New York, NY, April 26, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Electric Utility Vehicle Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Electric ATVs, Electric UTVs, Electric Utility Carts, Electric Shuttle Carts, and Industrial Electric Utility Vehicles); By Battery Type; By Application; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global electric utility vehicle market size/share is anticipated to be valued at approximately USD 18.10 Billion in 2022 and is projected to hit a revenue of around USD 26.74 Billion by 2032, at a CAGR of around 4.1% between 2023 and 2032.”
What is Electric Utility Vehicle (EUV)? How Big Is Electric Utility Vehicle (EUV) Market Share?
- Overview
Electric utility vehicle is a vehicle that is designed to perform specific tasks in industries such as agriculture, construction, logistics, commercial, transportation, and manufacturing. These vehicles are powered by electric motors and batteries which makes them more environmentally friendly than conventional gasoline or diesel-powered vehicles. They can perform a variety of tasks like transporting tools and equipment, delivering packages, or collecting waste.
Some examples of electric utility vehicles include electric pick-up trucks, electric delivery vans, electric golf carts, electric forklifts, and electric street sweepers. The benefits of electric utility vehicles including lower operating costs, quieter operation compared, reduced emissions, and environmentally friendly nature have led to an increase in their popularity. An increase in significant investment by both private and government companies to install electric vehicle stations is expected to drive the electric utility vehicle market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Toyota Industries Corporation
- John Deere
- Textron
- Club Car
- Polaris
- Tropos Motors
- Tesla.
- Marshell Green Power
- Star EV
- Mahindra Electric Mobility
- Ford Motor Company
- General Motors
- Hyundai Motor
- Bollinger Motors
- Columbia Vehicle Group
- Neuron EV
- Ligier Professional
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/electric-utility-vehicle-market/request-for-sample
Prominent Growth Driving Factors
- Diverse applications of electric utility vehicles: Increasing usage of electric utility vehicles for various activities such as hunting, forest rides, and fishing as well as for agricultural purposes including cattle, towing, construction tasks, and feeding is predicted to propel the electric utility vehicle market size.
- Benefits of electric utility vehicles: Electric utility vehicles entirely operate on clean energy and produce no emissions compared to traditional vehicles that use fossil fuels to run the vehicles and create high emissions. Also, electric utility vehicles require a low-maintenance cost.
- Investments and technological advancements: Growing investments in the industrial sector, rising technological developments, and increasing demand for these vehicles from automakers are fueling the industry's growth. Manufacturers are updating outdated technology and introducing advanced manufacturing techniques which has promoted raw material costs decline.
- Rise in demand for hub and spoke model: The increasing demand for the hub and spoke model in various industries such as e-commerce, automotive, electronics, and consumable goods has led to a significant rise in the number of warehouses worldwide. This, in turn, has accelerated the need for industrial electric utility vehicles, driving electric utility vehicle market demand.
Top Findings of the Report:
- Various benefits and applications of electric utility vehicles across diverse industries push the market growth.
- The market is segmented based on vehicle type, battery type, application, and region.
- The demand in North America is anticipated to register significant growth over the forecast timeframe.
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Top Trends Influencing the Market
- Introduction of new electric utility vehicles by manufacturers: In May 2022, Alpha Motor Corporation unveiled their latest electric utility vehicle, the REX, in collaboration with Iconic LA "Free & Easy" brand. The REX is an all-terrain, multi-functional adventure vehicle with various customization options, boasting an 85-KW hour-lithium-ion battery that provides a range of up to 275 miles.
- Growing E-commerce Industry in India: As per the India Brand Equity Foundation, India's e-commerce industry is expected to reach USD 111 billion by 2024 and USD 200 billion by 2026. India currently has over 150 million online shoppers, making it the third-largest country after China and the US. The number of online shoppers in India is predicted to reach 350 million by 2026.
- Strong government regulations: Many governments and environmental agencies worldwide are implementing stringent emission regulations to control vehicle emissions. This is likely to enhance the demand and adoption of electric utility vehicles in the coming years.
