New York, United States, March 27, 2023 (GLOBE NEWSWIRE) -- The Global Electric Utility Vehicle Market Size is to Grow from USD 18.3 Billion in 2021 to USD 27.29 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period. The increasing use of utility vehicles in various industries such as industrial, agricultural, sports, passenger commute, commercial transport, recreation, and others will boost the demand for the electric utility vehicle market.
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A utility vehicle (UTV) is a particular kind of business vehicle that is primarily built for both individuals and companies who require excellent specifications, reliability, and efficiency. The global market for zero-emission utility vehicles has grown considerably in recent years. The rising need for warehouses in the e-commerce, automotive component manufacturing, consumer items, and electronics sectors is driving up the number of storage facilities in each region. Due to the rapid deployment of charging stations across the world, the market for electric utility and shuttle carts is expected to grow faster than that of other utility power vehicles. As a result of automobile manufacturers' increased emphasis on minimizing escalating greenhouse gas emissions, demand for electric utility vehicles is predicted to rise over the forecast period.
The pure electric segment is dominating the market with the largest revenue share over the forecast period.
On the basis of propulsion type, the global electric utility vehicle market is segmented into hybrid electric, pure electric. Among these, the pure electric segment is dominating the market with the largest revenue share of 67.5% over the projection period, owing to leading electric utility vehicle manufacturers offering pure-electric utility vehicles as an additional product category. Hybrid-electric utility cars, on the other hand, have a far lesser demand than pure-electric utility vehicles due they require two drivetrains in the limited area that utility vehicles have.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Electric Utility Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Propulsion (Hybrid Electric, Pure Electric), Application (Industrial, Agricultural, Sports, Passenger Commute, Commercial Transport, Recreation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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The commercial transport segment accounted the largest revenue share of more than 76.2% over the forecast period.
On the basis of application, the global electric utility vehicle market is segmented into industrial, agricultural, sports, passenger commute, commercial transport, recreation, and others. Among these, the commercial transport segment accounted for the largest revenue share of over 66.2% over the forecast period. Commercial transportation is one of the most important uses for electric utility vehicles, with an increasing demand for electric shuttle carts for passenger transportation in metropolitan areas and utility carts for slightly longer last-mile transit in rural and urban areas.
North America dominates the market with the largest market share over the forecast period.
North America will dominate the market with a market share of more than 47% during the forecast period as a result of the quick adoption of technological advancements such as the transformation of transportation with faster progress and continuous improvement aimed at a fuel-efficient economic system and the adoption of electric vehicles over traditional cars for green and sustainable transportation. Almost two-thirds of utility-derived and shuttle cart demands originate from the United States, with Canada and Mexico following in second and third respectively.
Asia Pacific is expected to increase rapidly as a result of technological advancements and the adoption of development plans or actions by nations such as China, Japan, and India to phase out ICE car sales in the electric utility vehicle market. Europe, on the other hand, is predicted to expand significantly in revenue throughout the forecast period.
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Key Market Developments
In December 2022, Fiat has stated that the new Ducato will be released in early 2023, with increased performance, intelligent space, great productivity, and an excellent cost/benefit ratio. The new Ducato, which will debut in the first half of 2023 with design revisions and new variations, will boost Fiat's commercial utility line's performance and productivity even further.
In May 2022, Tropos Motors has unveiled their ABLE NXT electric vehicle series. With a 33 kWh lithium battery pack and a top speed of 55 mph, the 100% electric Tropos ABLE NXT has a range of 190 miles. Tropos has now deployed over 1,000 ABLE ST, XT, and XR light commercial electric vehicles globally, and pre-orders for the new ABLE NXT platform are reaching 1,100 units.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Utility Vehicle Market include Polaris, Bollinger Motors, Club Car, Star EV Corporation, Ford Motor Company, Hyundai Motor Company, Toyota Industries, NAVYA, Alke, E-Z-GO, John Deere, Marshell Green Power, Textron, Mahindra Electric Mobility Limited, and many others.
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