Publication Month: Jul 2022 | Report Code: TIPRE00029510 | No. of Pages: 233 | Category: Automotive and Transportation | Status: Published
An electric off-road vehicle is an adventure vehicle meant for off-roading purposes. Off-roading refers to riding a vehicle on unsurfaced gravel tracks, sand, riverbeds, snow, mud, rocks, or other natural terrains. Different off-roading activities are based on their purposes, such as utility, military, recreational, leisure rides, and sports. Off-road vehicles have several specific features that make them suited for the purpose. These features include huge tires with open and deep grooves, a flexible suspension, or even caterpillar tracks. These vehicles are built, so they do not fall over when facing challenging terrain. This contrasts with the on-road vehicles engineered to travel on smooth, well-maintained roads while providing optimal comfort to the human driver. These cars can drive on and off gravel or paved surfaces. Off-road electric vehicles have high clearance and are typically utilized on surfaces without tar roads or with a bumpy/rough surface. Electricity is preferred for off-road vehicles due to the ease of adjusting the torque sent to the electric motors. In the case of the internal combustion engine, it is required to cut the fuel supply and wait for the corresponding response a fraction of a second later. Conversely, the electricity sent to the electric motor can be tuned almost instantaneously for electric off-road vehicles. Moreover, having the maximum torque accessible from zero revolutions makes it possible to provide loads of grunt quickly. Torque, or the pulling power that helps trudge through sand or climb uphill, is crucial for off-roading. Furthermore, electric motors can muscle maximum torque from zero revolutions while petrol or diesel engines need to build revolutions for the same purpose. Such advantages are strongly promoting the electric off-road vehicle market growth.
|Market Size Value in||US$ 724.1 Million in 2021|
|Market Size Value by||US$ 2,234.0 Million by 2028|
|Growth rate||CAGR of 18.9% from 2022 to 2028|
|No. of Pages||233|
|No. of Tables||58|
|No. of Charts & Figures||63|
|Historical data available||Yes|
|Segments covered||Vehicle and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic severely impacted the growth of the global electric off-road vehicle market. The earlier restrictions across some of the world's developed nations spurred tensions across the other countries, leading 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, as a repercussion of COVID-19-related lockdowns, global electric vehicle sales in the major markets, including the US and Europe, declined significantly. 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. Few production plants running amidst the lockdowns suffered from a raw material shortage and labor deficiency. The downstream industrial production markets were compelled to downscale their capacity to review and implement new procedures to limit the risks. Low industrial output weighed heavily on demand for the electric off-road vehicle market.
Over recent years, tourists and sports enthusiasts worldwide have been displaying a growing inclination toward the trails of off-road vehicles such as utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs) coupled with related activities for sports and recreational activities purposes. A few leisure activity organizers and tourism councils are building tracks and sports setups for such vehicles to fascinate and hold visitors. A variety of public lands and state parks in the US offer miles of roads for ATV rides and trails to sightsee. Some parks even make it easier to secure permits online. For instance, the Florida State Forest Service has a wide range of terrains, high-altitude mountain paths, and sand dunes to suit any experience level or preference. Thus, the rising trend to satiate the thrill-seekers and adventure trips is expected to create ample opportunity for the electric off-road market players.
Based on vehicle types, the global electric off-road vehicles market is segmeted into all-terrain vehicle (ATV), special service vehicles/utility terrain vehicle (SSV/UTV), and off-road motorcycles. Increased application of UTVs in the defense sector, owing to their capability to quickly patrol in war operations, strongly promotes the segment's growth. These vehicles have also become popular among agriculturalists and hunters in the US. Further, more aged riders go for UTVs, which cover more distance without bending forward. Similarly, several leading players are launching new utility vehicles within Canada. Mahindra, an Indian car manufacturer, launched Roxer side-by-side UTV in Canada.
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. Based on geography, the electric off-road vehicle market is primarily segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). Volcon, Inc.; Polaris, Inc.; PIERER Mobility; Intimidator, Inc.; and Zero Motorcycles are among the key electric off-road vehicle market players.
Electric off-road vehicle market players are strongly focusing on mergers and acquisitions to increase market presence.