Electric Utility Vehicles Market Size, Share, Growth, and Industry Analysis, By Type (Acid lead Type, Gel lead Type, and lithium Ion Type), By Application (Commercial Use, Municipal Use, and Others), Regional Insights, and Forecast To 2032

Updated On: 01 April 2024

Electric Utility Vehicles Market REPORT OVERVIEW

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The global electric utility vehicles market size was USD 484.9 million in 2022 and market is projected to touch USD 828.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period.

Electric utility vehicles combine a high work capacity with zero emissions in their design. Since they were recently electrified, commercial vehicles including buses, trucks, and vehicles utilized in the agriculture industry are now more environmentally friendly, quieter, and fuel-efficient. Utility vehicles are more prevalent on the road than passenger vehicles, which results in significant fuel use. Carbon emissions from electric utility cars are dramatically reduced, which has a positive impact on the environment by minimizing greenhouse gas effects. In comparison to internal combustion-powered utility vehicles, electric utility vehicles are quieter and more environmentally friendly.

COVID-19 Impact: Supply Chain Shutdown and Low Demand Impeded Market Growth

Electric utility vehicles are frequently used for tasks such as digging, drilling, and boring. Production and supply chain activities have experienced a little decline as a result of the continuing COVID-19 pandemic crisis, but consumption will rebound with the economy's recovery after the pandemic's containment period. The COVID-19 epidemic has had a significant negative influence on the world economy at many different levels, and the off-road vehicle industry is also feeling the effects. The COVID-19 pandemic crisis is also anticipated to have an impact on the growth of the small utility vehicle industry, and it is anticipated that demand will significantly decline in 2020.

LATEST TRENDS

"Rising Popularity of Lithium Ion to Drive Market Growth"

Due to their low weight, large capacity, and recent price reductions, lithium-ion batteries are becoming more and more popular on an exponential scale. Because of its limitations, lead-acid batteries are less suitable for energy storage applications. These drawbacks include high self-discharging rates and relatively low charge/discharge cycles. Manufacturers are using lithium-ion batteries in electric utility cars as a result of these drawbacks.

Electric Utility Vehicles Market SEGMENTATION

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• By Type

The market is categorized based on types of Acid lead Type, Gel lead Type, and lithium-Ion Type.

• By Application

The market is subcategorized based on other applications into Commercial Use, Municipal Use, and Others.

DRIVING FACTORS

"Government Regulations to Boost Market Sales"

Due to the introduction of new and improved electric utility vehicles, strict government rules and regulations on vehicle emissions, and an increase in fuel prices, the market for electric utility vehicles has grown significantly. However, a lack of infrastructure for charging electric vehicles and their short driving range are limiting the market's expansion. Additionally, it is anticipated that proactive government activities and technological improvements would create growth prospects during the forecast period.

"Innovative Product Designs and Features to Lead Market Demand"

Electric utility vehicles don't burn fossil fuels or release carbon dioxide into the atmosphere. Electric utility vehicles are powered by renewable resources, and the growing emphasis on clean energy and zero carbon emissions has increased their use in a number of end-use industries. Additionally, electric utility vehicles are made more compactly and have fewer moving parts. When compared to other commercial vehicles, their less complicated design has significantly reduced noise. These crucial elements are anticipated to accelerate the adoption of electric utility cars globally and support market revenue growth throughout the forecast timeframe. In the upcoming years, more initiatives to electrify the whole fleet of commercial vehicles are anticipated to increase the electric utility vehicles market growth.

RESTRAINING FACTORS

"Lack of EV Stations in Undeveloped Regions to Restrain Growth"

The requirement for greater capacity batteries for long-haul trucks and a lack of reliable EV battery charging infrastructure in developing and undeveloped nations are two important issues that are anticipated to significantly impede market expansion over the course of the projected period.

Electric Utility Vehicles Market REGIONAL INSIGHTS

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"Rapid Development in Automotive to Foster Growth in North America"

The North American region will lead the electric utility vehicles market share. Due to the rapid development of automotive technology and the rising popularity of electric vehicles over internal combustion engines (ICE) in an effort to create a more fuel-efficient economy, North America is predicted to experience dynamic growth in the electric utility vehicles market during the forecast period.

Due to the region's established automakers and the continued development of smarter and cleaner delivery services, Europe is predicted to experience significant growth in the electric utility vehicles market. For instance, in order to provide better and cleaner delivery services, United Parcel Service (UPS) announced the installation of an electric vehicle (EV) charging infrastructure for its delivery fleet in London in 2018.

With the changing mobility paradigm, wherein fuel-efficient and cleaner fuel vehicles minimize the liability of travel and transportation, Asia Pacific is predicted to have the fastest expanding market for electric utility vehicles.

KEY INDUSTRIAL PLAYERS

"Developed Countries to Lead Market Demand and Production"

The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, and innovations. The report also includes research on companies, technical outcomes, and emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the enterprise. Therefore, the factors specified in the report are subject to change as the market dynamics fluctuate.

List of Market Players Profiled

• Club Car (U.S.)
• Polaris (U.S.)
• Ligier professional (France)
• E-Z-GO (U.S.)
• Alke (Italy)
• Marshell (U.K.)
• Taylor-Dunn (U.S.)
• John Deere (U.S.)
• STAR EV (U.S.)
• Goupil (France)
• Melex (Poland)
• Addax (Switzerland)
• Garia Utility (U.S.)
• Pilotcar (U.S.)

REPORT COVERAGE 

The report has examined elements that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the running shoes industry. The report has listed the worldwide leading manufacturers and the regions that will experience growth during the period.