Electric Utility Vehicle Global Market Report 2024

The electric utility vehicle market size has grown strongly in recent years. It will grow from $13.88 billion in 2023 to $15.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed during the historic period in the electric utility vehicle industry can be attributed to several factors. These include the rise in fuel costs and concerns about energy security, increased industry collaboration and investments in electric vehicle technologies, urbanization leading to concerns about congestion and pollution, cost reductions in battery production making electric vehicles more viable, and growing environmental awareness and a focus on sustainability. These factors collectively contributed to the expansion of the electric utility vehicle market during that time.

The electric utility vehicle market size is expected to see strong growth in the next few years. It will grow to $20.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period for electric utility vehicles can be attributed to various factors. These include the development of charging infrastructure, regulatory and policy changes supporting electric vehicles, increasing consumer demand and preferences for sustainable transportation, the global expansion of the electric vehicle market, and economic factors influencing the adoption of electric utility vehicles. Major trends expected in the forecast period encompass a diverse range of vehicle offerings, continuous improvements in range and battery technology, the rise of last-mile delivery solutions, initiatives for fleet electrification, and a growing alignment with government and corporate sustainability goals.

The expansion of e-commerce and warehousing activities is playing a significant role in propelling the growth of the electric utility vehicle market. E-commerce involves the exchange of goods and services over electronic networks, while warehousing encompasses the storage of items for future distribution or sale. Electric utility vehicles, particularly forklifts, are extensively utilized in e-commerce warehouses as part of efforts to achieve carbon-neutrality objectives. Notably, the UK Warehousing Association reported a staggering 614% surge in warehouse occupancy by online retailers in 2021, a substantial increase over the past six years. This surge underscores the pivotal role of e-commerce and warehousing in driving the demand for electric utility vehicles.

The upsurge in tourism is anticipated to fuel the growth of the electric utility vehicle market in the foreseeable future. Tourism involves individuals or groups traveling for various purposes outside their usual environment. This rise in tourism fosters a favorable environment for the electric utility vehicle market's expansion, primarily driven by the growing demand for sustainable transportation solutions, governmental incentives, and a broader shift towards eco-friendly practices within the tourism sector. Notably, a report from the United Nations World Tourism Organization revealed a robust rebound in international tourist arrivals, reaching 80% of pre-pandemic levels in the first quarter of 2023. This substantial increase, more than double that of the same period in 2022, signifies the tourism sector's resilience and recovery, driving the demand for electric utility vehicles to meet the evolving transportation needs of tourists.

Product innovation stands as a prominent trend driving the electric utility vehicle market. Key market players are dedicating efforts to introduce innovative products equipped with advanced features aimed at enhancing efficiency and improving the user experience, thereby gaining a competitive advantage. An example of this trend occurred in September 2021 when Polaris, a US-based manufacturer specializing in motorcycles, snowmobiles, and all-terrain vehicles, launched the Ranger XP Kinetic UTV (utility task vehicle). Available in two models - the Ultimate and the Premium - the side-by-side/two-seater Ranger XP Kinetic UTV boasts 110 HP and 140 lb-ft (190 Nm) of torque. With a swift acceleration of less than four seconds from 0 to 40 mph (64 km/h), it can tow up to 2,500 pounds (1,134 kg) and carry up to 1,250 lb (567 kg) in its cargo box. Equipped with a 29.8-KWh lithium-ion battery pack, it offers an approximate range of 80 miles (129 km) on a single charge. Featuring various enhancements such as ground clearance, Pro Armor X-Terrain Tires, LED lighting, a vehicle data/navigation touchscreen display, and integrated winch and plough attachments, this innovation exemplifies the ongoing drive for cutting-edge advancements in the electric utility vehicle market.

Prominent companies in the electric utility vehicle market are strategically developing innovative products, including street-legal utility vehicles, aiming to expand their customer base, boost sales, and drive revenue growth. Street-legal utility vehicles are designed for use on public roads, complying with legal requirements and safety standards mandated by transportation authorities. A notable instance occurred in March 2023 when Club Car, a US-based electric vehicle manufacturer, introduced the Club Car Urban LSV and XR. The Club Car Urban distinguishes itself through several advantages, particularly its significantly lower operational costs compared to conventional pickup trucks or vans. This cost-efficiency is attributed to its diverse lithium-ion battery options, facilitating swift and efficient charging processes that substantially reduce overall operational expenses. Setting high safety standards, the Club Car Urban incorporates automotive-grade features such as roll-over protection and 3-point safety belts, undergoing rigorous testing through Club Car's comprehensive processes.

In May 2022, Club Car, known for manufacturing electric and gas-powered golf carts and small utility vehicles, made an undisclosed acquisition of Garia A/S. This strategic acquisition extends Club Car's presence in Europe and enriches its portfolio by including luxury electric golf carts among its offerings. Garia A/S, a Denmark-based manufacturer specializing in electric low-speed vehicles for utility, consumer, and golf markets, represents a valuable addition to Club Car's product line, contributing to its diversification and expansion strategies.

Major companies operating in the electric utility vehicle market report are 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.Ş, Piaggio & C. SpA, Tropos Technologies Inc., Inzile AB, Proterra Inc., Ryvid Inc., NIO Inc., Lucid Group, Rivian Automotive Inc., Chevrolet Motor Division, Amsted Industries Inc., Arcimoto Inc., Canoo Inc., Fisker Inc., BYD Company Limited, Geely Automobile Holdings Limited, SAIC Motor Corporation Limited.

North America was the largest region in the electric utility vehicle market in 2023. The regions covered in the electric utility vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric utility vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of electric utility vehicles include sports utility vehicles, multi-utility vehicles, utility terrain vehicles, and others. Electric sports utility vehicles, in particular, are robust, four-wheeled vehicles originally designed for off-road purposes, powered by batteries. The batteries used in these vehicles can be of various types, including lithium-ion, lead-acid, and others. Electric utility vehicles find applications in commercial, municipal, and other sectors.

The electric utility vehicles market research report is one of a series of new reports that provides electric utility vehicles market statistics, including electric utility vehicles industry global market size, regional shares, competitors with an electric utility vehicles market share, detailed electric utility vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the electric utility vehicles industry. This electric utility vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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