Electric Utility Vehicle Market Size Worth $26.74 Billion by 2032 | CAGR: 4.1%

Electric Utility Vehicle Market Size Worth $26.74 Billion by 2032 | CAGR: 4.1%

The global electric utility vehicle market size is expected to reach USD 26.74 billion by 2032, according to a new study by Polaris Market Research. The report “Electric Utility Vehicle Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Electric ATVs, Electric UTVs, Electric Utility Carts, Electric Shuttle Carts, and Industrial Electric Utility Vehicles); By Battery Type; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

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.

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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
  • The global key market players include Toyota Industries Corporation, Tesla Inc., Mashell Green Power, Star EV Corp., & Mahindra Electric Mobility

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

      Electric Utility Vehicle, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa