PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485796
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485796
Electric Utility Vehicle Market size was valued at USD 20,123.43 Million in 2023, expanding at a CAGR of 5.1% from 2024 to 2032.
Electric Utility Vehicles (EUVs) are vehicles that are specifically designed for utility or industrial purposes and are powered by electric motors. These vehicles are commonly used in various industries, including agriculture, construction, mining, and maintenance. Growing concerns about pollution and climate change are driving the adoption of electric vehicles (EVs), including utility vehicles, due to their lower carbon emissions. However, there is a limited availability of charging infrastructure, particularly in rural or remote areas, limiting the widespread adoption of EUVs. Furthermore, ongoing innovation in battery technology, lightweight materials, and vehicle design can further improve the performance, range, and affordability of EUVs, expanding their market appeal.
Electric Utility Vehicle Market- Market Dynamics
Stringent factors adopted by governments worldwide to control Carbon emissions.
Governments offer financial incentives to encourage consumers to buy electric vehicles. These incentives may include tax credits, rebates, grants, or subsidies for purchasing EVs. International Energy Agency (IEA), invested 230 million EVs on the world's roads, reaching a trajectory consistent with the IEA Sustainable Development Scenario by 2030. The Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles worldwide. EVI was launched under the Clean Energy Ministerial (CEM), a high-level dialogue among Energy Ministers from the world's major economies, providing an additional revenue stream for EV production.
Electric Utility Vehicle Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2024-2032)
Based on battery type segmentation, lithium-ion was predicted to show maximum market share in the year 2023
Based on application segmentation, agriculture was the leading type in 2023
Based on drive type segmentation, 4WD was the leading type in 2023
Based on propulsion segmentation, hybrid electric was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Electric Utility Vehicle Market is segmented based on Vehicle Type, Application, Battery Type, Drive Type, Propulsion, and Region.
The market is divided into three categories based on battery type: Lithium-ion batteries offer a high energy density, meaning they can store a large amount of energy in a relatively small and lightweight package. This is crucial for electric utility vehicles where maximizing energy storage capacity while minimizing weight and space usage is essential. Lithium-ion batteries typically have a longer lifespan compared to other types of batteries, such as lead-acid batteries.
The market is divided into five categories based on application: Electric utility vehicles find applications in farms and agricultural settings for tasks such as hauling equipment, transporting produce, and general farm maintenance. In some cases, electric utility vehicles are adapted for commercial delivery purposes in urban areas where emissions regulations are strict.
Electric Utility Vehicle Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market for electric utility vehicles is predicted to grow rapidly in North America due to the region's early adoption of technological innovations, such as the modernization of transportation through innovations and advancements aimed at achieving fuel efficiency and the preference for electric vehicles over conventional vehicles for more environmentally friendly transportation. In addition, with the support of established automakers and their increasing investments in electric mobility and innovation to achieve the shared goal of fuel-efficient and environmentally friendly transportation, Europe is anticipated to experience substantial growth in the electric utility vehicle market over the forecast period.
The top companies in the electric utility vehicle industry concentrate on growing their operations in developing nations. These businesses have constantly offered creative ways to expand their line of products. A few of the leading companies are John Deere, STAR EV, Guangdong Lvtong, Alke, Marshell, Taylor-Dunn, Polaris, Ligier Professional, and Club Car. Therefore, two well-known growth methods used by these market participants are expansion and product introduction. Leading companies in the industry are investing in R&D to broaden their product offerings, which in turn is driving the market's further expansion. To expand their worldwide reach, these industry participants also pursue a variety of strategic initiatives. For instance, In March 2024, M&M announced to launch of 3 pure electric utility vehicles. The new models will be on an all-new EV platform, which will be termed as born EVs.
In March 2024, Maruti Suzuki will be rolling out its first electric vehicle eVX through NEXA, the company's premium/luxury outlet.
In April 2024, Hyundai Motor Group, the parent company of Hyundai and Kia brands, plans to introduce its first electric vehicles manufactured in India by 2025, aiming to strengthen its presence in the growing electric vehicle market, which is currently dominated by Tata Motors.
In February 2024, the Sony and Honda Electric Vehicle Collaboration Plans to Launch three models by 2030.
GLOBAL ELECTRIC UTILITY VEHICLE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Club Car
Polaris
Ligier Professional
E-Z-GO
Alke
Marshell
Taylor-Dunn
John Deere
STAR EV
Guangdong Lvtong
Others