Electric Off-Road Vehicle Market Size, Share, Growth & Forecast

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Electric Off-Road Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle (All-Terain Vehicle (ATV), Special Service Vehicle/Utility Terrain Vehicle (SSV/UTV), and Off-Road Motorcycles), Application (Utility, Sports, Recreation, and Military), and Geography

Publication Month: Jul 2022 | Report Code: TIPRE00029510 | No. of Pages: 233 | Category: Automotive and Transportation | Status: Published

The Electric Off-Road Vehicle market is projected to reach US$ 2,234.0 million by 2028 from US$ 724.1 million in 2021; it is expected to grow at a CAGR of 18.9% from 2022 to 2028.

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.

Strategic Insights

Report Coverage - Electric Off-Road Vehicle Market
Report CoverageDetails
Market Size Value inUS$ 724.1 Million in 2021
Market Size Value byUS$ 2,234.0 Million by 2028
Growth rateCAGR of 18.9% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages233
No. of Tables58
No. of Charts & Figures63
Historical data availableYes
Segments coveredVehicle and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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- Electric Off-Road Vehicle Market

Impact of COVID-19 Pandemic on Electric Off-Road Vehicle Market Growth

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.

Lucrative Regions for Electric Off-Road Vehicle Market

Lucrative Regions for Electric Off-Road Vehicle Market

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Market Insights – 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.

Vehicle-Based Insights

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.

  • In 2022, Deere & Co. acquired a majority stake in Kreisel Electric Inc., a leading immersion immersion-cooled battery technology provider. Kreisel manufactured highly durable battery packs for off-highway and high-performance applications.
  • In 2021, Deere & Co. acquired Bear Flag Robotics, a developer of autonomous driving technology for agricultural applications.

Frequently Asked Questions

The global electric off-road vehicle market was estimated to be USD 724.1 Million in 2021, and is expected to grow at a CAGR of 18.9%, during the forecast period 2022 - 2028.
Electric off-road vehicle market is being driven by the surging demand for noise free and eco-friendly vehicles. Owing to the eco-friendly nature of these vehicles, in terms of noise and air pollution, the market demand is growing at a fast pace.
Electric off-road vehicles for recreational, agricultural and military purposes is still nascent, but is expected to become an important trend. UTV models for farming applications have recently been launched by John Deere and more manufacturers are expected to follow the suit.
The key players, holding majority shares, in electric off-road vehicle market includes Volcon, Inc., Polaris, Inc., PIERER Mobility, Intimidator, Inc., and Zero Motorcycles.
Europe is the fastest growing regional market. In Europe, various actions are being taken to support electric mobility which is expected to propel the electric off-road vehicle market in the future.
China and Japan are expected to register high growth rates during the forecast period.
The US held the largest market share in 2021, followed by Canada.
The off-road motorcycles segment led the electric off-road vehicle market with a significant share in 2021. It is further expected to dominate the market share over the forecast period. However, ATV segment is expected to be the fastest growing.
The electric off-road vehicle market is expected to reach US$ 2,234.0 million by 2028.
The incremental growth, expected to be recorded for the electric off-road vehicle market during the forecast period, is US$ 1,509.9 million.

The List of Companies - Electric Off-Road Vehicle Market

  1. Polaris, Inc.
  2. KTM AG
  3. Intimidator, Inc.
  4. Zero Motorcycles
  5. Alke S.r.l
  6. Daymak, Inc.
  7. Massimo Motors
  8. HISUN Motors
  9. DRR USA
  10. Ecocharger Quadbikes
  11. Tactica S.r.l
  12. Deere & Co.
  13. Electric Motion
  14. Jiangsu Linhai Power Machinery Group Corp.
  15. Ford Motor Company
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global electric off-road vehicle market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global electric off-road vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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