Electric Utility Vehicle Market to Reach $24.98 Bn, Globally, by 2031 at 11.4% CAGR: Allied Market Research

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Aug 26, 2022, 09:30 ET

Stringent government regulations regarding vehicular emissions, launch of new electric utility vehicles, and rise in fuel costs propel the global electric utility vehicle market growth.

PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electric Utility Vehicle Market 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): Global Opportunity Analysis and Industry Forecast 2021-2031". As per the report, the global electric utility vehicle industry was accounted for $8.59 billion in 2021, and is expected to reach $24.98 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.

Major determinants of the market growth

Strict government rules and regulations toward vehicular emission, launch of new and improved electric utility vehicles, and surge in fuel costs have boosted the growth of the global electric utility vehicle market. However, dearth of charging infrastructure and limited driving range of electric vehicles hinder the market growth. On the contrary, technological developments and favorable government initiatives would open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic resulted in disruption of supply chain, which reduced the sale of passenger cars and demand for automotive across the globe.
The pandemic had a negative impact on the manufacturing of electric utility vehicles, especially due to lack of workforce.
However, it is estimated that the sales of electric vehicles were hampered just for a short term. The rise in fuel prices and surge in concerns toward environmental pollutions would fuel the market.

The sport utility vehicle segment dominated the market

By vehicle type, the sport utility vehicle segment held the largest share in 2021, accounting for more than one-third of the global E- utility vehicle market, as large vehicles that have four-wheel drive capabilities and are suitable for off-road driving. Moreover, SUVs are frequently utilized by people who live or work in areas with tough terrain, such as farms, forest, desert, or snow-covered ground, which boosted the growth of the segment. However, the utility terrain vehicle segment is estimated to register the highest CAGR of 12.7% during the forecast period. Numerous UTV manufacturers have launched new electric utility terrain vehicles to provide greener and safer alternative to gasoline-fueled cars and trucks, which leads to the growth of the market.

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The agricultural segment to portray the highest CAGR through 2031

By application, the agricultural segment is projected to manifest the highest CAGR of 13.7% from 2022 to 2031. Electric utility vehicles are utilized in the agricultural sector for performing several tasks, such as loading-unloading of materials and moving equipment from one place to another. Farm owners utilize these vehicles as they are rugged, aid in transportation of supplies across the farm, and perform various tasks efficiently. However, the passenger commute segment held the largest share in 2021, contributing to nearly one-third of the global electric utility vehicle market, due to increase in development of passenger vehicles for commute with customizable options.

The lithium-ion segment held largest share

By battery type, the lithium-ion segment dominated the market in terms of revenue in 2021, accounting for more than three-fourths of the global electric utility vehicle market, and is expected to continue its dominance during the forecast period. In addition, the segment is projected to showcase the highest CAGR of 11.9% during the forecast period, due to popularity of lithium-ion batteries as they are lightweight, high capacity, and affordability. In addition, lead-acid batteries have several drawbacks including high self-charging rates and relatively low charge/discharge cycles. Due to these drawbacks, which boosted the growth of the segment. The report includes analysis of the lead-acid and others segments.

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Asia-Pacific held the lion's share

By region, the global electric utility vehicle market across Asia-Pacific dominated in 2021, accounting for nearly two-fifths of the market. In addition, the region is expected to register the highest CAGR of 12.2% during the forecast period, due to rose in trend toward adopting non-fossil fuel-based vehicle in developing countries such as China, India, and Indonesia as consumers' perception and wiliness to purchase automobiles with new technologies is increased in the region. The report includes analysis of the market across LAMEA, North America, and Europe.

Major market players

Tesla, Inc.
Alkè
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
Hyundai Motor Company

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Similar Reports We Have on Utility Vehicle Industry:

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Sports Utility Vehicle Market by Type (SUV-C, SUV-D, SUV-E, and SUV-F), Fuel (Diesel, Petrol, Electric SUV, and Others), Price (Medium and Premium), and Seating Capacity (5 Seaters, 7 Seaters, and 8 & Above Seater): Global Opportunity Analysis and Industry Forecast, 2021–2030.

Utility Vehicle Market by Vehicle Type (Sport Utility Vehicle (SUV), Multi Utility Vehicle (MUV), Utility Terrain Vehicle (UTV) (Work, Crossover, and Leisure), and Others), Application (Passenger Commute, Industrial, Agricultural, Sports, and Others), and Propulsion (IC Engine Powered, Electric Powered, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

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