Global Electric Utility Vehicle Market Size study, by Vehicle Type, by Battery Type, by Drive Type, by Propulsion Type, by Seating Capacity, by Application and Regional Forecasts 2022-2032

Description

The global electric utility vehicle market size was valued at USD 19.83 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2032, reaching USD 30.77 billion by 2030. Electric utility vehicles are zero-emission vehicles powered by electric motors to perform specific tasks, serving as an alternative to traditional utility terrain vehicles with internal combustion engines. These vehicles are equipped with high-capacity batteries, battery swap systems, or lithium-ion batteries with quick charging capabilities. They are quiet, green alternatives to conventional utility vehicles, reducing carbon footprints and aiding in environmental conservation.

The growth of the market is majorly attributed to the increasing adoption of electric UTVs in farming activities like towing, hauling, and farm surveying, as well as their application in industrial logistics and warehousing. Additionally, the growing popularity of custom-made UTVs among customers is due to their ability to cater to specific purposes, thereby driving market growth. Moreover, a growing consensus over the rising concentration of carbon emissions and active government initiatives to accelerate the adoption of electric vehicles are expected to drive the electric utility vehicle industry growth over the forecast period.

The global electric utility vehicle market is also propelled by the launch of new and improved electric utility vehicles, stringent government rules and regulations toward vehicular emissions, and increased fuel costs. However, the lack of charging infrastructure and the limited driving range of electric vehicles are factors that hamper the growth of the electric utility vehicle industry. Technological advancements and proactive government initiatives are expected to offer growth opportunities in the market during the forecast period. The growing usage of connected vehicle technology and increasing internet & smartphone penetration also support the demand for electric utility vehicles. Manufacturers use connected vehicle technology to provide riders with an improved riding experience that enhances performance, efficiency, and effectiveness. For instance, in August 2022, Polaris Inc. launched Ride Command +, a subscription-based connected vehicle service available for all its UTV models. This service utilizes vehicle-to-cellular connectivity to offer over-the-air updates, remote monitoring of battery life, estimated range, live location, post-ride reports, and location and bump alerts.

Custom-made UTVs are becoming increasingly popular among customers due to their ability to cater to specific purposes. These specialized electric UTVs are designed and tailored to meet the unique needs of individual customers, ensuring optimal performance and efficiency for their intended tasks, whether for off-road exploration, agriculture, industrial use, or recreation activities. As the demand for eco-friendly solutions rises, the availability of custom-made UTVs provides a promising pathway toward a cleaner and more versatile electric utility vehicle market.

In 2023, North America held a substantial market share of over 76% in terms of revenue. This strong market presence can be attributed to the region's thriving e-commerce industry and a well-established ecosystem supporting various industrial and manufacturing companies. The rise in recreation activities like hunting, camping, and forest rides during the pandemic further fueled the demand for electric utility terrain vehicles (UTVs) in the region. Key players, namely Textron Specialized Vehicles Inc., Polaris Inc., and Deere & Company, dominated the electric UTV sales in North America, shaping the market landscape and meeting the growing demand for electric UTVs across various applications. Also, Asia Pacific is projected to emerge as one of the most lucrative regions for the market in terms of revenue during the forecast period, growing at a significant CAGR. The region's dominance can be attributed to various factors, such as rapid economic development in some Asia Pacific countries, increased commercial activities, logistics, industrial operations, and government investment in developing the charging infrastructure for electric vehicles, including utility vehicles.

Major market players included in this report are:

Addax Motors
Alke
American Landmaster
Club Car
Columbia Vehicle Group Inc.
HISUN
Marshell Green Power
Polaris Inc.
Star EV Corporation
Textron Specialized Vehicles Inc.

The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:

Electric ATV
Electric UTV
Electric Utility Carts
Electric Shuttle
Industrial Electric Utility

By Battery Type:

Lead-acid
Lithium-Ion
Others

By Drive Type:

Front Wheel Drive
Rear Wheel Drive
All Wheel Drive

By Propulsion Type:

Battery Electric Vehicle
Hybrid Electric
Others

By Seating Capacity:

1-Seater
2-Seater
More than 2-Seater

By Application:

Commercial Transport
Industrial
Recreation
Agriculture
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Electric Utility Vehicle Market Executive Summary

1.1. Global Electric Utility Vehicle Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Vehicle Type
- 1.3.2. By Battery Type
- 1.3.3. By Drive Type
- 1.3.4. By Propulsion Type
- 1.3.5. By Seating Capacity
- 1.3.6. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Electric Utility Vehicle Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Electric Utility Vehicle Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Adoption in Farming Activities
- 3.1.2. Increasing Popularity of Custom-made UTVs
- 3.1.3. Active Government Initiatives
3.2. Market Challenges
- 3.2.1. Lack of Charging Infrastructure
- 3.2.2. Limited Driving Range of Electric Vehicles
3.3. Market Opportunities
- 3.3.1. Technological Advancements
- 3.3.2. Government Initiatives

Chapter 4. Global Electric Utility Vehicle Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Electric Utility Vehicle Market Size & Forecasts by Vehicle Type (2022-2032)

