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Electric UTV Market Size

Report ID: GMI5500
Published Date: Feb 2024
Report Format: PDF

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Electric UTV Market Size

Electric Utility Terrain Vehicle Market size was valued at USD 41.8 million in 2023 and is anticipated to register a CAGR of over 19% between 2024 and 2032. The market is expected to witness significant growth as various countries are investing in electric UV manufacturing companies. For instance, in September 2022, European Investment Bank (EIB) invested USD14.1 million in EVUM Motors to fuel its development of electric commercial vehicles and facilitate its expansion across Europe.

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The company secured an additional USD 8.5 million from new investors. Such investments support the development of more efficient, reliable, and cost-effective electric UTVs, making them increasingly attractive to consumers and businesses seeking cleaner, sustainable alternatives to traditional gasoline-powered vehicles.

Electric UTV Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electric UTV Market Size in 2023:	USD 41.8 Million
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	19%
2024 – 2032 Value Projection:	USD 200.5 Million
Historical Data for:	2018 – 2023
No. of Pages:	220
Tables, Charts & Figures:	300
Segments covered:	Power range, application, price
Growth Drivers:	Increasing fuel prices across the globe Growing e-commerce and warehousing sectors Rising investments in charging infrastructure Advancements in batter technology
Pitfalls & Challenges:	High upfront and maintenance costs Lack of awareness leading to hesitation toward adoption despite the benefits

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The growing e-commerce sector is boosting the demand for electric UTVs by necessitating efficient last-mile delivery solutions. Electric UTVs offer eco-friendly transportation for goods and personnel in warehouse facilities, urban areas, and off-road environments. According to the International Trade Administration, the global B2C ecommerce revenue is estimated to grow to USD 5.5. trillion by 2027 at a steady 14.4% CAGR. India, Argentina, and Brazil will be among the fastest-growing e-commerce markets globally. As e-commerce companies aim for sustainability and cost-effectiveness, the adoption of electric UTVs is poised to accelerate to meet the evolving industry needs.

High upfront and maintenance costs pose significant challenges in the electric UTV market, deterring potential buyers. Electric UTVs typically have a higher initial purchase price compared to their gasoline counterparts, making them less accessible, especially for budget-conscious consumers. Maintenance expenses for electric UTVs including battery replacements and specialized servicing can be considerable, impacting the overall cost of ownership and limiting adoption in certain market segments.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric UTV reached USD 41.8 million in 2023 and is set to witness 19% CAGR from 2024 to 2032, attributed to the growing e-commerce sector and the growing necessity of efficient last-mile delivery solutions worldwide.

The 10-30 kW power range segment recorded around 34% of the market share in 2023, due to their versatility and suitability in a wide range of applications.

North America held over 90% of the market share in 2023, owing to a strong demand for off-road vehicles across various industries including agriculture, recreation, and utilities in the region.

American LandMaster, DRR USA, Hisun Motors Corporation USA, HuntVe, INTIMIDATOR, LLC, Kaxa Motos, Polaris Inc., TRACKER OFF ROAD, TUATARA VEHICLES, Vanderhall Motor Works Inc., and Volcon are some of the major electric UTV companies worldwide.