Press release
Global Electric Utility Vehicle Market Set For 8.50% Growth, Reaching $20.33 Billion By 2028
Electric Utility Vehicle Market
The global electric utility vehicle market reached a value of nearly $13.84 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.79% since 2018. The market is expected to grow from $13.84 billion in 2023 to $20.33 billion in 2028 at a rate of 8.00%. The market is then expected to grow at a CAGR of 8.50% from 2028 and reach $30.57 billion in 2033.
What are the upcoming opportunities in the global electric utility vehicle market?
The key players in the market are adopting extensive strategies in the electric utility vehicle market such as:
• Focus on enhancing business operations through new launches: Companies are introducing innovative electric utility vehicle models to meet growing demand and differentiate themselves in the market.
• Expanding operational capabilities through strategic partnerships and collaborations: Manufacturers are forming alliances with technology providers, energy companies, and other stakeholders to strengthen their market presence and expand operational reach.
• Enhancing product portfolio: Companies are diversifying their offerings by integrating advanced features, improving vehicle performance, and introducing new designs to appeal to a wider customer base.
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To take advantage of the opportunities, The Business Research Company recommends the electric utility vehicle companies to focus on:
• Focus on innovative developments in street-legal utility vehicles: Companies are creating new street-legal electric utility vehicles that can be used in urban areas, meeting regulatory requirements while offering eco-friendly alternatives to traditional vehicles.
• Revolutionizing the utility vehicle segment with new electric models: Manufacturers are introducing electric utility vehicle models that offer better efficiency, sustainability, and performance, transforming the traditional utility vehicle market.
• Increased focus on clean mobility with hydrogen vehicles: There is a growing emphasis on developing hydrogen-powered utility vehicles, aiming to reduce carbon emissions and provide an alternative to battery-powered options in clean mobility.
• Advancements in electric delivery technology for urban markets: Companies are enhancing electric vehicles designed for delivery purposes, focusing on improving last-mile delivery efficiency, reducing emissions, and meeting the demands of urban logistics.
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Who are the major companies operating in the global electric utility vehicle market?
The global electric utility vehicle market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 15.5% of the total market in 2023. Polaris Industries Inc. was the largest competitor with a 4.0% share of the market, followed by:
• Deere & Company.
• Textron Inc.
• Zhejiang Chunfeng Power Co., Ltd.
• The Toro Company
• Marshell Green Power Co. Ltd.
• Club Car LLC.
• Yamaha Motor Co. Ltd.
• Columbia Vehicle Group Inc.
• American Landmaster.
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