Vehicle Type (Electric ATV, Electric UTV, Electric Utility Carts, Electric Shuttle, Industrial Electric Utility), by Battery Type (Lead-acid, Lithium-Ion, Others), by Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), by Propulsion Type (Battery Electric Vehicle, Hybrid Electric, Others), by Seating Capacity (1-Seater, 2-Seater, More than 2-Seater), by Application (Commercial Transport, Industrial, Recreation, Agriculture, Others) and Regional Forecasts 2022-2032
The global electric utility vehicle market size was valued at USD 19.83 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2032, reaching USD 30.77 billion by 2030. Electric utility vehicles are zero-emission vehicles powered by electric motors to perform specific tasks, serving as an alternative to traditional utility terrain vehicles with internal combustion engines. These vehicles are equipped with high-capacity batteries, battery swap systems, or lithium-ion batteries with quick charging capabilities. They are quiet, green alternatives to conventional utility vehicles, reducing carbon footprints and aiding in environmental conservation.
The growth of the market is majorly attributed to the increasing adoption of electric UTVs in farming activities like towing, hauling, and farm surveying, as well as their application in industrial logistics and warehousing. Additionally, the growing popularity of custom-made UTVs among customers is due to their ability to cater to specific purposes, thereby driving market growth. Moreover, a growing consensus over the rising concentration of carbon emissions and active government initiatives to accelerate the adoption of electric vehicles are expected to drive the electric utility vehicle industry growth over the forecast period.
The global electric utility vehicle market is also propelled by the launch of new and improved electric utility vehicles, stringent government rules and regulations toward vehicular emissions, and increased fuel costs. However, the lack of charging infrastructure and the limited driving range of electric vehicles are factors that hamper the growth of the electric utility vehicle industry. Technological advancements and proactive government initiatives are expected to offer growth opportunities in the market during the forecast period. The growing usage of connected vehicle technology and increasing internet & smartphone penetration also support the demand for electric utility vehicles. Manufacturers use connected vehicle technology to provide riders with an improved riding experience that enhances performance, efficiency, and effectiveness. For instance, in August 2022, Polaris Inc. launched Ride Command +, a subscription-based connected vehicle service available for all its UTV models. This service utilizes vehicle-to-cellular connectivity to offer over-the-air updates, remote monitoring of battery life, estimated range, live location, post-ride reports, and location and bump alerts.
Custom-made UTVs are becoming increasingly popular among customers due to their ability to cater to specific purposes. These specialized electric UTVs are designed and tailored to meet the unique needs of individual customers, ensuring optimal performance and efficiency for their intended tasks, whether for off-road exploration, agriculture, industrial use, or recreation activities. As the demand for eco-friendly solutions rises, the availability of custom-made UTVs provides a promising pathway toward a cleaner and more versatile electric utility vehicle market.
In 2023, North America held a substantial market share of over 76% in terms of revenue. This strong market presence can be attributed to the region's thriving e-commerce industry and a well-established ecosystem supporting various industrial and manufacturing companies. The rise in recreation activities like hunting, camping, and forest rides during the pandemic further fueled the demand for electric utility terrain vehicles (UTVs) in the region. Key players, namely Textron Specialized Vehicles Inc., Polaris Inc., and Deere & Company, dominated the electric UTV sales in North America, shaping the market landscape and meeting the growing demand for electric UTVs across various applications. Also, Asia Pacific is projected to emerge as one of the most lucrative regions for the market in terms of revenue during the forecast period, growing at a significant CAGR. The region's dominance can be attributed to various factors, such as rapid economic development in some Asia Pacific countries, increased commercial activities, logistics, industrial operations, and government investment in developing the charging infrastructure for electric vehicles, including utility vehicles.
Major market players included in this report are:
Addax Motors
Alke
American Landmaster
Club Car
Columbia Vehicle Group Inc.
HISUN
Marshell Green Power
Polaris Inc.
Star EV Corporation
Textron Specialized Vehicles Inc.
The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
• Electric ATV
• Electric UTV
• Electric Utility Carts
• Electric Shuttle
• Industrial Electric Utility
By Battery Type:
• Lead-acid
• Lithium-Ion
• Others
By Drive Type:
• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive
By Propulsion Type:
• Battery Electric Vehicle
• Hybrid Electric
• Others
By Seating Capacity:
• 1-Seater
• 2-Seater
• More than 2-Seater
By Application:
• Commercial Transport
• Industrial
• Recreation
• Agriculture
• Others
By Region:
North America
• U.S.
• Canada
Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
Latin America
• Brazil
• Mexico
Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA
Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.
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Table of Contents
285 Pages
- Chapter 1. Global Electric Utility Vehicle Market Executive Summary
- 1.1. Global Electric Utility Vehicle Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Vehicle Type
- 1.3.2. By Battery Type
- 1.3.3. By Drive Type
- 1.3.4. By Propulsion Type
- 1.3.5. By Seating Capacity
- 1.3.6. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
- Chapter 2. Global Electric Utility Vehicle Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer’s Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
- Chapter 3. Global Electric Utility Vehicle Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Rising Adoption in Farming Activities
- 3.1.2. Increasing Popularity of Custom-made UTVs
- 3.1.3. Active Government Initiatives
- 3.2. Market Challenges
- 3.2.1. Lack of Charging Infrastructure
- 3.2.2. Limited Driving Range of Electric Vehicles
- 3.3. Market Opportunities
- 3.3.1. Technological Advancements
- 3.3.2. Government Initiatives
- Chapter 4. Global Electric Utility Vehicle Market Industry Analysis
- 4.1. Porter’s 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter’s 5 Force Model
- 4.1.7. Porter’s 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
- Chapter 5. Global Electric Utility Vehicle Market Size & Forecasts by Vehicle Type (2022-2032)
- 5.1. Segment Dashboard
- 5.2. Global Electric Utility Vehicle Market: Vehicle Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Electric ATV
- 5.2.2. Electric UTV
- 5.2.3. Electric Utility Carts
- 5.2.4. Electric Shuttle
- 5.2.5. Industrial Electric Utility
- Chapter 6. Global Electric Utility Vehicle Market Size & Forecasts by Battery Type (2022-2032)
- 6.1. Segment Dashboard
- 6.2. Global Electric Utility Vehicle Market: Battery Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Lead-acid
- 6.2.2. Lithium-Ion
- 6.2.3. Others
- Chapter 7. Global Electric Utility Vehicle Market Size & Forecasts by Drive Type (2022-2032)
- 7.1. Segment Dashboard
- 7.2. Global Electric Utility Vehicle Market: Drive Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Front Wheel Drive
- 7.2.2. Rear Wheel Drive
- 7.2.3. All Wheel Drive
- Chapter 8. Global Electric Utility Vehicle Market Size & Forecasts by Propulsion Type (2022-2032)
- 8.1. Segment Dashboard
- 8.2. Global Electric Utility Vehicle Market: Propulsion Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Battery Electric Vehicle
- 8.2.2. Hybrid Electric
- 8.2.3. Others
- Chapter 9. Global Electric Utility Vehicle Market Size & Forecasts by Seating Capacity (2022-2032)
- 9.1. Segment Dashboard
- 9.2. Global Electric Utility Vehicle Market: Seating Capacity Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 9.2.1. 1-Seater
- 9.2.2. 2-Seater
- 9.2.3. More than 2-Seater
- Chapter 10. Global Electric Utility Vehicle Market Size & Forecasts by Application (2022-2032)
- 10.1. Segment Dashboard
- 10.2. Global Electric Utility Vehicle Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 10.2.1. Commercial Transport
- 10.2.2. Industrial
- 10.2.3. Recreation
- 10.2.4. Agriculture
- 10.2.5. Others
- Chapter 11. Global Electric Utility Vehicle Market Size & Forecasts by Region (2022-2032)
- 11.1. North America Electric Utility Vehicle Market
- 11.1.1. U.S. Electric Utility Vehicle Market
- 11.1.1.1. Vehicle Type breakdown size & forecasts, 2022-2032
- 11.1.1.2. Battery Type breakdown size & forecasts, 2022-2032
- 11.1.1.3. Drive Type breakdown size & forecasts, 2022-2032
- 11.1.1.4. Propulsion Type breakdown size & forecasts, 2022-2032
- 11.1.1.5. Seating Capacity breakdown size & forecasts, 2022-2032
- 11.1.1.6. Application breakdown size & forecasts, 2022-2032
- 11.1.2. Canada Electric Utility Vehicle Market
- 11.2. Europe Electric Utility Vehicle Market
- 11.2.1. U.K. Electric Utility Vehicle Market
- 11.2.2. Germany Electric Utility Vehicle Market
- 11.2.3. France Electric Utility Vehicle Market
- 11.2.4. Spain Electric Utility Vehicle Market
- 11.2.5. Italy Electric Utility Vehicle Market
- 11.2.6. Rest of Europe Electric Utility Vehicle Market
- 11.3. Asia-Pacific Electric Utility Vehicle Market
- 11.3.1. China Electric Utility Vehicle Market
- 11.3.2. India Electric Utility Vehicle Market
- 11.3.3. Japan Electric Utility Vehicle Market
- 11.3.4. Australia Electric Utility Vehicle Market
- 11.3.5. South Korea Electric Utility Vehicle Market
- 11.3.6. Rest of Asia Pacific Electric Utility Vehicle Market
- 11.4. Latin America Electric Utility Vehicle Market
- 11.4.1. Brazil Electric Utility Vehicle Market
- 11.4.2. Mexico Electric Utility Vehicle Market
- 11.4.3. Rest of Latin America Electric Utility Vehicle Market
- 11.5. Middle East & Africa Electric Utility Vehicle Market
- 11.5.1. Saudi Arabia Electric Utility Vehicle Market
- 11.5.2. South Africa Electric Utility Vehicle Market
- 11.5.3. Rest of Middle East & Africa Electric Utility Vehicle Market
- Chapter 12. Competitive Intelligence
- 12.1. Key Company SWOT Analysis
- 12.1.1. Company 1
- 12.1.2. Company 2
- 12.1.3. Company 3
- 12.2. Top Market Strategies
- 12.3. Company Profiles
- 12.3.1. Addax Motors
- 12.3.1.1. Key Information
- 12.3.1.2. Overview
- 12.3.1.3. Financial (Subject to Data Availability)
- 12.3.1.4. Product Summary
- 12.3.1.5. Market Strategies
- 12.3.2. Alke
- 12.3.3. American Landmaster
- 12.3.4. Club Car
- 12.3.5. Columbia Vehicle Group Inc.
