The report “Electric Utility Vehicle Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth. The report describes Electric Utility Vehicle Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Electric Utility Vehicle Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
According to the research report, the global electric utility vehicle market was valued at USD 18.10 billion in 2022 and is expected to reach USD 26.74 billion by 2032, to grow at a CAGR of 4.1% during the forecast period.
The growing environmental impact of various tradition gasoline vehicles and a continuous upsurge in the prices of fuel prices, have opened the door for alternative fuel vehicles globally. Buyers are gradually shifting towards the use of battery-powered or hybrid vehicles, as these vehicles do not emit emissions and have very low or no maintenance cost, thereby propelling the global market growth exponentially. Moreover, to cater the surging demand for innovated electric vehicles with longer distance range capabilities from consumers, manufacturers are heavily focusing on the new launches, which in turn boosting the global market demand.
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Top Key Players:
- Toyota Industries Corporation
- John Deere
- Textron
- Club Car
- Polaris
- Cenntro Automotive Europe GmbH
- Tesla Inc.
- Marshell Green Power
- Star EV Corporation
- Mahindra Electric Mobility Limited
- Ford Motor Company
- The General Motors Company
- Hyundai Motor Company
- Bollinger Motors
- Columbia Vehicle Group Inc.
- Neuron EV
- and Ligier Professional
In the recent years, battery switching at the electric vehicle stations is most emerging trend, that eliminates the total time need to spend by electric utility vehicle users on charging batteries and it’s a great option for electric utility cars as well. In the developed countries like US and Canada, over 300 battery switching stations have been deployed in the last few years and are highly increasing their efforts to install more switching stations, which in turn, is likely to create huge growth opportunities for the market.
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Electric Utility Vehicle Market Report Highlights
- Electric ATVs segment accounted for significant global market share in 2022, on account of high prevalence for variety of adventurous and recreational activities like hunting and forest rides globally
- Lithium-Ion segment is expected to grow at a highest CAGR over the projected period, which is mainly accelerated by its wide adoption in EVs due to high efficiency, faster charging time, and easily recyclable
- Commercial transport segment is likely to hold significant revenue share during the forecast period on account of rapid growth in the logistics sector and proliferation for the last mile deliveries
- North America region is expected to grow with a higher CAGR throughout the study period due to the robust presence of e-commerce industry and high demand for innovated ATVs in the region
Polaris Market Research has segmented the electric utility vehicle market report based on vehicle type, battery type, application, and region:
Electric Utility Vehicle, Vehicle Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Electric ATVs
- Electric UTVs
- Electric Utility Carts
- Electric Shuttle Carts
- Industrial Electric Utility Vehicles
Electric Utility Vehicle, Battery Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Lead Acid
- Lithium-Ion
- Others
Electric Utility Vehicle, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Commercial Transport
- Agriculture
- Recreation
- Industrial
- Others
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