LAMEA Electric Utility Vehicle Market Size, Share & Industry Trends Analysis Report By Vehicle Type, By Propulsion (Pure Electric and Hybrid Electric), By Application, By Seating Capacity, By Battery Type, By Drive Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Electric Utility Vehicle Market would witness market growth of 7.7% CAGR during the forecast period (2022-2028).
The construction industry uses compact utility vehicles for a variety of purposes, including drilling, excavating, breaking, demolition, and grabbing, among others. Due to their little size, they can be utilized when a greater number of barriers exist on the ongoing project. Also, compact utility vehicles consume less gasoline than large off-road vehicles, which is one of the most advanced characteristics of compact utility vehicles.
Leading manufacturers are increasing their research and development spending on diesel and electric compact utility vehicles, particularly the electric category. The end results of R&D operations are a competitive price offering, a rise in end-user satisfaction with performance, and the usage of modern technology.
Increasing research and development through partnerships or collaboration facilitates the company's market introduction of new and innovative products. In addition, building sales and service operations in growing nations in conjunction with long-term partnerships with regional distributors facilitates the growth of channel reach. All of these factors are boosting the growth of the electric utility vehicle market.
The Dubai Electricity and Water Authority (DEWA) has created a website called the Dubai EV Community Hub to encourage the usage of electric cars (EVs) in Dubai. This is a component of DEWA's activities to promote environmentally friendly transport and boost Dubai's position as a global center for sustainable development. The EV Community Hub website provides details on the most recent government programs, goals, incentives, and legislation pertaining to electric vehicles.
The Brazil market dominated the LAMEA Electric Utility Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $431.1 million by 2028.The Argentina market is experiencing a CAGR of 8.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7.4% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Industrial Electric Utility Vehicles, Electric Shuttle Carts, Electric Utility Carts, Electric UTVs and Electric ATVs. Based on Propulsion, the market is segmented into Pure Electric and Hybrid Electric. Based on Application, the market is segmented into Industrial, Commercial Transport, Recreation, Agriculture and Others. Based on Seating Capacity, the market is segmented 2-Seater, 1-Seater and Greater Than 2 Seater. Based on Battery Type, the market is segmented into Lithium-Ion, Lead Acid and Others. Based on Drive Type, the market is segmented into 2WD, 4WD and AWD. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Electric Utility Vehicle Market is Predict to reach $24.9 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Polaris, Inc., Yamaha Motor Co., Ltd., Toyota Industries Corporation, BYD Company Ltd., Kion Group, Godrej Group (Godrej Material Handling), Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.). Waev, Inc., and Addax Motors N.V.
Scope of the Study
Market Segments Covered in the Report:
By Vehicle Type
- Industrial Electric Utility Vehicles
- Electric Shuttle Carts
- Electric Utility Carts
- Electric UTVs
- Electric ATVs
- Pure Electric
- Hybrid Electric
- Commercial Transport
By Seating Capacity
- Greater Than 2 Seater
By Battery Type
- Lead Acid
By Drive Type
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Textron, Inc.
- Polaris, Inc.
- Yamaha Motor Co., Ltd.
- Toyota Industries Corporation
- BYD Company Ltd.
- Kion Group
- Godrej Group (Godrej Material Handling)
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Waev, Inc.
- Addax Motors N.V.
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