Product Code: GVR-4-68040-110-8
Electric Utility Vehicle Market Growth & Trends:
The global electric utility vehicle market size was valued at USD 29.07 billion by 2030 and is expected to expand at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The growth is primarily driven by the increasing demand for custom-made UTVs fueled by their capacity to serve specific purposes, leading to significant market growth. Moreover, the rising adoption of electric utility vehicles in various agricultural activities, including hauling, towing, and farm surveying, as well as finding applications in warehousing and industrial logistics. Similarly, owing to the increasing population and active government initiatives to accelerate the adoption of electric vehicles, the global market is poised to provide lucrative opportunities over the forecast period.
The market is experiencing notable technological advancements that are reshaping the industry. Numerous manufacturers are developing and introducing new electric utility vehicles to reduce carbon footprints. For instance, in May 2022, Alpha Motor Corporation launched REX, a pure electric utility vehicle, REX is constructed on a shared platform used in the WOLF Truck series, designed to handle rough terrain with its four-wheel-drive system and independent suspension. The vehicle is equipped with an 85 kWh lithium-ion battery, providing an impressive range of 275 miles. Furthermore, new technologies such as hydrogen fuel cells, and hybrid utility vehicles are making utility vehicles more sustainable. These technologies reduce emissions, minimize noise pollution, and help maintain better air quality resulting in environmental safety.
Furthermore, the increasing demand for electric all-terrain vehicles (ATVs) and electric UTVs can be attributed to their adherence to emerging environmental regulations and their benefits compared to conventional gas-powered models. Electric ATVs require minimal maintenance and fewer moving components, reducing mechanical failure risk. Additionally, ATV manufacturers progressively collaborate and acquire to develop innovative products, enhance their financial robustness, and broaden their geographic footprint. For instance, in March 2023, L1fe Outdoors, a Canadian ATV dealer, joined forces with FINNTRAIL, a company known for crafting specialized off-road wading gear. Their collaboration aimed to introduce cutting-edge ATV/UTV riding gear to the Canadian off-road community, enhancing the riding experience with a focus on safety, performance, and comfort.
The North America region is anticipated to grow significantly in the market due to the rapid adoption of electric vehicles, coupled with a growing focus on enhancing fuel efficiency and reducing carbon emissions, which has led to increased research and development efforts. Additionally, electric vehicles are increasingly being utilized for logistics and last-mile deliveries, further driving the momentum toward a greener and more sustainable transportation landscape. Moreover, there is also a significant prevalence of several market players in this region.
Electric Utility Vehicle Market Report Highlights:
- The electric UTV vehicle type segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to growing initiatives on reducing carbon emissions, addressing climate change concerns, and demand for exceptional performance, autonomy, and durability, making them the perfect choice for industrial applications, leading to substantial cost savings
- The lithium-ion segment is expected to expand at a CAGR in revenue over the forecast period due to technological advancement in electric utility vehicles, enhanced performance and energy storage capabilities, higher energy density, faster charging times, and longer driving ranges
- The all-wheel drive segment is expected to expand at a CAGR over in revenue over the forecast period due to advancements in electric vehicle technology; integrating AWD systems into electric utility vehicles has become more feasible and efficient. Moreover, manufacturers offer AWD options in their electric utility vehicle lineup; it has become a competitive advantage to cater to customers who prioritize performance, versatility, and safety in their choice of utility vehicles
- The battery electric vehicle segment is expected to expand at a CAGR in revenue over the forecast period due to the increasing demand for electric vehicles in developing countries, where the charging infrastructure is still in its early stages
- The more than 2-seater segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed tothe rising popularity of family adventure activities, driven by an increase in global disposable income
- The recreation segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to an increasing focus on sustainability and eco-friendly practices, prompting the adoption of electric utility vehicles for various applications. Moreover, the rapid adoption of autonomous ATVs in activities like reclaiming land, clearing mud, excavating land, and maintaining reservoirs, riverbeds, ponds, and swamps has facilitated the widespread adoption of electric utility vehicles in this sector
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information analysis
- 1.4.1. Market formulation & data visualization
- 1.4.2. Data validation & publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Vehicle Type Segment Snapshot
- 2.3. Battery Type Segment Snapshot
- 2.4. Drive Type Segment Snapshot
- 2.5. Application Segment Snapshot
Chapter 3. Electric Utility Vehicle Industry Outlook
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Market Opportunity Analysis
- 3.4. Market Analysis Tools
- 3.4.1. Industry Analysis - Porter's Five Forces Analysis
- 3.4.2. PESTEL Analysis
Chapter 4. Electric Utility Vehicle Market: Vehicle Type Outlook
- 4.1. Vehicle Type Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 4.2. Electric ATV
- 4.2.1. Electric ATV in electric utility vehicle market, 2018 - 2030
- 4.3. Electric UTV
- 4.3.1. Electric UTV in electric utility vehicle market, 2018 - 2030
- 4.4. Electric Utility Carts
- 4.4.1. Electric utility carts in electric utility vehicle market, 2018 - 2030
- 4.5. Electric Shuttle
- 4.5.1. Electric shuttle in electric utility vehicle market, 2018 - 2030
- 4.6. Industrial Electric Utility
- 4.6.1. Industrial Electric Utility market, 2018 - 2030
Chapter 5. Electric Utility Vehicle Market: Battery Type Outlook
- 5.1. Battery Type Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 5.2. Lead-acid
- 5.2.1. Lead-acid electric utility vehicle market, 2018 - 2030
- 5.3. Lithium-ion
- 5.3.1. Lithium-ion electric utility vehicle market, 2018 - 2030
- 5.4. Others
- 5.4.1. Others electric utility vehicle market, 2018 - 2030
Chapter 6. Electric Utility Vehicle Market: Drive Type Outlook
- 6.1. Drive Type Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 6.2. Front Wheel Drive
- 6.2.1. Front wheel drive electric utility vehicle market, 2018 - 2030
- 6.3. Rear Wheel Drive
- 6.3.1. Rear wheel drive electric utility vehicle market, 2018 - 2030
- 6.4. All-Wheel Drive
- 6.4.1. All-wheel drive electric utility vehicle market, 2018 - 2030
Chapter 7. Electric Utility Vehicle Market: Propulsion Type Outlook
- 7.1. Propulsion Type Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 7.2. Battery Electric Vehicle
- 7.2.1. Battery electric vehicle electric utility vehicle market, 2018 - 2030
- 7.3. Hybrid Electric
- 7.3.1. Hybrid electric utility vehicle market, 2018 - 2030
- 7.4. Others
- 7.4.1. Others electric utility vehicle market, 2018 - 2030
Chapter 8. Electric Utility Vehicle Market: Seating Capacity Outlook
- 8.1. Seating Capacity Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 8.2. 1-Seater
- 8.2.1. 1-Seater electric utility vehicle market, 2018 - 2030
- 8.3. 2-Seater
- 8.3.1. 2-Seater electric utility vehicle market, 2018 - 2030
- 8.4. More Than 2-Seater
- 8.4.1. More than 2-seater electric utility vehicle market, 2018 - 2030
Chapter 9. Electric Utility Vehicle Market: Application Outlook
- 9.1. Application Movement Analysis & Market Share, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 9.2. Commercial Transport
- 9.2.1. Commercial Transport Electric Utility Vehicle Market, 2018 - 2030
- 9.3. Industrial
- 9.3.1. Industrial Electric Utility market, 2018 - 2030
- 9.4. Recreation
- 9.4.1. Recreation electric utility vehicle market, 2018 - 2030
- 9.5. Agriculture
- 9.5.1. Agriculture electric utility vehicle market, 2018 - 2030
- 9.6. Others
- 9.6.1. Others electric utility vehicle market, 2018 - 2030
Chapter 10. Electric Utility Vehicle Market: Regional Outlook
- 10.1. Electric Utility Vehicle Market Share by Region, 2022 & 2030 (Revenue, USD Million, Volume, Units)
- 10.2. North America
- 10.2.1. North America electric utility vehicle market, 2018 - 2030
- 10.2.2. North America electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.2.3. North America electric utility vehicle market, by battery type, 2018 - 2030
- 10.2.4. North America electric utility vehicle market, by drive type, 2018 - 2030
- 10.2.5. North America electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.2.6. North America electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.2.7. North America electric utility vehicle market, by application, 2018 - 2030
- 10.2.8. U.S.
- 10.2.8.1. U.S. electric utility vehicle market, 2018 - 2030
- 10.2.8.2. U.S. electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.2.8.3. U.S. electric utility vehicle market, by battery type, 2018 - 2030
- 10.2.8.4. U.S. electric utility vehicle market, by drive type, 2018 - 2030
- 10.2.8.5. U.S. electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.2.8.6. U.S. electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.2.8.7. U.S. electric utility vehicle market, by application, 2018 - 2030
- 10.2.9. Canada
- 10.2.9.1. Canada electric utility vehicle market, 2018 - 2030
- 10.2.9.2. Canada electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.2.9.3. Canada electric utility vehicle market, by battery type, 2018 - 2030
- 10.2.9.4. Canada electric utility vehicle market, by drive type, 2018 - 2030
- 10.2.9.5. Canada electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.2.9.6. Canada electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.2.9.7. Canada electric utility vehicle market, by application, 2018 - 2030
- 10.3. Europe
- 10.3.1. Europe electric utility vehicle market, 2018 - 2030
- 10.3.2. Europe electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.3.3. Europe electric utility vehicle market, by battery type, 2018 - 2030
- 10.3.4. Europe electric utility vehicle market, by drive type, 2018 - 2030
- 10.3.5. Europe electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.3.6. Europe electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.3.7. Europe electric utility vehicle market, by application, 2018 - 2030
- 10.3.8. U.K.
- 10.3.8.1. U.K. electric utility vehicle market, 2018 - 2030
- 10.3.8.2. U.K. electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.3.8.3. U.K. electric utility vehicle market, by battery type, 2018 - 2030
- 10.3.8.4. U.K. electric utility vehicle market, by drive type, 2018 - 2030
- 10.3.8.5. U.K. electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.3.8.6. U.K. electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.3.8.7. U.K. electric utility vehicle market, by application, 2018 - 2030
- 10.3.9. Germany
- 10.3.9.1. Germany electric utility vehicle market, 2018 - 2030
- 10.3.9.2. Germany electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.3.9.3. Germany electric utility vehicle market, by battery type, 2018 - 2030
- 10.3.9.4. Germany electric utility vehicle market, by drive type, 2018 - 2030
- 10.3.9.5. Germany electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.3.9.6. Germany electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.3.9.7. Germany electric utility vehicle market, by application, 2018 - 2030
- 10.3.10. France
- 10.3.10.1. France electric utility vehicle market, 2018 - 2030
- 10.3.10.2. France electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.3.10.3. France electric utility vehicle market, by battery type, 2018 - 2030
- 10.3.10.4. France electric utility vehicle market, by drive type, 2018 - 2030
- 10.3.10.5. France electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.3.10.6. France electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.3.10.7. France electric utility vehicle market, by application, 2018 - 2030
- 10.4. Asia Pacific
- 10.4.1. Asia Pacific electric utility vehicle market, 2018 - 2030
- 10.4.2. Asia Pacific electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.4.3. Asia Pacific electric utility vehicle market, by battery type, 2018 - 2030
- 10.4.4. Asia Pacific electric utility vehicle market, by drive type, 2018 - 2030
- 10.4.5. Asia Pacific electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.4.6. Asia Pacific electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.4.7. Asia Pacific electric utility vehicle market, by application, 2018 - 2030
- 10.4.8. China
- 10.4.8.1. China electric utility vehicle market, 2018 - 2030
- 10.4.8.2. China electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.4.8.3. China electric utility vehicle market, by battery type, 2018 - 2030
- 10.4.8.4. China electric utility vehicle market, by drive type, 2018 - 2030
- 10.4.8.5. China electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.4.8.6. China electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.4.8.7. China electric utility vehicle market, by application, 2018 - 2030
- 10.4.9. India
- 10.4.9.1. India electric utility vehicle market, 2018 - 2030
