Selbyville, Delaware, April 13, 2023 (GLOBE NEWSWIRE) --
Electric Off-Road Vehicle Market size is anticipated to exceed USD 400 million by 2032, according to the recent report research by Global Market Insights Inc.
Increasing popularity of outdoor recreational activities, including off-roading, in North America is a key driver behind industry growth. As per the Outdoor Industry Association, in 2021, the participant base of people partaking in outdoor recreation grew to 164.2 million. Additionally, it also found that more than 54% of Americans aged 6 years and above took part in at least one outdoor recreation in 2021. Such high consumer interest, coupled with the emission guidelines, is fueling a notable product demand such as quads, dirt bikes, ATVs, and others, electric off-road vehicle market expansion.
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Furthermore, regional government agencies are also making new investments towards expanding the off-road infrastructure, creating a strong impetus for business growth. Back in July 2022, the U.S. Department of Energy announced an investment of over USD 96 million for the decarbonization of domestic transportation sector, which also focuses on developing cleaner non-road vehicles through electrification.
Surging number of ATV clubs to fuel ATV vehicle industry expansion
The electric off-road vehicle industry size from all-terrain vehicle (ATV) segment is anticipated to grow at 15% CAGR from 2023 to 2032, fueled by the growing number of ATV clubs worldwide. The growth can also be attributed to increasing number of off-road sports events and the growing involvement of youngsters. In fact, as per U.S. Bureau of Labor Statistics, the employment of sports competitors and athletes is estimated to increase by 36% through 2031. The projection also plays into the fact that the region is creating more opportunities for outdoor sports owing to the development of more outdoor parks.
Increasing number of sports events to impel application segment growth
The sports electric off-road vehicle market recorded a valuation of USD 30 million in 2022. Rising number of sports activities worldwide, the sector is projected to accumulate noteworthy gains going forward. Global off-roading sports events such as Dakar 2023, Wicked Vulture UTV fest, King of the Hammers and UTV World Championship, involve challenging trails and are becoming widely popular among audiences. Surging participation of sports enthusiasts in these events is proliferating the business expansion as it gives industry players a stage to unveil their innovations in the field.
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Growing number of adventure trails to strengthen the Europe market
The European electric off-road vehicle market is estimated to amass USD 55 million by 2032, on account of growing number of adventure parks, varied landscapes, and adventure trails in the region. Moreover, increasing participation of enthusiasts in cross-country UTV championships annually hosted by nations such as Spain, France and others is further contributing to regional growth. Additionally, mega racing events such as the Ultra4 Europe race which involves off-road vehicles is also elevating the provincial scenario by making off-roading more well-known.
The progressive strategies to outline the industry’s competitive landscape
The prominent electric off-road vehicle market players includes names such as Evolet, Alke S.r.l, Daymak Inc., Ecocharger Quad Bikes, Electric Motion, American Landmaster, and DRR USA, among others. Many of these players are emphasizing capacity expansion strategies to boost their business presence.
Citing an instance, in February 2022, Polaris Inc., an American automotive manufacturer, opened a new distribution facility in Wilmington, Ohio to expand its distribution capacity in the state. The new 165,000 square foot facility will stock all types of products in addition to aftersales spare parts. The newly opened distribution unit will help the company minimize delivery downtime while expanding its customer base in Ohio.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Electric off-road vehicle industry 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Vehicle trends
2.4 Application trends
2.5 Regional trends
Chapter 3 Electric Off-Road Vehicle Market Industry Insights
3.1 Impact of COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key initiative and news
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing participation in off-road recreational activities in North America
3.8.1.2 Emergence of new players in the electric-off road vehicles industry in Europe
3.8.1.3 Rising awareness related to adoption of electric vehicles in Asia Pacific
3.8.1.4 Positive outlook of the tourism industry in Latin America and MEA
3.8.1.5 Growing investments by OEMs in new product development
3.8.2 Industry pitfalls & challenges
3.8.2.1 Safety concerns related to off-road vehicles
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
