PUBLISHER: The Business Research Company | PRODUCT CODE: 1643966
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643966
Electric utility vehicles (EUVs) refer to battery-powered vehicles designed for a variety of functional applications across commercial, municipal and industrial sectors. These vehicles utilize electric motors powered by rechargeable batteries, offering a sustainable and efficient alternative to traditional fuel-based utility vehicles.
The electric utility vehicles market consists of sales, by entities (organizations, sole traders or partnerships), of electric utility vehicles that are predominantly used for short to medium-distance transport and support tasks, in settings where low noise, emissions-free operation and lower fuel costs are prioritized.
The global electric utility vehicle market was valued at $10,954.50 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.00%.
Government Incentives And Subsidies
During the historic period, government incentives and subsidies drove the growth of the electric utility vehicle market. Many governments provide tax credits or rebates for purchasing an EV. These financial incentives can substantially lower the effective purchase price, making electric utility vehicles (EUVs) more appealing to both businesses and consumers. For instance, in Canada, in May 2023, the Federal Economic Development Agency for Southern Ontario committed $5 million to support ArcelorMittal Tailored Blanks Americas Limited (AMTB), a Canadian manufacturer of lightweight steel for the automotive, EV, appliance and construction sectors. AMTB's steel is produced using advanced, energy-efficient processes, with a reduced carbon footprint. This funding will enable AMTB to fully transition its Concord facility from producing fuel-powered vehicle components to exclusively manufacturing EV components, facilitated by upgraded machinery and technology. Additionally, in November 2022, the government of India published a Request for Proposal (RFP) for the purchase of 250 All-Terrain Vehicles (ATVs), under emergency purchasing via the Fast Track Procedure (FTP). The RFP required 50-60% indigenous materials in the construction of ATVs that can accommodate four people, including a driver, have a powerpack of at least 150bhp, be capable of carrying a payload of 600kg and weigh less than two tons. Therefore, government incentives and subsidies contributed to the growth of the electric utility vehicle market.
Innovative Developments In Street-Legal Utility Vehicles
Major companies operating in the electric utility vehicle market are developing innovative products such as street-legal utility vehicles, to meet larger customer bases, generate more sales and increase revenue. A street-legal utility vehicle refers to a type of vehicle designed for use on public roads and highways, meeting the legal requirements and safety standards mandated by the respective transportation authorities. For example, in March 2023, Club Car, a US-based manufacturer of EVs, launched the Club Car Urban LSV (Low-Speed Vehicle) and XR (Extended Range). Distinguishing itself with notable advantages, the Club Car Urban stands out for its remarkably low operational costs, especially when compared to conventional pickup trucks or vans. This is attributed to the availability of various lithium-ion battery options, facilitating rapid and efficient charging processes that contribute to a significant reduction in overall operating expenses. Noteworthy in its class, the Club Car Urban sets a high standard for safety, incorporating automotive-grade features such as roll-over protection and 3-point safety belts and undergoing rigorous testing through Club Car's extensive processes.
The global electric utility vehicle market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 15.5% of the total market in 2023.
Electric Utility Vehicle Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric utility vehicle market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for electric utility vehicle? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The electric utility vehicle market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider electric utility vehicle market; and compares it with other markets.