The electric utility vehicles market trends is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023 to 2033.
Key Takeaways:
- The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.
- The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
- The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
- Based on the regional analysis, North America is the largest market.
- Based on the country analysis, USA is the largest market, having a share of 26.8%.
- The Germany market has a share of 13.7%.
- The Japan market has a share of 1.4%.
- The Australia market has a share of 0.6%
- The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
- The India market is expected to grow at a CAGR of 14.5% during the forecast period.
- The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
- On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.
- On the basis of application, the commercial segment has the largest market share.
- On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market.
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Environmental hazards caused by pollution are becoming more generally recognised. Governments have therefore been actively tackling pollution. As a result, governments now provide incentives to those who use electric utility vehicles.
Initially costing more than $1000 USD, batteries are utilised in electric utility vehicles. However, the cost has decreased to $100 due to technical advancements. This may lead to an increase in demand for electric utility cars during the projection period.
Additionally, the agricultural industry has attracted a number of purchasers to the market for electric utility vehicles. This is due to the fact that there have been several instances of crops spoiling as a result of vehicle pollution. This might potentially boost sales of electric vehicles.
Additionally, customers believe that using electric utility cars is very convenient because they are simple to charge. This may also accelerate market expansion during the anticipated term.
Additionally, compared to the use of petroleum, the cost of charging electric vehicles is far lower.
However, the market for electric utility cars is poised for tremendous development as the E-commerce sector expands. This is due to the fact that logistics tasks are efficiently completed by electric utility vehicles.
Thus, based on the insights provided by FMI researchers, it can be inferred that “initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”
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Competitive Landscape
The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.
Some of the recent developments in the electric utility vehicles market are:
- In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
- In September 2022, Tesla announced Joe Gebbia as new independent director.
Key Companies Profiled
Tesla, Hyundai Motor Group, General Motor Company, Mahindra Electric Mobility, Columbia Vehicle Group, Star EV Corporation, Neuron EV, Bollinger Motors, Ford Motor Company, Toyota Motor Corporation.
Electric Utility Vehicles Market Segmentation
By Type:
- Electric ATVs
- Electric UTVs
- Electric Utility Carts
- Electric Shuttle Carts
By Battery Type:
- Lead Acid
- Lithium-ion
By Drive Type:
- 2WD
- 4WD
- AWD
By Application:
- Commercial Transport
- Recreation
- Agriculture
- Industrial
- Others
By Seating Capacity:
- 1-seater
- 2-seater
- >2-seater
By Propulsion:
- Pure Electric
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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