Electric Utility Vehicle Global Market Analysis, Trends, Growth, Research And Forecast 2033

The electric utility vehicle market size has grown strongly in recent years. It will grow from $13.88 billion in 2023 to $15.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to rising fuel costs and energy security, industry collaboration and investments, urbanization and congestion concerns, cost reduction in battery production, environmental awareness and sustainability..

The electric utility vehicle market size is expected to see strong growth in the next few years. It will grow to $20.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to charging infrastructure development, regulatory and policy changes, consumer demand and preferences, global market expansion, economic factors.. Major trends in the forecast period include diverse vehicle offerings, range and battery technology improvements, rise of last-mile delivery solutions, fleet electrification initiatives, government and corporate sustainability goals..

Market Overview -
Electric utility vehicle is a battery powered vehicle that is designed for use in various commercial activities. The electric utility vehicles can have a lithium battery with a quick charging system, a high-capacity battery, or a battery swap system.

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The Impact Of E-Commerce And Warehousing Growth On The Electric Utility Vehicle Market
Growth in e-commerce and warehousing is significantly contributing to the growth of the electric utility vehicle market. E-commerce refers to the exchange of products and services, the sending of money or data over an electronic network, or both, whereas, warehousing refers to the practice of keeping items in storage to be later sold or dispersed. Electric utility vehicles such as forklifts are extensively used in e-commerce warehouses to meet carbon-neutrality goals. For instance, according to the UK Warehousing Association, a UK-based logistics trade organization, in 2021, the E-commerce boom has led to a 614% increase in warehouse occupancy by online retailers compared to the last 6 years. Therefore, growth in e-commerce and warehousing is driving the growth of the electric utility vehicle market.

Competitive Landscape -
Major companies operating in the electric utility vehicle market report are Club Car LLC, Polaris Industries Inc., Ligier Professional, E-Z-GO, Alke' S.r.l., Marshell Inc., Taylor-Dunn, Deere & Company, STAR EV, Guangdong Lvtong Electric Vehicles Co. Ltd., Melex Group, Addax Motors, Esagono Energia SRL, PILOTCAR Otomotiv San. ve Tic. A.Ş, Piaggio & C. SpA, Tropos Technologies Inc., Inzile AB, Proterra Inc., Ryvid Inc., NIO Inc., Lucid Group, Rivian Automotive Inc., Chevrolet Motor Division, Amsted Industries Inc., Arcimoto Inc., Canoo Inc., Fisker Inc., BYD Company Limited, Geely Automobile Holdings Limited, SAIC Motor Corporation Limited .

Product Innovation Driving Evolution In The Electric Utility Vehicle Market
Product innovation is the key trend gaining popularity in the electric utility vehicle market. Major companies operating in the electric utility vehicle market are focused on introducing innovative products with advanced features to increase efficiency and enhance the user experience. Such innovations enable key players to gain a competitive edge in the market. For instance, in September 2021, Polaris, a US-based manufacturer of motorcycles, snowmobiles, all-terrain vehicles, and neighbourhood electric vehicles launched Ranger XP Kinetic UTV. The side-by-side/two-seater Ranger XP Kinetic UTV (utility task vehicle) is being offered in two models - the Ultimate and the Premium. The Ultimate has 110 HP and 140 lb-ft (190 Nm) of torque, a 0 to 40 mph (64 km/h) acceleration time of fewer than four seconds, and the ability to tow up to 2,500 pounds (1,134 kg) and carry up to 1,250 lb (567 kg) in its cargo box. According to reports, one charge of its 29.8-KWh lithium-ion battery pack should provide a range of around 80 miles (129 km). It also has 14 inches (356 mm) of ground clearance, 29-inch Pro Armor X-Terrain Tires on 14-inch wheels, a 7-inch vehicle data/navigation touchscreen display, LED headlights, and tail lights, a full-body skid plate, integrated winch and plough attachments, and 12-volt power socket in the cargo box.

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Key Segments -

The electric utility vehicle market covered in this report is segmented -

1) By Vehicle Type: Sports Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Other Vehicle Types
2) By Battery Type: Lithium-ion, Lead-acid, Other Battery Types
3) By Application: Commercial Use, Municipal Use, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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