- 10.4.9.2. India electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.4.9.3. India electric utility vehicle market, by battery type, 2018 - 2030
- 10.4.9.4. India electric utility vehicle market, by drive type, 2018 - 2030
- 10.4.9.5. India electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.4.9.6. India electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.4.9.7. India electric utility vehicle market, by application, 2018 - 2030
- 10.4.10. Japan
- 10.4.10.1. Japan electric utility vehicle market, 2018 - 2030
- 10.4.10.2. Japan electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.4.10.3. Japan electric utility vehicle market, by battery type, 2018 - 2030
- 10.4.10.4. Japan electric utility vehicle market, by drive type, 2018 - 2030
- 10.4.10.5. Japan electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.4.10.6. Japan electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.4.10.7. Japan electric utility vehicle market, by application, 2018 - 2030
- 10.4.11. South Korea
- 10.4.11.1. South Korea electric utility vehicle market, 2018 - 2030
- 10.4.11.2. South Korea electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.4.11.3. South Korea electric utility vehicle market, by battery type, 2018 - 2030
- 10.4.11.4. South Korea electric utility vehicle market, by drive type, 2018 - 2030
- 10.4.11.5. South Korea electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.4.11.6. South Korea electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.4.11.7. South Korea electric utility vehicle market, by application, 2018 - 2030
- 10.5. Latin America
- 10.5.1. Latin America electric utility vehicle market, 2018 - 2030
- 10.5.2. Latin America electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.5.3. Latin America electric utility vehicle market, by battery type, 2018 - 2030
- 10.5.4. Latin America electric utility vehicle market, by drive type, 2018 - 2030
- 10.5.5. Latin America electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.5.6. Latin America electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.5.7. Latin America electric utility vehicle market, by application, 2018 - 2030
- 10.5.8. Brazil
- 10.5.8.1. Brazil electric utility vehicle market, 2018 - 2030
- 10.5.8.2. Brazil electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.5.8.3. Brazil electric utility vehicle market, by battery type, 2018 - 2030
- 10.5.8.4. Brazil electric utility vehicle market, by drive type, 2018 - 2030
- 10.5.8.5. Brazil electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.5.8.6. Brazil electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.5.8.7. Brazil electric utility vehicle market, by application, 2018 - 2030
- 10.5.9. Mexico
- 10.5.9.1. Mexico electric utility vehicle market, 2018 - 2030
- 10.5.9.2. Mexico electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.5.9.3. Mexico electric utility vehicle market, by battery type, 2018 - 2030
- 10.5.9.4. Mexico electric utility vehicle market, by drive type, 2018 - 2030
- 10.5.9.5. Mexico electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.5.9.6. Mexico electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.5.9.7. Mexico electric utility vehicle market, by application, 2018 - 2030
- 10.6. Middle East & Africa
- 10.6.1. Middle East & Africa electric utility vehicle market, 2018 - 2030
- 10.6.2. Middle East & Africa electric utility vehicle market, by vehicle type, 2018 - 2030
- 10.6.3. Middle East & Africa electric utility vehicle market, by battery type, 2018 - 2030
- 10.6.4. Middle East & Africa electric utility vehicle market, by drive type, 2018 - 2030
- 10.6.5. Middle East & Africa electric utility vehicle market, by propulsion type, 2018 - 2030
- 10.6.6. Middle East & Africa electric utility vehicle market, by seating capacity, 2018 - 2030
- 10.6.7. Middle East & Africa electric utility vehicle market, by application, 2018 - 2030
Chapter 11. Competitive Landscape
- 11.1. Company Categorization
- 11.2. Company Market Share Analysis, 2022
- 11.3. Company Heat Map Analysis
- 11.4. Strategy Mapping
- 11.5. Company Profiles (Overview, Financial Performance, Product Overview)
- 11.5.1. Addax Motors
- 11.5.2. Alke
- 11.5.3. American Landmaster
- 11.5.4. CLUB CAR
- 11.5.5. Columbia Vehicle Group Inc.
- 11.5.6. HISUN
- 11.5.7. Marshell Green Power
- 11.5.8. Polaris Inc.
- 11.5.9. Star EV Corporation
- 11.5.10. Textron Specialized Vehicles Inc.