Global Electric Utility Vehicle Market Expansion at 7.6% CAGR, Valued at $21.31 Billion by 2029

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What Are the Electric Utility Vehicle Market Size Forecast for 2025?
The market size for electric utility vehicles has witnessed considerable growth in the past few years. The sector is expected to expand from a value of $14.92 billion in 2024 to $15.91 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.7%. Factors such as escalating fuel prices and energy security concerns, collaborations and investments within the industry, urbanization and traffic congestion issues, decreasing costs of battery production, and heightened environmental consciousness and sustainability efforts have contributed to the historical growth.

What Is the Market Size Outlook for Electric Utility Vehicle Until 2029?
The market size for electric utility vehicles is projected to witness substantial growth in the approaching years, reaching $21.31 billion in 2029 with a compound annual growth rate (CAGR) of 7.6%. The surge predicted for the forecast period is due to factors such as advancements in charging infrastructure, alterations in regulation and policy, consumer need and changing preferences, worldwide market growth, and economic circumstances. Notable trends for the forecast period encompass a variety of vehicle options, enhancement in range and battery technology, the emergence of last-mile delivery solutions, campaigns for fleet electrification, as well as government and corporate sustainability endeavors.

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What Are the Major Factors Driving Demand in the Electric Utility Vehicle Market?
The electric utility vehicle market is seeing significant growth, fueled by the rise in e-commerce and warehousing. E-commerce involves the transfer of goods and services, monetary transactions or data over an electronic network, or a combination of these. Warehousing, on the other hand, is the process of storing products for future sale or distribution. Electric utility vehicles, such as forklifts, are being heavily utilized in e-commerce warehouses in order to meet carbon-neutrality objectives. For example, in August 2024, the United States Census Bureau, a government agency in the U.S., reported that the retail e-commerce sales in the U.S. for Q2 2024, adjusted for seasonal variations, were $291.6 billion, marking a 1.3% increase from Q1 2024. The total retail sales were estimated to be $1,826.9 billion, indicating a 0.5% rise from the previous quarter. The growth in e-commerce sales was 6.7% year-over-year, whereas the increase in total retail sales was 2.1%. E-commerce made up 16.0% of all sales. On a non-adjusted basis, e-commerce sales for Q2 2024 were valued at $282.3 billion, which accounted for 15.2% of all sales. Hence, the upward trajectory in e-commerce and warehousing is propelling the growth of the electric utility vehicle market.

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How Are End-Use Segments Shaping the Electric Utility Vehicle Market Outlook?
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

Subsegments:
1) By Sports Utility Vehicle (SUV): Compact SUVs, Midsize SUVs, Full-Size SUVs
2) By Multi Utility Vehicle (MUV): Passenger MUVs, Commercial MUVs
3) By Utility Terrain Vehicle (UTV): Side-By-Side UTVs, Four-Wheel Drive UTVs
4) By Other Vehicle Types: Electric Pickup Trucks, Electric Vans, Electric Buses

What Are the Strategic Trends Transforming the Electric Utility Vehicle Market Landscape?
The primary trend garnering attention in the electric utility vehicle market is product innovation. Many large companies within this market are concentrating their efforts on developing cutting-edge products filled with advanced features to boost performance and enrich the user experience. These ground-breaking advances allow leading entities to maintain their competitive edge. For example, in March 2023, Club Car, an American manufacturer of gas and electric golf, utility, and personal transportation vehicles, unveiled the new Club Car Urban LSV and XR. This latest Urban platform heightens Club Car's already prominent electric vehicle collection, which has a long-standing history of prominence in commercial markets. Offering a stylish automobile design, user-friendly layout, a top speed of 25 mph for road use, and the capacity for vehicle personalization to meet specific requirements, the new Club Car Urban presents a unique utility vehicle resolution catering to the needs of large campuses, last-mile delivery, municipalities, and hospitality settings.

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Who Are the Prominent Companies in the Electric Utility Vehicle Market by ?
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., Melex Group, Addax Motors, Esagono Energia SRL, PILOTCAR Otomotiv San. ve Tic. A.S, Tropos Technologies Inc., Proterra Inc., Rivian Automotive Inc., Arcimoto Inc., Canoo Inc., BYD Company Limited, SAIC Motor Corporation Limited

Which Region Is Expected to See the Highest CAGR in 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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