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A recent report published by Infinium Global Research on electric utility vehicle market provides in-depth analysis of segments and sub-segments in the global as well as regional electric utility vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electric utility vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global electric utility vehicle market.
An electric utility vehicle (EUV) refers to a vehicle powered by electricity, developed for a range of useful applications including public services, maintenance tasks, and the transportation of goods. Rechargeable batteries and electric motors are commonly used in these vehicles, which helps to lower emissions and preserve the environment. Electric utility vehicles provide a sustainable solution to the increasing need for effective and environmentally friendly goods transportation in densely populated areas. They maximize delivery operations while reducing noise and air pollution. The deployment of electric utility vehicles in urban logistics is consistent with the global movement toward more environmentally friendly and sustainable modes of transportation. The electric utility vehicle market is experiencing rapid growth due to increasing emphasis on sustainability and eco- friendly transportation solutions. These vehicles offer various benefits such as reduced emissions, lower operating costs, and quieter operations. With advancements in battery technology, their range has increased, and performance has improved, making them a viable alternative to traditional fossil fuel-powered utility vehicles. Industries such as agriculture, logistics, and construction are adopting electric utility vehicles for their versatility and efficiency. Moreover, government incentives and regulations promoting clean energy adoption further propel market expansion.
Increasing environmental awareness and the necessity of lowering carbon emissions are propelling the electric utility vehicle market. Several manufacturers are actively launching new electric utility vehicles to help reduce carbon footprints. For example, in July 2022, American Landmaster launched its 2022 4-seater electric utility vehicle powered by a lithium-ion battery. The vehicle boasts features such as independent L-ROSS suspension, weather-sealed electrical connectors, and automotive- grade ball joints and bushings. With a suspension system that allows for a 500 lbs. bed capacity and a towing capacity of 1,500 lbs., the electric UTV seeks to fulfill a range of utility demands. An HD oversized steel cargo bed, a steel-framed weather enclosure, and a 3,000lb electric winch are optional extras. This approach toward minimizing carbon emissions is driving the growth of the electric utility vehicle market. Additionally, growing demand for streamlined intra-warehouse logistics is propelling the integration of electric utility vehicles. These vehicles optimize warehouse operations, it also minimizes their negative environmental effects as they provide eco-friendly and efficient solutions. Industrial logistics, transitioning to electric utility vehicles showcases a commitment to sustainability while seeking efficient and eco-friendly alternatives. However, the widespread adoption of electric utility vehicles may limit the market growth due to high initial costs and insufficient charging infrastructure. Moreover, advancements in battery technology can create lucrative opportunities for the growth of the electric utility vehicle market. For instance, in June 2021, EZ-GO, a subsidiary of Textron, launched its latest vehicle, the E-Z-GO Liberty. Breaking new ground in the industry, this compact vehicle is the first of its kind, featuring four front-facing seats reminiscent of a golf cart. It operates on a 56.7V DC power source, producing 11.7 horsepower, and is outfitted with a Samsung SDI lithium-ion battery system. More effective batteries boost efficiency and range, increasing the viability of electric vehicles. The increasing demand for last-mile deliveries is creating even more opportunities, establishing electric utility vehicles as a major force in the changing transportation scene.
Geographically, the global electric utility vehicle (EUV) market is segmented into North America, Asia Pacific, Europe, and Row. Among these regions, North America holds the highest market share in the electric utility vehicle sector, owing to the increased adoption of electric vehicles in the United States and Canada. The dominance of electric utility vehicles in this market was facilitated by the region’s dedication to sustainability, as well as by government policies that were supportive of it and a growing public consciousness of environmental issues. Meanwhile, the Asia-Pacific region is anticipated to witness the fastest-growing market for electric utility vehicles. Countries in the Asia- Pacific area, particularly China and India, witnessed an upward trend in demand for electric utility vehicles due to fast urbanization, a growing population, and a growing emphasis on clean energy initiatives. The development of strong charging infrastructure, government incentives, and subsidies all contributed to the expansion of the electric utility vehicle market in this area. Developments in battery technology and the existence of major manufacturers in the region are also major factors in the Asia-Pacific region’s rapid uptake of electric utility vehicles.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 18.75 Billion |
| Market Size by 2030 | USD 30.85 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 5.58% |
| Largest Market | North America |
| No. of Pages | 350 |
| Market Drivers |
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| Market Segmentation | By Vehicle Type, By Battery Type, By Seating Capacity, By Drive Type, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global electric utility vehicle market covers segments such as vehicle type, battery type, seating capacity, drive type, and application. On the basis of vehicle type, the sub-markets include electric ATV, electric UTV, electric utility carts, electric shuttle, and industrial electric utility. On the basis of battery type, the sub-markets include lead-acid, lithium-ion, and others. On the basis of seating capacity, the sub-markets include 1 seater, 2 seater, and more than 2 seater. On the basis of drive type, the sub-markets include front wheel drive, rear wheel drive, and all wheel drive. On the basis of application, the sub-markets include commercial transport, industrial, recreation, agriculture, and others.
The report provides profiles of the companies in the market such as Addax Motors, Alke, American Landmaster, Columbia Vehicle Group Inc., HISUN, Marshell Green Power, Polaris Inc., Star EV Corporation, Textron Specialized Vehicles Inc., and CLUB CAR.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electric utility vehicle market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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