The “Electric Utility Vehicle Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type, By Battery Type, By Application, By Region, Segment Forecast, 2023-2032” report has been added to ResearchAndMarkets.com‘s offering.
The global electric utility vehicle market size is expected to reach USD 26.74 billion by 2032
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.
For instance, in October 2022, Club Car, a leading manufacturer of zero-emission electric vehicles, introduced its latest homologated vehicle, the Club Car Urban N1. It comprises with several like ergonomic design, 1-ton load capacity, and quick acceleration with top speed of 55kph, which makes it perfect utility vehicle for sustainable transportation.
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.
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
Company Profiles
- 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 EVLigier Professional.
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Global Electric Utility Vehicle Market Insights
4.1. Electric Utility Vehicle Market – Battery Type Snapshot
4.2. Electric Utility Vehicle Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increased demand for warehouses in the e-commerce
4.2.1.2. Growing number of onsite storage facilities
4.2.2. Restraints and Challenges
4.2.2.1. lack of efficient EV battery charging infrastructure
4.3. Porter’s Five Forces Analysis
4.4. PESTEL Analysis
4.5. Electric Utility Vehicle Market Battery Type Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Electric Utility Vehicle Market, by Vehicle Type
5.1. Key Findings
5.2. Introduction
5.3. Electric ATVs
5.4. Electric UTVs
5.5. Electric Utility Carts
5.6. Electric Shuttle Carts
5.7. Industrial Electric Utility Vehicles
6. Global Electric Utility Vehicle Market, by Application
6.1. Key Findings
6.2. Introduction
6.3. Commercial Transport
6.4. Agriculture
6.5. Recreation
6.6. Industrial
7. Global Electric Utility Vehicle Market, by Battery Type
7.1. Key Findings
7.2. Introduction
7.3. Lead Acid
7.4. Lithium-Ion
