Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Electric Off-Road Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle, Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
The Electric Off-Road Vehicle market is projected to reach US$ 2,234.0 million by 2028 from US$ 724.1 million in 2021
The environmental credentials of electric vehicles are one of the most critical factors driving the growth of the electric off-road vehicle market. Electric automobiles are completely eco-friendly as their engines are powered by electricity, thus emitting no hazardous gases or smoke into the environment.
According to a new assessment published by the European Environment Agency, the most significant environmental risk to health in Europe is air pollution. The European Environment Agency (EEA) estimated that air pollution is responsible for more than 400,000 premature deaths yearly in Europe. Air pollution is responsible for causing heart disease and strokes, which have become the most common reasons for premature deaths, followed by lung cancer and lung diseases.
The US accounted for the largest share in the electric off-road vehicle market in North America. The country has the largest consumer base for outdoor recreational activities, posing great growth opportunities for electric off-road vehicle players. Such factors promote the growth of the region's electric off-road vehicle market size.
Over recent years, tourists and sports enthusiasts throughout the country have been displaying a growing inclination toward the trails of off-road vehicles such as utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs) coupled with related activities for sports and recreational activities purposes. A few leisure activity organizers and tourism councils are building tracks and sports setups for such vehicles to fascinate and hold visitors.
A variety of public lands and state parks in the US offer miles of roads for ATV rides and trails to sightseeing spots. Some parks even make it easier to secure permits online. For instance, The Florida State Forest Service has a wide range of terrains, high-altitude mountain paths, and sand dunes to suit any experience level or preference. Thus, this rising trend to satiate the thrill-seekers is expected to create ample opportunity for electric off-road vehicle market growth.
The application of electric off-road vehicles increased in agricultural and military fields. For instance- UTV models for farming applications were recently launched by Deere, a US-based large farm and agricultural equipment manufacturer. Moreover, John Deere updated its legendary Gator Utility Vehicles (UVs) line in September 2020.
The heavy demand for vehicles from the agriculture sector for several applications significantly contributed to such launches and upgrades. Similarly, as a result of the increase in military budgets coupled with rising geopolitical tensions and polarizationworldwide, as well as productive applications of all-terrain vehicles in military maneuvers due to their functionality and modularity, it is anticipated that demand for specialized military all-terrain vehicles will upsurge shortly. Such demand will automatically boost the growth of the electric off-road vehicle market.
Key Topics Covered:
1. Research Framework
2. Research Methodology
3. Executive Summary
4. Global Electric Off-Road Vehicles Market Insights
5. Global Electric Off-Road Vehicles Market Overview
6. North America Electric Off-Road Vehicles Market
7. Europe Electric Off-Road Vehicles Market
8. The Asia-Pacific Electric Off-Road Vehicles Market
9. Latin America Electric Off-Road Vehicles Market
10.The Middle East &Africa Electric Off-Road Vehicles Market
11. Brand Analysis (Brand, Model and Sales)
12.Competitive Landscape
13.Impact of Covid-19 on Global Electric Off-Road Vehicles Market Industry
14.Company Profile
15.Key Strategic Recommendations
Companies Mentioned
- Polaris, Inc.
- KTM AG
- Intimidator, Inc.
- Zero Motorcycles
- Alke S.r.l
- Daymak, Inc.
- Massimo Motors
- HISUN Motors
- DRR USA
- Ecocharger Quadbikes
- Tactica S.r.l
- Deere & Co.
- Electric Motion
- Jiangsu Linhai Power Machin
For more information about this report visit https://www.researchandmarkets.com/r/kjlrck
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