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 Increasing industrial field expenditures, the repair and retrofitting of outdated equipment, a growing emphasis from automobile manufacturers and rising carbon vehicle emissions are the major global market drivers.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.
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
By Propulsion
- Pure Electric
- Hybrid Electric
By Application
- Industrial
- Commercial Transport
- Recreation
- Agriculture
- Others
By Seating Capacity
- 2-Seater
- 1-Seater
- Greater Than 2 Seater
By Battery Type
- Lithium-Ion
- Lead Acid
- Others
By Drive Type
By Country
- US
- Canada
- Mexico
- Rest of North America
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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Electric Utility Vehicle Market, by Vehicle Type
1.4.2 North America Electric Utility Vehicle Market, by Propulsion
1.4.3 North America Electric Utility Vehicle Market, by Application
1.4.4 North America Electric Utility Vehicle Market, by Seating Capacity
1.4.5 North America Electric Utility Vehicle Market, by Battery Type
1.4.6 North America Electric Utility Vehicle Market, by Drive Type
1.4.7 North America Electric Utility Vehicle Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2021, Jan – 2022, Aug) Leading Players
Chapter 4. North America Electric Utility Vehicle Market by Vehicle Type
4.1 North America Industrial Electric Utility Vehicles Market by Country
4.2 North America Electric Shuttle Carts Market by Country
4.3 North America Electric Utility Carts Market by Country
4.4 North America Electric UTVs Market by Country
4.5 North America Electric ATVs Market by Country
Chapter 5. North America Electric Utility Vehicle Market by Propulsion
5.1 North America Pure Electric Market by Country
5.2 North America Hybrid Electric Market by Country
Chapter 6. North America Electric Utility Vehicle Market by Application
6.1 North America Industrial Market by Country
6.2 North America Commercial Transport Market by Country
6.3 North America Recreation Market by Country
6.4 North America Agriculture Market by Country
6.5 North America Others Market by Country
Chapter 7. North America Electric Utility Vehicle Market by Seating Capacity
7.1 North America 2-Seater Market by Country
7.2 North America 1-Seater Market by Country
7.3 North America Greater Than 2 Seater Market by Country
Chapter 8. North America Electric Utility Vehicle Market by Battery Type
8.1 North America Lithium-Ion Market by Country
8.2 North America Lead Acid Market by Country
8.3 North America Others Market by Country
Chapter 9. North America Electric Utility Vehicle Market by Drive Type
9.1 North America 2WD Market by Country
9.2 North America 4WD Market by Country
9.3 North America AWD Market by Country
Chapter 10. North America Electric Utility Vehicle Market by Country
10.1 US Electric Utility Vehicle Market
10.1.1 US Electric Utility Vehicle Market by Vehicle Type
10.1.2 US Electric Utility Vehicle Market by Propulsion
10.1.3 US Electric Utility Vehicle Market by Application
10.1.4 US Electric Utility Vehicle Market by Seating Capacity
10.1.5 US Electric Utility Vehicle Market by Battery Type
10.1.6 US Electric Utility Vehicle Market by Drive Type
10.2 Canada Electric Utility Vehicle Market
10.2.1 Canada Electric Utility Vehicle Market by Vehicle Type
10.2.2 Canada Electric Utility Vehicle Market by Propulsion
10.2.3 Canada Electric Utility Vehicle Market by Application
10.2.4 Canada Electric Utility Vehicle Market by Seating Capacity
10.2.5 Canada Electric Utility Vehicle Market by Battery Type
10.2.6 Canada Electric Utility Vehicle Market by Drive Type
10.3 Mexico Electric Utility Vehicle Market
10.3.1 Mexico Electric Utility Vehicle Market by Vehicle Type
10.3.2 Mexico Electric Utility Vehicle Market by Propulsion
10.3.3 Mexico Electric Utility Vehicle Market by Application
10.3.4 Mexico Electric Utility Vehicle Market by Seating Capacity
10.3.5 Mexico Electric Utility Vehicle Market by Battery Type
10.3.6 Mexico Electric Utility Vehicle Market by Drive Type
10.4 Rest of North America Electric Utility Vehicle Market
10.4.1 Rest of North America Electric Utility Vehicle Market by Vehicle Type
10.4.2 Rest of North America Electric Utility Vehicle Market by Propulsion
10.4.3 Rest of North America Electric Utility Vehicle Market by Application
10.4.4 Rest of North America Electric Utility Vehicle Market by Seating Capacity
10.4.5 Rest of North America Electric Utility Vehicle Market by Battery Type
10.4.6 Rest of North America Electric Utility Vehicle Market by Drive Type
Chapter 11. Company Profiles
11.1 Textron, Inc.
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Regional & Segmental Analysis
11.1.4 Research & Development Expenses
11.1.5 Recent strategies and developments:
11.1.5.1 Partnerships, Collaborations, and Agreements:
11.1.5.2 Product Launches and Product Expansions:
11.1.5.3 Acquisition and Mergers:
11.2 Polaris, Inc.
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Regional & Segmental Analysis
11.2.4 Research & