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

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
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 233
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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.

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Electric Off-Road Vehicle Market: Strategic Insights

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
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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.

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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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Vehicle and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions

What will be the global market size for electric off-road vehicle market by 2028?

The electric off-road vehicle market is expected to reach US$ 2,234.0 million by 2028.

What is the incremental growth of the electric off-road vehicle market during the forecast period?

The incremental growth, expected to be recorded for the electric off-road vehicle market during the forecast period, is US$ 1,509.9 million.

Which is the leading vehicle segment in the electric off-road vehicle market?

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.

Which country is holding the major market share of electric off-road vehicle market?

The US held the largest market share in 2021, followed by Canada.

Which countries are registering a high growth rate during the forecast period?

China and Japan are expected to register high growth rates during the forecast period.

Which is the fastest growing regional market?

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.

Which are the key players holding the major market share of electric off-road vehicle market?

The key players, holding majority shares, in electric off-road vehicle market includes Volcon, Inc., Polaris, Inc., PIERER Mobility, Intimidator, Inc., and Zero Motorcycles.

What are the future trends for electric off-road vehicle market?

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.

What are the driving factors impacting the global electric off-road vehicle market?

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.

What is the estimated global market size for electric off-road vehicle market?

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.

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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