Electric utility vehicle is a zero emission vehicle, which utilizes electric motor to carry out a specific task. In addition, these vehicles are utilized in farms, parks, logistics, or carrying any other utilities. Airports, warehouses, and industrial facilities use specialized electric utility vehicles. Moreover, electric utility vehicle also find application in recreational activities and last mile deliveries.
The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks, such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks, manufacturers are utilizing lithium-ion batteries in electric utility vehicles.
In addition, several manufacturers are innovating in lithium-ion batteries to provide fast charging in upcoming electric vehicles as well as electric utility vehicles. For instance, in March 2020, General Motors introduced Ultium batteries. Ultium battery work upon a new type of lithium-ion chemistry being developed by GM and LG Chem under the Ultium brand name. GM’s new Ultium batteries can be stacked vertically or horizontally inside the battery pack. It also aids in providing estimated range up to 400 miles. Moreover, Ultium-powered electric vehicles are expected to have Level 2 and DC fast charging.
The growth of the global electric utility vehicle market has propelled, due to launch of new and improved electric utility vehicle, stringent government rules & regulations toward vehicular emission, and increase in fuel costs. However, lack of charging infrastructure and limited driving range of electric vehicle are the factors hampering the growth of the market. Furthermore, technological advancements and proactive government initiatives are the factors expected to offer growth opportunities during the forecast period.
The electric utility vehicle market is segmented on the basis of battery type, vehicle type, application, and region. By battery type, it is segmented into lithium-ion, lead-acid, and others. By vehicle type, it is classified into sport utility vehicle, multi utility vehicle, utility terrain vehicle, and others. By application, it is fragmented into passenger commute, industrial, agricultural, sports, and others. Moreover, it analyzes the current market trends of electric utility vehicle across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies.
The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks, such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks, manufacturers are utilizing lithium-ion batteries in electric utility vehicles.
In addition, several manufacturers are innovating in lithium-ion batteries to provide fast charging in upcoming electric vehicles as well as electric utility vehicles. For instance, in March 2020, General Motors introduced Ultium batteries. Ultium battery work upon a new type of lithium-ion chemistry being developed by GM and LG Chem under the Ultium brand name. GM’s new Ultium batteries can be stacked vertically or horizontally inside the battery pack. It also aids in providing estimated range up to 400 miles. Moreover, Ultium-powered electric vehicles are expected to have Level 2 and DC fast charging.
The growth of the global electric utility vehicle market has propelled, due to launch of new and improved electric utility vehicle, stringent government rules & regulations toward vehicular emission, and increase in fuel costs. However, lack of charging infrastructure and limited driving range of electric vehicle are the factors hampering the growth of the market. Furthermore, technological advancements and proactive government initiatives are the factors expected to offer growth opportunities during the forecast period.
The electric utility vehicle market is segmented on the basis of battery type, vehicle type, application, and region. By battery type, it is segmented into lithium-ion, lead-acid, and others. By vehicle type, it is classified into sport utility vehicle, multi utility vehicle, utility terrain vehicle, and others. By application, it is fragmented into passenger commute, industrial, agricultural, sports, and others. Moreover, it analyzes the current market trends of electric utility vehicle across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric utility vehicle market analysis from 2021 to 2031 to identify the prevailing electric utility vehicle market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric utility vehicle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric utility vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Vehicle Type
- Sport Utility Vehicle
- Multi Utility Vehicle
- Utility Terrain Vehicle
- Others
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports
- Others
By Battery Type
- Lithium-ion
- Others
- Lead-acid
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key 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
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE
CHAPTER 5: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE
CHAPTER 6: ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION
CHAPTER 7: ELECTRIC UTILITY VEHICLE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Electric Utility Vehicle Market," the electric utility vehicle market was valued at $8.59 billion in 2021, and is estimated to reach $24.98 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.Asia-Pacific is expected to dominate the global electric utility vehicle market in 2021. The growth of the electric utility vehicle market in Asia-Pacific is primarily driven by increase in demand for power sports recreational activities in many countries, including China, Australia, and India. Higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles boost the growth of electric utility vehicles in developing countries, such as India, China, and Indonesia, which create lucrative opportunities for the market in the region. Consumer perception and willingness to purchase automobiles with new technologies increase the demand for these vehicles in the region.
The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks, electric utility vehicle manufacturers are utilizing lithium-ion batteries in electric utility vehicles. In addition, several manufacturers are innovating in lithium-ion batteries to provide fast charging in upcoming electric vehicle as well as electric utility vehicle.
By vehicle type, the global electric utility vehicle market is segregated into sport utility vehicle, multi utility vehicle, utility terrain vehicle, and others. Sports utility vehicle refers to the large vehicles that have four-wheel drive capabilities and are suitable for off-road driving. These vehicle can be used to drive over rough surfaces and conditions. These vehicle are larger than regular cars but have a much stronger, sporty look with easy driving motors. In addition, these vehicle usually are equipped with increased cargo storage, improved towing capacity, and off-road capabilities such as low-range gearing. Moreover, these vehicle are frequently utilized by people who live or work in areas with tough terrain such as farms, forest, deserts or snow-covered ground. Furthermore, electric vehicle manufacturers are now focusing on the development of e-SUVs owing to stringent environmental regulations. E-SUVs are powered by battery and have several advantages, such as low maintenance cost, safety features such as driver assistance, and low energy consumption with improved driving range.
The growth of the global electric utility vehicle market is propelling, due to launch of new and improved electric utility vehicle, stringent government rules and regulations toward vehicular emission, and increase in fuel costs. However, lack of charging infrastructure and limited driving range of electric vehicle hamper the growth of the market. Furthermore, technological advancements and proactive government initiatives are expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis
- The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing low sales of passenger cars and temporary suspension of production of vehicles across the globe, which in turn resulted in decrease in the demand for automotive across the globe. For instance, in 2020, global automobiles production recorded a drop of 16% in vehicle production. In addition, in March 2020, in India, Hyundai suspended manufacturing operations at its Chennai facility due to the COVID-19 pandemic.
- Several automobile manufacturers faced shortage of components, such as semiconductor chips, and others, which further resulted in delay in production of automobiles. For instance, in 2020, Nissan had to halt production for two days at a plant in Japan, which manufactures Serena and X-Trail models due to shortage of automotive parts. In addition, the COVID-19 pandemic also had an adverse effect on electric utility vehicle industry. As per the data released by Society of Electric Vehicle Manufacturers (SMEV), new EV registration of all types of electric vehicles during 2021 dropped by 20% as compared with the number of new EV registrations in 2020.
- However, it is been predicted that though the sales of electric vehicles were hampered due to the pandemic for a short term, the industry is set to bounce back with the higher growth than that of the previous years, owing to the consistently rise in fuel prices and rising concerns towards environmental pollutions coupled with provision of the subsidies by various governments.
Key Findings of the Study
- By battery type, the lithium-ion battery segment is anticipated to exhibit significant growth in the near future.
- By vehicle type, the utility terrain vehicle segment is anticipated to exhibit significant growth in the near future.
- By application, the agricultural segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
- Key players operating in the global electric utility vehicle market include, Alke, Bollinger Motors, Club Car, Columbia Vehicle, Ford Motor Company, General Motors Company, Hyundai, Mahindra Electric Corporation, Marshell, Neuron EV, Polaris, Star EV, Tesla, Toyota Motor Corporation, and Tropos Motor.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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