5.1. Segment Dashboard
5.2. Global Electric Utility Vehicle Market: Vehicle Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Electric ATV
- 5.2.2. Electric UTV
- 5.2.3. Electric Utility Carts
- 5.2.4. Electric Shuttle
- 5.2.5. Industrial Electric Utility

Chapter 6. Global Electric Utility Vehicle Market Size & Forecasts by Battery Type (2022-2032)

6.1. Segment Dashboard
6.2. Global Electric Utility Vehicle Market: Battery Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Lead-acid
- 6.2.2. Lithium-Ion
- 6.2.3. Others

Chapter 7. Global Electric Utility Vehicle Market Size & Forecasts by Drive Type (2022-2032)

7.1. Segment Dashboard
7.2. Global Electric Utility Vehicle Market: Drive Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Front Wheel Drive
- 7.2.2. Rear Wheel Drive
- 7.2.3. All Wheel Drive

Chapter 8. Global Electric Utility Vehicle Market Size & Forecasts by Propulsion Type (2022-2032)

8.1. Segment Dashboard
8.2. Global Electric Utility Vehicle Market: Propulsion Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Battery Electric Vehicle
- 8.2.2. Hybrid Electric
- 8.2.3. Others

Chapter 9. Global Electric Utility Vehicle Market Size & Forecasts by Seating Capacity (2022-2032)

9.1. Segment Dashboard
9.2. Global Electric Utility Vehicle Market: Seating Capacity Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 9.2.1. 1-Seater
- 9.2.2. 2-Seater
- 9.2.3. More than 2-Seater

Chapter 10. Global Electric Utility Vehicle Market Size & Forecasts by Application (2022-2032)

10.1. Segment Dashboard
10.2. Global Electric Utility Vehicle Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 10.2.1. Commercial Transport
- 10.2.2. Industrial
- 10.2.3. Recreation
- 10.2.4. Agriculture
- 10.2.5. Others

Chapter 11. Global Electric Utility Vehicle Market Size & Forecasts by Region (2022-2032)

11.1. North America Electric Utility Vehicle Market
- 11.1.1. U.S. Electric Utility Vehicle Market
  - 11.1.1.1. Vehicle Type breakdown size & forecasts, 2022-2032
  - 11.1.1.2. Battery Type breakdown size & forecasts, 2022-2032
  - 11.1.1.3. Drive Type breakdown size & forecasts, 2022-2032
  - 11.1.1.4. Propulsion Type breakdown size & forecasts, 2022-2032
  - 11.1.1.5. Seating Capacity breakdown size & forecasts, 2022-2032
  - 11.1.1.6. Application breakdown size & forecasts, 2022-2032
- 11.1.2. Canada Electric Utility Vehicle Market
11.2. Europe Electric Utility Vehicle Market
- 11.2.1. U.K. Electric Utility Vehicle Market
- 11.2.2. Germany Electric Utility Vehicle Market
- 11.2.3. France Electric Utility Vehicle Market
- 11.2.4. Spain Electric Utility Vehicle Market
- 11.2.5. Italy Electric Utility Vehicle Market
- 11.2.6. Rest of Europe Electric Utility Vehicle Market
11.3. Asia-Pacific Electric Utility Vehicle Market
- 11.3.1. China Electric Utility Vehicle Market
- 11.3.2. India Electric Utility Vehicle Market
- 11.3.3. Japan Electric Utility Vehicle Market
- 11.3.4. Australia Electric Utility Vehicle Market
- 11.3.5. South Korea Electric Utility Vehicle Market
- 11.3.6. Rest of Asia Pacific Electric Utility Vehicle Market
11.4. Latin America Electric Utility Vehicle Market
- 11.4.1. Brazil Electric Utility Vehicle Market
- 11.4.2. Mexico Electric Utility Vehicle Market
- 11.4.3. Rest of Latin America Electric Utility Vehicle Market
11.5. Middle East & Africa Electric Utility Vehicle Market
- 11.5.1. Saudi Arabia Electric Utility Vehicle Market
- 11.5.2. South Africa Electric Utility Vehicle Market
- 11.5.3. Rest of Middle East & Africa Electric Utility Vehicle Market

Chapter 12. Competitive Intelligence

12.1. Key Company SWOT Analysis
12.2. Top Market Strategies
12.3. Company Profiles
- 12.3.1. Addax Motors
  - 12.3.1.1. Key Information
  - 12.3.1.2. Overview
  - 12.3.1.3. Financial (Subject to Data Availability)
  - 12.3.1.4. Product Summary
  - 12.3.1.5. Market Strategies
- 12.3.2. Alke
- 12.3.3. American Landmaster
- 12.3.4. Club Car
- 12.3.5. Columbia Vehicle Group Inc.
- 12.3.6. HISUN
- 12.3.7. Marshell Green Power
- 12.3.8. Polaris Inc.
- 12.3.9. Star EV Corporation
- 12.3.10. Textron Specialized Vehicles Inc.

Chapter 13. Research Process

13.1. Research Process
- 13.1.1. Data Mining
- 13.1.2. Analysis
- 13.1.3. Market Estimation
- 13.1.4. Validation
- 13.1.5. Publishing
13.2. Research Attributes