Electric Off-Road Vehicle Market is expected to reach US$ 2,234.0 Million by 2028

PRESS RELEASE BY The Insight Partners 04 Jul 2022

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Surging Demand for Noise-Free and Eco-friendly Vehicles to Drive Electric Off-Road Vehicle Market during 2022–2028

According to our latest market study on "Electric Off-Road Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle and Application" the market is expected to grow from US$ 724.1 million in 2021 to US$ 2,234.0 million by 2028; it is anticipated to grow at a CAGR of 18.9% from 2022 to 2028.

The environmental credentials of electric vehicles are one of the most important factors driving the growth of the electric off-road vehicle market. Electric automobiles are completely eco-friendly as their engines are powered by electricity, thus emitting no hazardous gases or smoke into the environment. Moreover, a radical decline in the levels of NOx pollutants was observed on car-free days in Paris and Brussels. Pollution from diesel-powered construction equipment bolsters the development of policies and programs to reduce harmful emissions in residential areas. Such factors are collectively boosting the electric off-road vehicle market growth globally.

The North America electric off-road vehicle market is segmented into US and Canada. The region's current technological trends indicate that the automobile industry prefers electric off-road vehicles due to new electrical safety principles and improved performance. With the rising recreational activities in the US, the electric off-road vehicle market size is expected to be positively impacted. The new US data show that the outdoor recreation economy accounted for 1.8 % (US$374.3 billion) of current-dollar gross domestic product (GDP) for the nation in 2020. Such factors collectively are driving the North American electric off-road vehicle market growth.

The global electric off-road vehicle market value chain comprises the following stakeholders- raw materials, battery pack manufacturing, off-road EV manufacturing and assembly, quality control and inspection, marketing, sales and distribution, and end-users. Raw materials such as steel, aluminum, iron, lithium, nickel, cobalt, cadmium, sodium, lead, and others are secured from their suppliers. Battery pack manufacturing is conducted at the same place or broken up into two to three locations. The assemblers work in a build-station, and parts are stored in modular units known as creform racks of flexible plastic joints and tubes that are easy to fill and reshape for application in different parts. Quality control and checks are performed throughout the assembly process. The marketing of electric off-road vehicles includes advertising the rebate programs or discounts, retail financing, and other incentives for the distributors and dealers to remain competitive and speed up the retail sales to consumers. Major sectors in the end-use of electric off-road vehicles include sports, recreational, and adventure rides for adventure enthusiasts, avid hikers, kayakers, and mountain bikers.

The electric off-road vehicle market is segmented into vehicle and application. Based on vehicle, the electric off-road vehicle market is segmented into all-terain vehicle (atv), special service vehicle/utility terrain vehicle (SSV/UTV), and off-road motorcycles. Based on application, the electric off-road vehicle market is segmented into utility, sports, recreation, and military.

Electric Off-Road Vehicle Market Share — by Geography, 2021

Electric Off-Road Vehicle Market Share — by Geography, 2021

Electric Off-Road Vehicle Market Report (2021-2031)

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Electric Off-Road Vehicle Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Vehicle Type (All-Terrain Vehicle, Utility Task Vehicle, and Snowmobile), Application (Sports, Agriculture, Recreational, Military, and Others), and Geography

Polaris, Inc.; KTM AG; Intimidator, Inc.; Zero Motorcycles; Alke S.r.l; Daymak, Inc.; Massimo Motors; HISUN Motors; DRR USA; Ecocharger Quad Bikes; Tacita S.r.l; Deere & Co.; Electric Motion; Jiangsu Linhai Power Machinery Group Corp.; and Ford Motor Company are among the key electric off-road vehicle market players profiled during this study. In addition, several other important electric off-road vehicle market players were studied and analyzed during this market study to get a holistic view of the global market and its ecosystem.

The COVID-19 pandemic caused destruction to various industry players in terms of business and operational factors, including the worldwide electric off-road vehicle market. The COVID-19 pandemic severely impacted the growth of the global electric off-road vehicles market. The earlier restrictions across some of the world's developed nations spurred tensions across the other countries, which led the governmental authorities to undertake actions to stop the spread of the virus. As a result, it led to lockdown or reduced capacity workload across the countries in the world. During the first quarter of 2020, the sales of electric off-road vehicles declined in the major markets, including the US and Europe, due to the COVID-19 pandemic. The upstream and downstream supply chain disruptions, dwindling consumer demand, and stringent government guidelines led to the curtailment and suspension of production at the key automotive OEMs and battery manufacturers. The downstream industrial production markets were compelled to downscale their capacity to review and implement new procedures to limit the risks. The lower demand from the consumer side due to the restrictions on movement hampered the electric off-road vehicles market during the COVID-19 pandemic. Although, in the long term, the market's growth rate is expected to become stable and experience a growing trend as the economy attains normalcy.

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