DUBLIN, Dec. 2, 2022 /PRNewswire/ -- The "Global Electric Utility Vehicle Market by Vehicle Type, Application, Battery Type (Lead Acid, Lithium-Ion), Drive Type (2WD, 4WD, AWD), Propulsion (Pure Electric, Hybrid Electric), Seating Capacity (1-Seater, 2-Seater, >2-Seater) Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The electric utility vehicle market is projected to grow from USD 18.9 billion in 2022 to USD 23.9 billion by 2027, registering a CAGR of 4.8%. Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles were mapped as part of this research. The growth of e-commerce and logistics industries has increased the demand for electric industrial utility vehicles (used for in-house operations) over the years. With the rapid setup of charging stations worldwide, demand for low-speed vehicles such as electric utility and shuttle carts has also increased.
Technological breakthroughs in EV batteries and other EV technologies have made it possible to have high-power engines in electric ATVs and UTVs for off-roading (comparable to their ICE counterparts). This will create a shift in demand for electric ATVs and UTVs in the coming years. The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others. These players have worked on providing offerings for the electric utility vehicle ecosystem. They have initiated partnerships to develop their technology and provide best-in-class products to their customers.
Electric industrial utility vehicles to be the largest segment in market during the forecast period
Electric industrial utility vehicles are used for material handling operations across various industries. Battery-operated industrial vehicles use rechargeable batteries to power respective vehicles. These vehicles have been gaining significant traction in recent years. They have the advantage of being eco-friendly. These engines generate fewer emissions, making electric industrial vehicles an ideal green machine for warehouse and industrial projects.
Li-ion batteries to lead demand for electric utility vehicles in forecast period
According to the Alternate Fuel Data Center (AFDC), most all-electric vehicles and Plug-in Hybrid Electric Vehicles (PHEVs) use lithium-ion batteries. R&D is ongoing to reduce their relatively high cost, extend their shelf life, and address safety concerns regarding overheating. Electric utility vehicles have become popular with the increased demand for city cars, golf carts, industrial vehicles, and utility vehicles. Traditionally, these vehicles were powered by lead-acid batteries that were bulky and heavy. Lithium-ion batteries, one-third the weight of lead-acid batteries, offer nearly 100% efficiency in charge and discharge.
North America to lead electric utility vehicle market in coming years by value
North America constitutes the largest share in electric ATV, UTV, utility cart, and shuttle cart sales. The US is the primary contributor, followed by Canada and Mexico. The US has a high demand for these electric utility vehicles, owing to their use in recreational activities, agriculture, and commercial goods transport. Further, the popularity of mountain biking, trailing, off-road championships/events, and favorable terrain/weather also fuel the demand for these vehicles. The region is home to top players in the electric utility vehicles market. Canada is an emerging market and is likely to grow faster than US and Mexico in the coming years.
Market Dynamics
Drivers
- Reduced Prices of EV Batteries
- Growing E-Commerce and Warehousing Sectors
- Rapid Setup of Charging Infrastructure
- Rising Prices of Petroleum
- Increased Use of Electric Utility Carts and Shuttle Carts
Restraints
- Lower Range Compared to Ice Counterparts
- Longer Charging Time Than Other Fuels
Opportunities
- Rising Demand in Automotive and Transportation Sectors
- Battery Swapping for Electric Utility Vehicles
Challenges
- Higher Cost of Electric Utility Vehicles
- Insufficient Grid Infrastructure Globally
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Utility Vehicle Market, by Application
7 Electric Utility Vehicle Market, by Vehicle Type
8 Electric Utility Vehicle Market, by Battery Type
9 Electric Utility Vehicle Market, by Drive Type
10 Electric Utility Vehicle Market, by Seating Capacity
11 Electric Utility Vehicle Market, by Propulsion
12 Electric Utility Vehicle Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Analyst's Recommendations
16 Appendix
Companies Mentioned
- BYD
- Waev
- Alke
- Cfmoto
- Linhai
- Excar
- Volcon
- Tesla
- Nebula Automotive
- Suzhou Eagle Electric Vehicle
- Toyota Industries Corporation
- Godrej Material Handling
- Yamaha Motor Company
- Drr Usa
- American Landmaster
- Powerland Agro Tractor Vehicles
- Club Car
- Eco Charger
- Pilotcars Electric Vehicles
- Smartcart
- Edgo Carts
- Balkancar Record
- John Deere
- Auto Rennen India
- Columbia Vehicle Group
- Crossfire Motorcycles
- Marshell
- Addax Motors
- Hisun Motors
- Textron
- Evum Motors
- Kion Group
- Polaris
- Ari Motors
For more information about this report visit https://www.researchandmarkets.com/r/k1ec54
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Laura Wood, Senior Manager
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SOURCE Research and Markets
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