Segmental Analysis
- Electric ATVs segment held the major electric utility vehicle market share in 2022
Based on vehicle type, the electric ATVs category dominated the market and is expected to maintain its dominance throughout the forecast period. Increasing electric ATVs demand for military purposes, very low noise emissions, rising popularity of numerous adventurous and recreational activities, and inexpensive ownership costs are fostering the segment growth. Rapid expansion of the usage of autonomous ATVs for land reclamation, mud removal, reservoir maintenance, pond maintenance, riverbed maintenance, and marsh maintenance would further positively affect the segment's growth.
- Lithium-ion segment is anticipated to grow at the fastest rate during the foreseen period
By battery type electric utility vehicle market segmentation, lithium-ion is predicted to register the fastest growth over the anticipated period as a growing number of electric vehicles are using these batteries due to their excellent efficiency, quick charging times, lightweight, and increased battery capacity. In addition, the majority of the components utilized in the production of lithium-ion batteries are highly recyclable, resulting in minimal environmental impact during their disposal.
- Commercial segment is expected to account significant market share in 2022
In terms of application commercial category is forecasted to record significant growth and is estimated to hold a significant revenue share during the forecast period. Factors such as increasing activity in the waste-collection industry, postal services, and municipal tasks across both developed and developing countries are predicted to flourish the segment expansion. In addition, significant preference for using electric vans and trucks for last-mile delivery will flourish the segment’s growth in the market.
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Electric Utility Vehicle (EUV) Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 26.74 Billion |
| Market size value in 2023 | USD 18.70 Billion |
| Expected CAGR Growth | 4.1% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Toyota Industries Corporation, John Deere, Textron, Club Car, Polaris, Tropos Motors, Tesla Inc., Marshell Green Power, Star EV Corporation, Mahindra Electric Mobility Limited, Ford Motor Company, The General Motors Company, Hyundai Motor Company, Bollinger Motors, Columbia Vehicle Group Inc., Neuron EV, and Ligier Professional. |
| Segments Covered | By Vehicle Type, By Battery Type, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
North America: Electric utility vehicle market in North America region is expected to grow at the highest rate during the projected timeframe because The ATV/UTV industry in North America is one of the most developed and well-developed in the world, accounting for around 50% of global demand. Also, the presence of expanding e-commerce industry coupled with a strong environment supporting the numerous industrial and manufacturing businesses in the area is flourishing the market demand and growth in the region.
Asia Pacific: The region is expected to hold a substantial market share due to the expanding market growth in nations like China, South Korea, Japan, and India. The government of these nations has conducted several activities for EV purchasers, strong support for the installation of EV charging stations, mandatory laws, and rules are some of the key electric utility vehicle market trends positively influencing its growth.
Browse the Detail Report “Electric Utility Vehicle Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Electric ATVs, Electric UTVs, Electric Utility Carts, Electric Shuttle Carts, and Industrial Electric Utility Vehicles); By Battery Type; By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/electric-utility-vehicle-market
For Additional Information OR Media Enquiry, Please Mail At: sales@polarismarketresearch.com
Recent Developments
- In January 2022, Toyota Handling unveiled 22 new electric vehicles for industrial use, including 12 truck models, 4 operator compartments, a multidirectional model for narrow aisles, and 3 masts reach truck models for various applications.
- In August 2022, Mahindra launched its new "INGLO EV platform" and 5 e-SUVs under two EV brands, for the future of electric mobility. The platform is based on a modular electric skateboard and will support the company's upcoming EV range, expected by late 2024.
What Does the Market Report Include?
- The report covers the electric utility vehicle market's key players
- The future growth rate and expected growth of the industry and your business
- The study recognizes the drivers and restraints of the market
- The segments and regions that have extreme growth potential and are projected to experience tremendous during the forecast period are featured in the report
- The report gives a perspective on the market and its performance
Polaris Market Research has segmented the electric utility vehicle market report based on vehicle type, battery type, application, and region:
By Vehicle Type Outlook
- Electric ATVs
- Electric UTVs
- Electric Utility Carts
- Electric Shuttle Carts
- Industrial Electric Utility Vehicles
By Battery Type Outlook
- Lead Acid
- Lithium-Ion
- Others
By Application Outlook
- Commercial Transport
- Agriculture
- Recreation
- Industrial
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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