Product Code: GVR-4-68040-110-8
Electric Utility Vehicle Market Growth & Trends:
The global electric utility vehicle market size is estimated to reach USD 29.07 billion by 2030, expanding at a CAGR of 6.7% from 2025 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 and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Automotive eCall Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Drivers Analysis
- 3.2.2. Market Restraints Analysis
- 3.2.3. Industry Challenge
- 3.3. Automotive eCall Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining Power Of The Suppliers
- 3.3.1.2. Bargaining Power Of The Buyers
- 3.3.1.3. Threats Of Substitution
- 3.3.1.4. Threats From New Entrants
- 3.3.1.5. Competitive Rivalry
- 3.3.2. PESTEL Analysis
Chapter 4. Electric Utility Vehicle Market: Vehicle Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Electric Utility Market: Vehicle Type Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 4.3. Electric ATV
- 4.3.1. Electric ATV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 4.4. Electric UTV
- 4.4.1. Electric UTV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 4.5. Electric Utility Carts
- 4.5.1. Electric Utility Carts Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 4.6. Electric Shuttle
- 4.6.1. Electric Shuttle Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 4.7. Industrial Electric Utility
- 4.7.1. Industrial Electric Utility Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 5. Electric Utility Vehicle Market: Battery Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Electric Utility Market: Battery Type Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 5.3. Lead-acid
- 5.3.1. Lead-acid Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 5.4. Lithium-ion
- 5.4.1. Lithium-ion Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 5.5. Others
- 5.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 6. Electric Utility Vehicle Market: Drive Type Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Electric Utility Market: Drive Type Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 6.3. Front Wheel Drive
- 6.3.1. Front Wheel Drive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 6.4. Rear Wheel Drive
- 6.4.1. Rear Wheel Drive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 6.5. All-Wheel Drive
- 6.5.1. All-Wheel Drive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 7. Electric Utility Vehicle Market: Propulsion Type Outlook
- 7.1. Segment Dashboard
- 7.2. Electric Utility Market: Propulsion Type Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 7.3. Battery Electric Vehicle
- 7.3.1. Battery Electric Vehicle Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 7.4. Hybrid Electric
- 7.4.1. Hybrid Electric Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 7.5. Others
- 7.5.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 8. Electric Utility Vehicle Market: Seating Capacity Estimates & Trend Analysis
- 8.1. Segment Dashboard
- 8.2. Electric Utility Market: Seating Capacity Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 8.3. 1-Seater
- 8.3.1. 1-Seater Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 8.4. 2-Seater
- 8.4.1. 2-Seater Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 8.5. More Than 2-Seater
- 8.5.1. More than 2-seater Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 9. Electric Utility Vehicle Market: Application Estimates & Trend Analysis
- 9.1. Segment Dashboard
- 9.2. Electric Utility Market: Application Movement Analysis & Market Share, 2024 & 2030 (Revenue, USD Million; Volume, Units)
- 9.3. Commercial Transport
- 9.3.1. Commercial Transport Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 9.4. Industrial
- 9.4.1. Industrial Electric Utility market, 2018 -2030
- 9.5. Recreation
- 9.5.1. Recreation Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 9.6. Agriculture
- 9.6.1. Agriculture Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 9.7. Others
- 9.7.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 10. Electric Utility Vehicle Market Region Estimates & Trend Analysis
- 10.1. Electric Utility Vehicle Market Share, By Region, 2024 & 2030, USD Million
- 10.2. North America
- 10.2.1. North America Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.2.2. U.S.
- 10.2.2.1. U.S. Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.2.3. Canada
- 10.2.3.1. Canada Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.2.4. Mexico
- 10.2.4.1. Mexico Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.3. Europe
- 10.3.1. Europe Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.3.2. UK
- 10.3.2.1. UK Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.3.3. Germany
- 10.3.3.1. Germany Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.3.4. France
- 10.3.4.1. France Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4. Asia Pacific
- 10.4.1. Asia Pacific Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4.2. China
- 10.4.2.1. China Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4.3. India
- 10.4.3.1. India Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4.4. Japan
- 10.4.4.1. Japan Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4.5. Australia
- 10.4.5.1. Australia Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.4.6. South Korea
- 10.4.6.1. South Korea Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.5. Latin America
- 10.5.1. Latin America Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.5.2. Brazil
- 10.5.2.1. Brazil Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.6. MEA
- 10.6.1. MEA Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.6.2. UAE
- 10.6.2.1. UAE Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.6.3. KSA
- 10.6.3.1. KSA Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
- 10.6.4. South Africa
- 10.6.4.1. South Africa Electric Utility Vehicle Market Estimates and Forecasts, 2018 - 2030 (USD Million, Units)
Chapter 11. Competitive Landscape
- 11.1. Company Categorization
- 11.2. Company Market Positioning
- 11.3. Company Heat Map Analysis
- 11.4. Company Profiles/Listing
- 11.4.1. Addax Motors
- 11.4.1.1. Participant's Overview
- 11.4.1.2. Financial Performance
- 11.4.1.3. Application Benchmarking
- 11.4.1.4. Strategic Initiatives
- 11.4.2. Alke
- 11.4.2.1. Participant's Overview
- 11.4.2.2. Financial Performance
- 11.4.2.3. Application Benchmarking
- 11.4.2.4. Strategic Initiatives
- 11.4.3. American Landmaster
- 11.4.3.1. Participant's Overview
- 11.4.3.2. Financial Performance
- 11.4.3.3. Application Benchmarking
- 11.4.3.4. Strategic Initiatives
- 11.4.4. CLUB CAR
- 11.4.4.1. Participant's Overview
- 11.4.4.2. Financial Performance
- 11.4.4.3. Application Benchmarking
- 11.4.4.4. Strategic Initiatives
- 11.4.5. Columbia Vehicle Group Inc.
- 11.4.5.1. Participant's Overview
- 11.4.5.2. Financial Performance
- 11.4.5.3. Application Benchmarking
- 11.4.5.4. Strategic Initiatives
- 11.4.6. HISUN
- 11.4.6.1. Participant's Overview
- 11.4.6.2. Financial Performance
- 11.4.6.3. Application Benchmarking
- 11.4.6.4. Strategic Initiatives
- 11.4.7. Marshell Green Power
- 11.4.7.1. Participant's Overview
- 11.4.7.2. Financial Performance
- 11.4.7.3. Application Benchmarking
- 11.4.7.4. Strategic Initiatives
- 11.4.8. Polaris Inc.
- 11.4.8.1. Participant's Overview
- 11.4.8.2. Financial Performance
- 11.4.8.3. Application Benchmarking
- 11.4.8.4. Strategic Initiatives
- 11.4.9. Star EV Corporation
- 11.4.9.1. Participant's Overview
- 11.4.9.2. Financial Performance
- 11.4.9.3. Application Benchmarking
- 11.4.9.4. Strategic Initiatives
- 11.4.10. Textron Specialized Vehicles Inc.
- 11.4.10.1. Participant's Overview
- 11.4.10.2. Financial Performance
- 11.4.10.3. Application Benchmarking
- 11.4.10.4. Strategic Initiatives