The North America Electric Utility Vehicle Market would witness market growth of 4.6% CAGR during the forecast period (2022-2028).
A utility vehicle is a motorized vehicle that is designed to do a certain duty more effectively than a passenger vehicle. Occasionally, it refers to a compact truck with short sides. Military light utility vehicle, or simply LUV, refers to the type of military vehicle with the lightest weight class. A Jeep-like four-wheel drive vehicle designed for military use that is by definition lighter in contrast to other military trucks and vehicles, intrinsically small, and typically equipped with light or no armor, short body overhangs for agile all-terrain mobility, and a passenger capacity of approximately four.
These are huge vehicles capable of a variety of applications. Typically, they allow for simple conversion between numerous passenger and luggage configurations. A greener alternative to utility terrain vehicles powered by internal combustion engines is the electric utility vehicle. Increasing industrial field expenditures, the repair and retrofitting of outdated equipment, a growing emphasis from automobile manufacturers and rising carbon vehicle emissions are the major global market drivers. Moreover, government discounts and subsidies to promote the usage of electric utility cars are anticipated to generate a substantial number of possibilities in the coming years.
North America is an appealing market for industrial vehicle manufacturers because of factors like a significant e-commerce industry and a well-established ecosystem for industrial and manufacturing enterprises with warehouse capacities. In addition, a large 3PL network has contributed to the expansion of the North American warehousing industry. Annual exhibitions as well as trade shows, such as ProMat and MODEX assist material handling equipment manufacturers in locating potential customers in the region, hence driving the demand for electric industrial utility vehicles.
The US market dominated the North America Electric Utility Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,293.2 million by 2028.The Canada market is poised to grow at a CAGR of 6.9% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Electric Utility Vehicle Market is Estimated 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.
By Vehicle Type
By Propulsion
By Application
By Seating Capacity
By Battery Type
By Drive Type
By Country
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