- 12.3.6. HISUN
- 12.3.7. Marshell Green Power
- 12.3.8. Polaris Inc.
- 12.3.9. Star EV Corporation
- 12.3.10. Textron Specialized Vehicles Inc.
- Chapter 13. Research Process
- 13.1. Research Process
- 13.1.1. Data Mining
- 13.1.2. Analysis
- 13.1.3. Market Estimation
- 13.1.4. Validation
- 13.1.5. Publishing
- 13.2. Research AttributesList of Tables
- TABLE 1. Global Electric Utility Vehicle Market, report scope
- TABLE 2. Global Electric Utility Vehicle Market estimates & forecasts by Region 2022-2032 (USD Billion)
- TABLE 3. Global Electric Utility Vehicle Market estimates & forecasts by Vehicle Type 2022-2032 (USD Billion)
- TABLE 4. Global Electric Utility Vehicle Market estimates & forecasts by Battery Type 2022-2032 (USD Billion)
- TABLE 5. Global Electric Utility Vehicle Market by segment, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 6. Global Electric Utility Vehicle Market by region, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 7. Global Electric Utility Vehicle Market by segment, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 8. Global Electric Utility Vehicle Market by region, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 9. Global Electric Utility Vehicle Market by segment, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 10. Global Electric Utility Vehicle Market by region, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 11. Global Electric Utility Vehicle Market by segment, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 12. Global Electric Utility Vehicle Market by region, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 13. Global Electric Utility Vehicle Market by segment, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 14. Global Electric Utility Vehicle Market by region, estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 15. U.S. Electric Utility Vehicle Market estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 16. U.S. Electric Utility Vehicle Market estimates & forecasts by segment 2022-2032 (USD Billion)
- TABLE 17. U.S. Electric Utility Vehicle Market estimates & forecasts by segment 2022-2032 (USD Billion)
- TABLE 18. Canada Electric Utility Vehicle Market estimates & forecasts, 2022-2032 (USD Billion)
- TABLE 19. Canada Electric Utility Vehicle Market estimates & forecasts by segment 2022-2032 (USD Billion)
- TABLE 20. Canada Electric Utility Vehicle Market estimates & forecasts by segment 2022-2032 (USD Billion)
- This list is not complete, final report does contain more than 100 tables. The list may be updated in the final deliverable.List of Figures
- FIGURE 1. Global Electric Utility Vehicle Market, research methodology
- FIGURE 2. Global Electric Utility Vehicle Market, market estimation techniques
- FIGURE 3. Global market size estimates & forecast methods.
- FIGURE 4. Global Electric Utility Vehicle Market, key trends 2023
- FIGURE 5. Global Electric Utility Vehicle Market, growth prospects 2022-2032
- FIGURE 6. Global Electric Utility Vehicle Market, porters 5 force model
- FIGURE 7. Global Electric Utility Vehicle Market, PESTEL analysis
- FIGURE 8. Global Electric Utility Vehicle Market, value chain analysis
- FIGURE 9. Global Electric Utility Vehicle Market by segment, 2022 & 2032 (USD Billion)
- FIGURE 10. Global Electric Utility Vehicle Market by segment, 2022 & 2032 (USD Billion)
- FIGURE 11. Global Electric Utility Vehicle Market by segment, 2022 & 2032 (USD Billion)
- FIGURE 12. Global Electric Utility Vehicle Market by segment, 2022 & 2032 (USD Billion)
- FIGURE 13. Global Electric Utility Vehicle Market by segment, 2022 & 2032 (USD Billion)
- FIGURE 14. Global Electric Utility Vehicle Market, regional snapshot 2022 & 2032
- FIGURE 15. North America Electric Utility Vehicle Market 2022 & 2032 (USD Billion)
- FIGURE 16. Europe Electric Utility Vehicle Market 2022 & 2032 (USD Billion)
- FIGURE 17. Asia Pacific Electric Utility Vehicle Market 2022 & 2032 (USD Billion)
- FIGURE 18. Latin America Electric Utility Vehicle Market 2022 & 2032 (USD Billion)
- FIGURE 19. Middle East & Africa Electric Utility Vehicle Market 2022 & 2032 (USD Billion)
- FIGURE 20. Global Electric Utility Vehicle Market, company market share analysis (2023)
- This list is not complete, final report does contain more than 50 figures. The list may be updated in the final deliverable.
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