The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023 to 2033.
The electric utility vehicle continues to increase in various industries, including agriculture, logistics, construction, and maintenance. Electric utility vehicles are often preferred over traditional fuel-powered vehicles due to their lower operating costs, reduced environmental impact, and improved efficiency.
Some key factors driving the growth of the electric utility vehicle market include:
- Government initiatives: Governments around the world are implementing policies and incentives to encourage the adoption of electric vehicles, including electric utility vehicles. This includes tax credits, subsidies, and regulations that require fleets to reduce their carbon emissions.
- Lower operating costs: Electric utility vehicles have lower operating costs compared to traditional fuel-powered vehicles due to their lower fuel and maintenance costs. This makes them a more cost-effective option for fleets in the long run.
- Increased demand for eco-friendly vehicles: The growing concern about climate change and environmental pollution is driving the demand for eco-friendly vehicles. Electric utility vehicles offer a more sustainable alternative to traditional fuel-powered vehicles.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-16158
However, the growth of E-commerce market represents massive opportunity for the market of electric utility vehicles. This is owing to the fact that the electric utility vehicles seamlessly carry out the task of logistics.
Thus, based on the insights provided by FMI researchers, it can be inferred that “initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”
Key Takeaways:
- The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.
- The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
- The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
- Based on the regional analysis, North America is the largest market.
- Based on the country analysis, USA is the largest market, having a share of 26.8%.
- The Germany market has a share of 13.7%.
- The Japan market has a share of 1.4%.
- The Australia market has a share of 0.6%
- The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
- The India market is expected to grow at a CAGR of 14.5% during the forecast period.
- The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
- On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.
- On the basis of application, the commercial segment has the largest market share.
- On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market.
Direct Purchase of this Report:
https://www.futuremarketinsights.com/checkout/16158
Competitive Landscape
The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.
Some of the recent developments in the electric utility vehicles market are:
- In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
- In September 2022, Tesla announced Joe Gebbia as new independent director.
Key Companies Profiled
- Tesla
- Hyundai Motor Group
- General Motor Company
- Mahindra Electric Mobility
- Columbia Vehicle Group
- Star EV Corporation
- Neuron EV
- Bollinger Motors
- Ford Motor Company
- Toyota Motor Corporation
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-16158
Electric Utility Vehicles Market Segmentation
By Type:
- Electric ATVs
- Electric UTVs
- Electric Utility Carts
- Electric Shuttle Carts
By Battery Type:
- Lead Acid
- Lithium-ion
By Drive Type:
- 2WD
- 4WD
- AWD
By Application:
- Commercial Transport
- Recreation
- Agriculture
- Industrial
- Others
By Seating Capacity:
- 1-seater
- 2-seater
- >2-seater
By Propulsion:
- Pure Electric
- Hybrid Electric
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs