Electric Utility Vehicle Market Set to Grow at 11.4% CAGR, Reaching $24.98 Billion by 2031

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.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/9983

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.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-utility-vehicle-market/purchase-options

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.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 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

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/9983

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.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Inland Vessels market
https://www.alliedmarketresearch.com/inland-vessel-market-A13092

Recreational Vehicles (RVs) Batteries Market
https://www.alliedmarketresearch.com/recreational-vehicles-rvs-batteries-market-A13677

Railway Traction Motor Market
https://www.alliedmarketresearch.com/railway-traction-motor-market

Automotive Cybersecurity Market
https://www.alliedmarketresearch.com/automotive-cyber-security-market-A08901

Marine Propeller Market
https://www.alliedmarketresearch.com/marine-propeller-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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