The Electric ATV & UTV Market Will Reach USD 3,845.3 Million By 2030

In 2021, the electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market was worth around USD 707.6 million, and it is projected to advance at a 20.7% CAGR from 2022 to 2030, hitting USD 3,845.3 million in 2030, according to P&S Intelligence.

This development can be ascribed to the increasing popularity of entertaining and adventurous activities and sports, fewer noise emissions, and low price of possession, and the increasing usage of such vehicles for military drives.

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In 2021, the utility-terrain vehicles category had the larger market share, and also it is projected to advance at a CAGR of 22.4% in the coming few years, as UTVs are stronger and smoother than ATVs.

Because of their capability to transport payload and goods, also direct complex terrain, UTVs are gaining more traction among hunters, farmers, and ranchers.

Such vehicles are quite commonly utilized in universities and colleges, where they are usually utilized for ferrying athletes and sports, commuting, and other simple jobs.

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In 2021, the Outdoor recreational applications category had the electric ATV and UTV market share, of approximately 50%, and it is projected to advance at a CARG of 20.1% during the forecast period. This can be credited to the growth in ATV riding happenings as a form of outdoor recreation, mainly in advanced regions, like Europe and North America.

Furthermore, government organizations throughout the continent have amplified the investments for the building of off-road trails, in an effort to motivate outdoor tourism and advance the continent's adventure sports offerings.

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This release was published on openPR.