The electric utility vehicle market is expected to grow from US$ 19.12 billion in 2022 to US$ 28.39 billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2022 to 2030.
Analyst Perspective:
The electric utility vehicle market has witnessed noteworthy growth in recent years, driven by rising government spending on the development of the electric charging infrastructure and increasing government incentive scheme for the consumer who buys electric vehicles around the globe. EU countries’ government’s spending on providing incentives and subsidies for electric vehicles reached around US$ 30 billion in 2021 and is growing at a rapid pace. Also, an increasing number of countries' norms to phase out conventional internal combustion engine-based vehicles are driving the market growth. Meanwhile, automotive manufacturers have planned to electrify their existing fleets to meet government policies. Rising demand for electrification transportation around the globe is driving the market growth. In Europe, more than 180 Electric vehicle models were launched as of 2021. These vehicles are being provided with government incentives and funding to promote electric vehicle sales in the EU countries. Favorable government policies to reduce consumer barriers with growing awareness among individuals about clean transportation are expected to create ample opportunity in the future. Rising investment by the local and state authorities for the development of all-electric mobilities to adopt clean and zero-emission vehicles drives the electric utility vehicle market.
Market Overview:
The definition of an electric utility vehicle is a vehicle, generally motorized with electric batteries, designed to carry various specific tasks with more efficiency than passenger vehicles. The EUVs can have a high-capacity battery, a battery swap system, or a lithium battery with a quick charging system. The original utility vehicles had small gas engines, such as a four-stroke single-cylinder. The EUVs have high-capacity batteries with a battery swapping system and in-built lithium batteries with a quick charging system. The demand for electric utility vehicles has increased exponentially globally owing to the increasing demand for low-emission alternatives to off-road vehicles such as ATVs and UTVs with the rapid electrification of utility carts and shuttle carts. Increased use of battery-operated material handling vehicles such as forklifts and tow-tractors for indoor applications is driving the global electric utility vehicle market growth. The demand for electric utility and shuttle carts is also driven by the rapid installation of charging stations and significant investments by government bodies for charging infrastructure around the globe.
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Electric Utility Vehicle Market: Strategic Insights
Electric Utility Vehicle Market
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CAGR (2023 - 2031)
5.10%
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Market Size 2023
US$ 20.10 Billion
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Market Size 2031
US$ 29.92 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- American LandMaster
- Bintelli Electric Vehicles
- Deere and Company
- Ingersoll-Rand plc
- Marshell Green Power Co. Ltd
- Polaris Inc.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- Textron Inc.
- The Toro Company
- Yamaha Motor Co., Ltd.
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Battery Type
- Lithium-ion
- Lead Acid
- Others
Drive Type
- Two-Wheel Drive
- Four-Wheel Drive
By Speed
- Up to 25 mph
- 26-45 mph
- Above 45 mph
Application
- Mining
- Building & Construction
- Sports
- Agriculture
- Golf Course
- Commercial
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Electric Utility Vehicle Market: Strategic Insights
-
CAGR (2023 - 2031)5.10% -
Market Size 2023
US$ 20.10 Billion -
Market Size 2031
US$ 29.92 Billion
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- American LandMaster
- Bintelli Electric Vehicles
- Deere and Company
- Ingersoll-Rand plc
- Marshell Green Power Co. Ltd
- Polaris Inc.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- Textron Inc.
- The Toro Company
- Yamaha Motor Co., Ltd.
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Battery Type - Lithium-ion
- Lead Acid
- Others
Drive Type - Two-Wheel Drive
- Four-Wheel Drive
By Speed - Up to 25 mph
- 26-45 mph
- Above 45 mph
Application - Mining
- Building & Construction
- Sports
- Agriculture
- Golf Course
- Commercial
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Driver:
Increased Investment to Expand EV Infrastructure and Smart Grid Drives the Global Electric Utility Vehicle Market
Several country's governments are continuing to support EV sales and investing in building the charging infrastructure. The government authorities are supporting to build the charging stations for all communities. For instance, in March 2023, the US Department of Transportation planned to invest more than US$ 2.5 billion in the new charging and fueling infrastructure. Also, the Indian government launched the FAME-India Under phase-II Scheme with a budget of around US$ 120 million for the charging infrastructure development. The Indian Ministry sanctioned more than 2,877 charging stations across 68 cities in 25 states in India to facilitate the charging of electric vehicles. At the same time, local authorities and private companies are also supporting the installation of charging infrastructure in the existing buildings.
