Press release
Electric Utility Vehicle Market Research, Share, Trends, Size 2027
The Electric Utility Vehicle Market is projected to grow from USD 18.9 billion in 2022 to USD 23.9 billion by 2027, registering a CAGR of 4.8%.The growing electrification of utility vehicles, increased charging density, flourishing logistics & warehousing industry, and rising commercial transport are expected to increase the demand for electric utility vehicles. Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles are gradually replacing their ICE counterparts. For instance, electric ATVs and UTVs are increasingly deployed in commercial transport, recreation, agriculture, forestry, defense, and hunting, owing to their silent operations and lower emissions than ICE variants. Likewise, the rapid setup of charging stations across semi-public places has increased the feasibility of electric shuttles and utility carts. Furthermore, due to increased use in e-commerce and logistics industries, the need for in-house material handling operations has also increased the demand for battery-operated industrial utility vehicles.
Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=147610320
4WD to be fastest-growing segment by value during forecast period
The 4WD ATV is characterized by the engine's power being equally/differentially divided among the wheels on the front and rear axles. 4WD electric utility vehicles are preferred for utility activities such as recreation, farming, and industrial applications, which require efficient pulling power, carrying, and towing capacity. These vehicles are also used in recreational activities and offer multiple technical advantages over 2WD. For example, 4WD offers better holdback when driving downhill, less likely to flip while uphill, and better traction in slippery riding conditions. Most modern 4WD ATVs can switch off the drive to the front wheels, making it a 2WD. Many companies, including Club Car, WAEV, Toyota, and Volcom, provide electric utility vehicles such as ATVs, UTVs, and carts that run on a 4WD drive type. Club Car's Carryall is an electric utility cart series that comes in 2WD and 4WD options. Similarly, American Landmaster's EV and EVX series come in 2WD and 4WD options.
Electric UTVs to grow significantly during the forecast period
Utility terrain vehicles (UTVs) are large, powerful, can seat passengers side by side, and are built with storage space. They are commonly used to haul equipment and supplies in locations that make operating trucks impossible. There are two types of engines used for propulsion in electric UTVs: pure and hybrid. The electric UTVs are leveraged in recreation, agriculture, and other applications and have several advantages over ICE UTVs. It produces low-operational sounds-a silent electric ATV/UTV facilitates hunting by not alarming the prey. It is an eco-friendly alternative to more pollution-generating ICE UTV. It generates less carbon footprint, allowing the driver to roam around in nature without polluting it. For instance, the ranger electric UTV offered by Polaris can be used in activities such as plowing, grading, towing, etc. The upfront cost of electric ATVs/UTVs is considerably higher than their ICE counterparts. However, their annual operational and maintenance costs are much lower, making them most desirable for various industrial applications. Companies such as John Deere and Polaris produce highly efficient UTVs leveraged in commercial transport, agriculture, and other activities. The demand for eco-friendly transport will be the main reason for the increase in UTV sales.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=147610320
"Europe to be among largest markets for electric UTVs, shuttle carts, and utility carts during the forecast period"
The European government is providing significant incentives to promote electric vehicles. Due to changes in the homologation system, the EU type-approval frameworks for quadricycles (L-category) and agricultural & forestry vehicles (T-category) came into force, increasing the use of electric ATVs and UTVs for agriculture, hunting, and forestry in Europe. The electric utility cart segment has the highest growth rate among others. The increased use of electric shuttle and utility carts in hotels and resorts and growth in tourism and industrial sectors are expected to drive the European electric utility vehicle market. Europe is home to the most developed markets for implementing a pollution-free environment in the warehousing and e-commerce industry. With the growth of the warehousing and e-commerce industry, the demand for electric industrial vehicles such as forklifts, and tow tractors, among others, is also expected to rise.
Key Market Players
The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others
View Detail TOC: https://www.marketsandmarkets.com/Market-Reports/electric-utility-vehicle-market-147610320.html
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Electric Utility Vehicle Market Research, Share, Trends, Size 2027 here
News-ID: 2855378 • Views: …
More Releases from MarketsandMarkets™ Research Private Ltd
![Rolling Stock Market worth $65.6 billion by 2028, at a CAGR of 3.8%](https://cdn.open-pr.com/L/8/L808413921_g.jpg)
Rolling Stock Market worth $65.6 billion by 2028, at a CAGR of 3.8%
The global rolling stock market, by value, is estimated to be 54.6 USD billion in 2023 and is projected to reach 65.6 USD billion by 2028, at a CAGR of 3.8% from 2023 to 2028.
