Electric Utility Vehicle Market to Observe Promising Growth by 2027
Research Reports
Oct 31, 2022
The global electric utility vehicle market is projected to grow from USD 18.9 billion in 2022 to USD 23.9 billion by 2027, registering a CAGR of 4.8%. Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles were mapped as part of this research. Factors such as improved government push for electrification of agricultural utility vehicles, easy access to charging points, and increased user preference for zero-emission transport will increase the demand for electric utility vehicles. The market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others. These players have worked on providing offerings for the electric utility vehicle ecosystem. They have initiated partnerships to develop their electric utility vehicle technology and offer best-in-class products to their customers.
Electric ATVs are used in forestry, military operations, agricultural purposes, recreation, hunting, and other personal use. It leverages an electric motor drivetrain rather than a gasoline-powered engine. There are three types of electric ATVs: utility, sport, and youth. Electric ATVs have lower installation and operational costs than their ICE counterparts. UTVs differ from ATVs; they are used for work and recreational purposes. Electric UTVs are large, powerful, can seat passengers side by side, and are built with storage space. They are commonly used to haul equipment and supplies in locations that make using a truck impossible. There are two types of engines used for propulsion in electric UTVs: pure and hybrid. Electric ATVs and UTVs produce low operational noise than their ICE counterparts. During hunting, an electric ATV/UTV has advantages over ICE ATV/UTV as they will not scare off their prey with engine noise. ATVs and UTVs are charged using level 1 connectors or on level 2 charging stations. With battery swapping, these vehicles can have more demand, especially ATV/UTV rentals for tourists and recreational services.
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Electric industrial vehicles and material handling equipment are used in various manufacturing industries for tasks such as carrying, pulling, and towing weight, moving goods from one place to another, and others. Electric industrial vehicles such as forklifts, tow tractors, aisle trucks, etc., run on pure electric or hybrid electric powertrain. These vehicles have several advantages over their ICE counterparts. It produces less voice in factories and plants, easy movement in narrow spaces, and less pollution production. Giant companies such as BYD (China), Toyota Industries Corporation (Japan), Hyster Yale (US), WAEV (US), and KION Group (Germany), among others, offer electric industrial vehicles to be leveraged in different applications.
Electric utility and shuttle carts are used in short-distance commercial and passenger transport. The demand for electric shuttles and utility carts is increasing due to the growing pollution worldwide. Since most people use public transport for commuting, global pollution has increased. Governments worldwide have implemented stringent rules and regulations to leverage electric utility carts to reduce the pollution level on a larger scale. Electric shuttle carts transport passengers to golf courses, airports, zoological gardens, shopping centers, railway stations, carparks, theme parks, universities, etc. Simultaneously, electric utility carts are used in low-range freight transport and the hotel and resort industry. Electric utility and shuttle carts produce less noise and have an eco-friendly operation.
Asia Pacific is projected to be the world’s largest market of electric utility vehicles by volume. The major markets in this region are China and Japan. Electric industrial vehicles will likely acquire the largest share of the electric utility market by type. This is attributed to the rapid industrialization in this region, leading to a fast-paced demand for electric industrial vehicles. Similarly, this region has a growing demand for Electric ATVs and UTVs. They are developed for multi-purpose applications and can be used in different applications such as military, agriculture, construction, forestry, etc. The region, thus, offers lucrative opportunities for electric utility vehicle manufacturers. In addition, the increasing demand for recreational, commercial, and sports activities in the region would further drive the electric utility vehicle market. Many Chinese electric utility vehicle manufacturing companies, such as BYD, CF Moto, and Marshell, are engaged in manufacturing electric industrial vehicles, ATVs, UTVs, etc. Japan is home to key global players—Yamaha, Toyota, and Komatsu, among others. Japan’s electric utility market is expected to be dominated by electric industrial utility vehicles and electric carts due to the increase in annual overseas visitors. For instance, Toyota industries offer various electric industrial utility vehicles such as forklifts, tow tractors, and pallet trucks. Komatsu offers electric forklifts and tow tractors. India is expected to grow at the fastest rate during the forecast period in the Asia Pacific region. Many start-ups based in India, such as Nebula Automotive, Auto Rennen, Powerland, and Agro Tractor Vehicles, are continuously growing their technology to enhance their electric utility manufacturing capabilities.
Key Market Players:
The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others
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