Electric Utility Vehicle Market: $22.37 Billion Expansion By 2029 At A CAGR Of 8.8%

Electric utility vehicles are experiencing exponential growth due to increasing fuel costs and energy security, collaborations and investments within the industry, urbanization and congestion concerns, cost reduction in battery production, and environmental awareness and sustainability goals.

What Is The Projected Market Size Of The Global Electric Utility Vehicle Market And Its Growth Rate?
The global electric utility vehicle market has seen significant growth in recent years and is projected to further expand in the future.
- From $14.83 billion in 2024, the market size is estimated to reach $15.97 billion by 2025 at a compound annual growth rate (CAGR) of 7.7%.
- By 2029, the market is expected to grow to $22.37 billion at a CAGR of 8.8%.
The growth can be attributed to factors such as infrastructure development for electric vehicle charging, regulatory and policy changes, consumer demand and preferences, global market expansion, and economic factors.

What Is Driving The Growth In The Electric Utility Vehicle Market?
The growth in eCommerce and warehousing activities is significantly contributing to the growth of the electric utility vehicle market. Electric utility vehicles, like forklifts, are increasingly used in eCommerce warehouses to meet carbon-neutrality goals. In Q2 2024, US retail eCommerce sales reached $291.6 billion, marking a 1.3% increase from Q1 2024 and a 6.7% year-over-year increase. eCommerce accounted for 16.0% of total sales. Such robust growth in eCommerce and warehousing is expected to propel the growth of the electric utility vehicle market further.

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Who Are the Key Players Driving Electric Utility Vehicle Market Growth?
Major companies operating in the electric utility vehicle market include
- 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.

What Are The Key Trends In The Electric Utility Vehicle Market?
Key trends in the electric utility vehicle market include:
- Diverse vehicle offerings
- Range and battery technology improvements
- The rise of last-mile delivery solutions
- Fleet electrification initiatives
- Government and corporate sustainability goals

What Are The Segments Of The Global Electric Utility Vehicle Market?
The electric utility vehicle market is segmented by:
- Vehicle Type: Sports Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Other Vehicle Types
- Battery Type: Lithium-Ion, Lead-Acid, Other Battery Types
- Application: Commercial Use, Municipal Use, Other Applications

Which Region Leads The Electric Utility Vehicle Market?
North America was the largest region in the electric utility vehicle market in 2024. The regions covered in the electric utility vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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What Is Covered In The Electric Utility Vehicle Market Global Market Report?
- Market Size Analysis: Analyze the Electric Utility Vehicle Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Utility Vehicle Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Utility Vehicle Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Utility Vehicle Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, new product launches in the market.

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