The market for rolling stock is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in railway electrification.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=4380892
Smart transportation…
![Automotive Telematics Market Size worth USD 16.1 billion by 2030, at a CAGR of 10.1%](https://cdn.open-pr.com/L/8/L806676181_g.jpg)
Automotive Telematics Market Size worth USD 16.1 billion by 2030, at a CAGR of 1 …
The Automotive Telematics Market is projected to grow from an estimated USD 9.0 billion in 2024 to reach USD 16.1 billion by 2030 at a CAGR of 10.1% during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=245073008
Automotive manufacturers are highly focused on collaborating with telematic suppliers to integrate their services into their new models to increase drivers' and on-road safety. Several automakers offer e-SIM card facilities in their top-end variants,…
![Fire Truck Market Size worth USD 9.6 billion by 2030, at a CAGR of 2.7%](https://cdn.open-pr.com/L/8/L802134732_g.jpg)
Fire Truck Market Size worth USD 9.6 billion by 2030, at a CAGR of 2.7%
The global fire truck market is estimated to grow from USD 8.1 billion in 2024 to USD 9.6 billion by 2030, at a CAGR of 2.7%.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=69483030
Rapid urbanization, infrastructural development, safety regulations for fire safety, technological improvements, and increase in government spending are projected to be the driving force for a fire truck market. There was a huge demand for the modernization and expansion of capacities…
![Electric Commercial Vehicle Market Size worth USD 255.6 billion by 2030, at a CAGR of 23.8%](https://cdn.open-pr.com/L/7/L724253352_g.jpg)
Electric Commercial Vehicle Market Size worth USD 255.6 billion by 2030, at a CA …
The global Electric Commercial Vehicle market is projected to grow from USD 70.9 billion in 2024 to USD 255.6 billion by 2030, registering a CAGR of 23.8%.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16430819
ECVs aim to provide a cleaner and more sustainable alternative to traditional fossil fuel-powered commercial vehicles, thereby reducing greenhouse gas emissions, air pollution, and reliance on finite fossil fuel resources. ECVs serve to lower the overall operational costs for…
More Releases for UTV
Global UTV Tire Market Analysis by 2020-2025
Scope of the Report:
The global UTV Tire market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of xx%% in the forecast period of 2020 to 2025 and will expected to reach USD xx million by 2025, from USD xx million in 2019.
Market segmentation
UTV Tire market is split by Type and by Application. For the period 2015-2025, the growth among segments…
ATV & UTV Accessories Market Research 2020-2026: Market Analysis-Arctic Cat, Can …
This report studies the ATV & UTV Accessories Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete ATV & UTV Accessories Market analysis segmented by companies, region, type and applications in the report.
The report offers valuable insight into the ATV &…
ATV and UTV Market: UTV segment to lead in terms of revenue, ATV to grow the fas …
Increase in trend of power sports and outdoor recreational activities, extensive use of ATV and UTV in military activities, and government rules in favor of driving ATVs and UTVs on roads drive the market growth. However, ban on ATV and UTV driving in wildlife areas due to terrain damage and high maintenance cost of ATVs and UTVs restrain the growth of the market. Conversely, production of safer ATVs and UTVs…
Global Utility Vehicles (UTV) Market : Detailed analysis of Arctic Cat, Can Am, …
This report studies the global Utility Vehicles (UTV) market status and forecast, categorizes the global Utility Vehicles (UTV) market size (value & volume) by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe, Japan, China, India, Southeast Asia and other regions (Central & South America, and Middle East & Africa).
The global Utility Vehicles (UTV) market is valued at million US$ in 2017 and…
Utility Terrain Vehicle (UTV) Market Revenue US$ 6.60 Bn by 2023 At 5% CAGR | Op …
Utility Terrain Vehicle (UTV) Market 2018
Utility Terrain Vehicle (UTV) Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Utility Terrain Vehicle (UTV) Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
The Prominent Players in The Utility Terrain Vehicle Market Include:
Polaris Industries, Inc.…
Machinery Outlook of UTV (Utility Terrain Vehicle) market size will reach 5560 m …
ResearchMoz presents Professional and In-depth Study of "Global UTV (Utility Terrain Vehicle) Market Insights, Forecast to 2025" with coming years Industries Trends, Projections of Global Growth, Major Key Player and Case Study, Review, Share, Size, Effect.
' '
This industry study presents the global UTV (Utility Terrain Vehicle) market size, historical breakdown data (2013-2018) and forecast (2018-2025). The UTV (Utility Terrain Vehicle) production, revenue and market share by manufacturers, key regions and…