Global Electric Utility Vehicle Market Size, Trends & Growth Opportunity, By Battery Type (Lead-acid, Lithium-ion, and Others), By Vehicle Type (Sport Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, and Others), By Application (Passenger Commute, Industrial, Agricultural, Sports, and Others), By Region and Forecast till 2030.
Global Electric Utility Vehicle Market
The Global Electric Utility Vehicle Market is expected to grow from US$ 18.3 Billion in 2022 to US$ 27.29 Billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2023-2030.
Market Overview
Electric utility vehicles are used for outdoor activities like fishing and hunting. It is also employed in agriculture for jobs like towing, feeding livestock, and construction work. Internal combustion engines, which use fossil fuels to power the vehicle and produce emissions, are the basis for the majority of utility vehicles on the road today. The desire for electric utility vehicles is being fueled by the fact that they are environmentally friendly, emit no emissions, and require no upkeep.
Market Drivers
The number of storage facilities is rising for each region due to the rising need for warehouses in the e-commerce, consumer goods, electronics, automotive component manufacturing, and industries. It is anticipated that the market for commercial electric utility vehicles would expand as a result of the rise in onsite storage facilities. Furthermore, there will be a greater need for effective electric forklifts as the number of storage facilities grows and material handling becomes more widespread.
Market Restraints
Over the course of the projection period, market expansion is anticipated to be severely hampered by growing constraints such as the need for higher capacity battery packs for long-haul trucks and a lack of effective EV battery charging infrastructure in emerging and underdeveloped nations.
Impact of Covid-19
Although the pandemic temporarily hindered the sales of electric vehicles, it is anticipated that the industry will recover with a higher growth rate than the previous year due to the consistent rise in fuel prices, growing environmental concerns, and the provision of subsidies by various governments. The pandemic significantly slowed the growth of the electric utility vehicle market, but it is predicted to grow quickly as a result of governments' increased efforts to support the automotive industry in their nations, as well as the rising popularity of electric vehicles due to their affordability and environmental advantages.
Market Segmentation
Segmentation By Battery Type: Global Electric Utility Vehicle Market is segmented on the basis of Battery Type into Lead-acid, Lithium-ion, and Others.
Segmentation By Vehicle Type: Global Electric Utility Vehicle Market is segmented on the basis of Vehicle Type into Sport Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, and Others.
Segmentation By Application: Global Electric Utility Vehicle Market is segmented on the basis of Application into Passenger Commute, Industrial, Agricultural, Sports, and Others.
Segmentation By Region: Global Electric Utility Vehicle Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Due to the quick adoption of strategies for decreasing carbon emissions and rising research expenditures, North America is predicted to hold a sizable revenue share in the global market.
Market Key Players
Various key players are discussed in this report such Tesla Inc., Tropos Motors, Columbia Vehicle Group Inc., Marshell Green Power, Polaris Inc., Club Car, Star EV Corporation, Neuron EV, Bollinger Motors, Mahindra Electric Mobility Limited, Ford Motor Company, The General Motors Company, Toyota Motor Corporation, and Hyundai Motor Company.
Key Developments
• In India, Mahindra Electric Mobility Limited introduces the Zor Grand sport utility electric vehicle in August 2022. The company's market share in India's electric utility vehicle sector has been seized by the launch.
Market Taxonomy
By Battery Type
• Lead-acid
• Lithium-ion
• Others
By Vehicle Type
• Sport Utility Vehicle
• Multi Utility Vehicle
• Utility Terrain Vehicle
• Others
By Application
• Passenger Commute
• Industrial
• Agricultural
• Sports
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Key Questions Addressed by the Report
• What are the Key Opportunities in Global Electric Utility Vehicle Market?
• What will be the growth rate from 2023 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?
Global Electric Utility Vehicle Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Electric Utility Vehicle Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply & Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Electric Utility Vehicle Market, By Battery Type
5.1 Y-o-Y Growth Comparison, By Battery Type
5.2 Global Electric Utility Vehicle Market Share Analysis, By Battery Type
5.3 Global Electric Utility Vehicle Market Size and Forecast, By Battery Type
5.3.1 Lead-acid
5.3.2 Lithium-ion
5.3.3 Others
6 Global Electric Utility Vehicle Market, By Vehicle Type
6.1 Y-o-Y Growth Comparison, By Vehicle Type
6.2 Global Electric Utility Vehicle Market Share Analysis, By Vehicle Type
6.3 Global Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
6.3.1 Sport Utility Vehicle
6.3.2 Multi Utility Vehicle
6.3.3 Utility Terrain Vehicle
6.3.4 Others
7 Global Electric Utility Vehicle Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Electric Utility Vehicle Market Share Analysis, By Application
7.3 Global Electric Utility Vehicle Market Size and Forecast, By Application
7.3.1 Passenger Commute
7.3.2 Industrial
7.3.3 Agricultural
7.3.4 Sports
7.3.5 Others
8 Global Electric Utility Vehicle Market, By Region
8.1 Global Electric Utility Vehicle Market Share Analysis, By Region
8.2 Global Electric Utility Vehicle Market Share Analysis, By Region
8.3 Global Electric Utility Vehicle Market Size and Forecast, By Region
9 North America Electric Utility Vehicle Market Analysis and Forecast (2023 – 2030)
9.1 Introduction
9.2 North America Electric Utility Vehicle Market Share Analysis, By Battery Type
9.3 North America Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
9.4 North America Electric Utility Vehicle Market Size and Forecast, By Application
9.5 North America Electric Utility Vehicle Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Electric Utility Vehicle Market Analysis and Forecast (2023 – 2030)
10.1 Introduction
10.2 Europe Electric Utility Vehicle Market Share Analysis, By Battery Type
10.3 Europe Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
10.4 Europe Electric Utility Vehicle Market Size and Forecast, By Application
10.5 Europe Electric Utility Vehicle Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11 Asia Pacific Electric Utility Vehicle Market Analysis and Forecast (2023 – 2030)
11.1 Introduction
11.2 Asia Pacific Electric Utility Vehicle Market Share Analysis, By Battery Type
11.3 Asia Pacific Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
11.4 Asia Pacific Electric Utility Vehicle Market Size and Forecast, By Application
11.5 Asia Pacific Electric Utility Vehicle Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Electric Utility Vehicle Market Analysis and Forecast (2023 – 2030)
12.1 Introduction
12.2 Latin America Electric Utility Vehicle Market Share Analysis, By Battery Type
12.3 Latin America Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
12.4 Latin America Electric Utility Vehicle Market Size and Forecast, By Application
12.5 Latin America Electric Utility Vehicle Market Size and Forecast, Country
13Middle East Electric Utility Vehicle Market Analysis and Forecast (2023 – 2030)
13.1 Introduction
13.2 Middle East Electric Utility Vehicle Market Share Analysis, By Battery Type
13.3 Middle East Electric Utility Vehicle Market Size and Forecast, By Vehicle Type
13.4 Middle East Electric Utility Vehicle Market Size and Forecast, By Application
13.5 Middle East Electric Utility Vehicle Market Size and Forecast, By Country
14Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Tesla Inc.
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Tropos Motors
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Columbia Vehicle Group Inc.
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Marshell Green Power
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Polaris Inc.
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Club Car
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Ford Motor Company
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 The General Motors Company
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Hyundai Motor Company
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
