Electric Utility Vehicle Market worth $23.9 billion by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, Sept. 12, 2023 (GLOBE NEWSWIRE) — 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%, from 2022 to 2027, according to a new report by MarketsandMarkets™.
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|Market size value in 2022:||USD 18.9 Billion|
|Projected to reach 2027:||USD 23.9 Billion|
|Base Year Considered:||2021|
|Largest Market:||North America|
|Region Covered:||Asia Pacific, North America, Europe, and RoW|
|Segments Covered:||Vehicle Type, Battery Type, Drive Type, Propulsion, Seating Capacity, Application, and Region|
|Companies Covered:||Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others|
The growing electrification of utility vehicles, increased charging density, flourishing logistics & warehousing industry, and rising commercial transport are expected to increase the demand for electric utility vehicles. Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles are gradually replacing their ICE counterparts. For instance, electric ATVs and UTVs are increasingly deployed in commercial transport, recreation, agriculture, forestry, defense, and hunting, owing to their silent operations and lower emissions than ICE variants. Likewise, the rapid setup of charging stations across semi-public places has increased the feasibility of electric shuttles and utility carts. Furthermore, due to increased use in e-commerce and logistics industries, the need for in-house material handling operations has also increased the demand for battery-operated industrial utility vehicles.
4WD to be fastest-growing segment by value during forecast period
The 4WD ATV is characterized by the engine’s power being equally/differentially divided among the wheels on the front and rear axles. 4WD electric utility vehicles are preferred for utility activities such as recreation, farming, and industrial applications, which require efficient pulling power, carrying, and towing capacity. These vehicles are also used in recreational activities and offer multiple technical advantages over 2WD. For example, 4WD offers better holdback when driving downhill, less likely to flip while uphill, and better traction in slippery riding conditions. Most modern 4WD ATVs can switch off the drive to the front wheels, making it a 2WD. Many companies, including Club Car, WAEV, Toyota, and Volcom, provide electric utility vehicles such as ATVs, UTVs, and carts that run on a 4WD drive type. Club Car’s Carryall is an electric utility cart series that comes in 2WD and 4WD options. Similarly, American Landmaster’s EV and EVX series come in 2WD and 4WD options.
Electric UTVs to grow significantly during the forecast period
Utility terrain vehicles (UTVs) are large, powerful, can seat passengers side by side, and are built with storage space. They are commonly used to haul equipment and supplies in locations that make operating trucks impossible. There are two types of engines used for propulsion in electric UTVs: pure and hybrid. The electric UTVs are leveraged in recreation, agriculture, and other applications and have several advantages over ICE UTVs. It produces low-operational sounds—a silent electric ATV/UTV facilitates hunting by not alarming the prey. It is an eco-friendly alternative to more pollution-generating ICE UTV. It generates less carbon footprint, allowing the driver to roam around in nature without polluting it. For instance, the ranger electric UTV offered by Polaris can be used in activities such as plowing, grading, towing, etc. The upfront cost of electric ATVs/UTVs is considerably higher than their ICE counterparts. However, their annual operational and maintenance costs are much lower, making them most desirable for various industrial applications. Companies such as John Deere and Polaris produce highly efficient UTVs leveraged in commercial transport, agriculture, and other activities. The demand for eco-friendly transport will be the main reason for the increase in UTV sales.
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“Europe to be among largest markets for electric UTVs, shuttle carts, and utility carts during the forecast period”
The European government is providing significant incentives to promote electric vehicles. Due to changes in the homologation system, the EU type-approval frameworks for quadricycles (L-category) and agricultural & forestry vehicles (T-category) came into force, increasing the use of electric ATVs and UTVs for agriculture, hunting, and forestry in Europe. The electric utility cart segment has the highest growth rate among others. The increased use of electric shuttle and utility carts in hotels and resorts and growth in tourism and industrial sectors are expected to drive the European electric utility vehicle industry. Europe is home to the most developed markets for implementing a pollution-free environment in the warehousing and e-commerce industry. With the growth of the warehousing and e-commerce industry, the demand for electric industrial vehicles such as forklifts, and tow tractors, among others, is also expected to rise.
Key Market Players
The electric utility vehicle companies are Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others.
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