Also, rising government plans and investment for grid expansion with the adoption of digital technologies for facilitating two-way communication between EVs and grids are projected to create significant opportunities for market growth. Global spending on electric cars reached US$ 280 billion in 2021, as per the International Energy Agency (IEA), and the size is increasing at a rapid pace with government support and initiative schemes. Government spending in Europe on providing subsidies for EV purchases and providing tax waivers reached around US$ 30 billion in 2021, as per the IEA. The government's share of the total spending for electric cars reached around 10% in 2021.
In China, consumer spending on e-mobility reached US$ 90 billion in 2021. However, government spending on the purchase of electric cars ranges between US$ 2,000 to USD 3,750 in developed countries such as the US, Germany, France and many others. In the United States, consumer and government spending increased by 15% in 2021.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
Based on battery type, the global electric utility vehicle market is divided into lead-acid, lithium-ion, and others. The lithium-ion segment held the largest share of the market in 2022 and is growing at a rapid pace, registering the highest CAGR during the forecast period. The lithium-ion batteries have shown a significant share in 2022 owing to an increase in the battery manufacturing capacities & government funding with initiatives. For instance, in February 2022, the US Department of Energy planned to invest more than US$ 3.0 billion in strengthening the US Supply Chain for the development of the advanced battery requirement for vehicles and energy storage.
Regional Analysis:
North America is expected to dominate the electric utility vehicles owing to the rapid adoption of golf cars by the institutes for in-campus driving, delivery service providers and others. Also, increasing government initiatives and funding for the promotion of clean transportation with growing consumer awareness is driving the electric utility vehicle market at a rapid pace. Also, rising demand for golf cars and electric utility vehicles for traveling short distances is driving the market growth. According to the IEA, more than 300,000 electric, as well as gas-powered golf electric vehicles have been sold annually. Among this, North America’s share is expected to have more than 50% in the overall golf and electric utility vehicle market and is growing by 3% to 4% annually. Electric utility vehicles are used for a wide range of turf applications at manufacturing facilities, airports, college campuses and among others. They have a wide range of applications for the transport of people and material handling.
Further, in the Asia Pacific region, China is growing at the highest CAGR during the forecast period owing to the rapid adoption of EVs for passenger and goods transportation. According to the International Energy Agency, the electric car sale in China reached more than 3.3 million in 2021 and is growing at a rapid pace. In China, the electric cars sale accounted for around 16% of sales compared to conventional domestic cars in 2021. This growth is driven by government support and initiatives to accelerate the decarbonization plan by 2025. Also, China’s subnational have implemented certain regulations to promote the EVs sale, such as providing local subsidies, tax benefits, financial incentives and certain exemptions for the purchase of EVs.
In Europe, as per the IEA, the electric car sales reached 2.3 million units, increased by 65% compared to last year in 2020. European companies are developing and commercializing electric utility vehicles to fulfill the various products demand and to meet the consumer preferences of the vehicles. These manufacturers are investing a considerable amount in research and development to introduce advanced features and improve the vehicles designs. Additionally, the rising development of distribution networks through well-established retail stores in Europe has facilitated growth for the electric utility vehicle market for consumers. Also, these vehicles were made available to buy from various online e-commerce with the option to select a variety of electric utility vehicle models in Europe.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Key Player Analysis:
The electric utility vehicle market analysis consists of players such as BYD Co. Ltd., Club Car, Waev Inc., Polaris Inc., Toyota Industries, Ari Motors, John Deere, Alke, Textron, Tesla, Inc. and among others. These players are launching new advanced features based on electric utility vehicles to prove the diversified product portfolio for consumers.
Recent Developments:
The strategies adopted by the key players include new product launching, mergers and acquisitions, partnerships and collaborations to remain competitive in the market. Some of the recent key market developments are listed below:
- In June 2023, the E-Z-Go subsidiary brand of Textron, Inc. launched the Liberty low-speed vehicle named Freedom RXV with a stylish look and offers a comfortable ride. The Liberty LSV is designed with a top speed of 25 mph that meets all the National Highway Traffic Safety Administration standards.
- In June 2022, John Deere launched a TE 4x2 Electric AutoTrac steering system for Gator Electric Utility Vehicles. This vehicle is used to solve agriculture problems by offering precision farming for smaller areas.
- In May 2022, BYD Co. Ltd. launched a forklift model named ECB 70/80, which is equipped with a battery and charging system with 9 hours range on a single charge.
Electric Utility Vehicle Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 20.10 Billion |
| Market Size by 2031 | US$ 29.92 Billion |
| Global CAGR (2023 - 2031) | 5.10% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Battery Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Battery Type, Drive Type, Speed, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. American LandMaster
2. Bintelli Electric Vehicles
3. Deere and Company
4. Ingersoll-Rand plc
5. Marshell Green Power Co. Ltd
6. Polaris Inc.
7. Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
8. Textron Inc.
9. The Toro Company
10. Yamaha Motor Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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