Electric Utility Vehicle Market To Reach $29.07 Billion By 2030

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.

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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

Electric Utility Vehicle Market Segmentation

Grand View Research has segmented the global electric utility vehicle market based on vehicle type, battery type, drive type, propulsion type, seating capacity, application, and region:

Electric Utility Vehicle Vehicle Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• Electric ATV

• Electric UTV

• Electric Utility Carts

• Electric Shuttle

• Industrial Electric Utility

Electric Utility Vehicle Battery Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• Lead-acid

• Lithium-Ion

• Others

Electric Utility Vehicle Drive Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• Front Wheel Drive

• Rear Wheel Drive

• All Wheel Drive

Electric Utility Vehicle Propulsion Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• Battery Electric Vehicle

• Hybrid Electric

• Others

Electric Utility Vehicle Seating Capacity Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• 1-Seater

• 2-Seater

• More Than 2-Seater

Electric Utility Vehicle Application Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• Commercial Transport

• Industrial

• Recreation

• Agriculture

• Others

Electric Utility Vehicle Regional Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

List of Key Players of Electric Utility Vehicle Market

• Addax Motors

• Alke

• American Landmaster

• CLUB CAR

• Columbia Vehicle Group Inc.

• HISUN

• Marshell Green Power

• Polaris Inc.

• Star EV Corporation

• Textron Specialized Vehicles Inc.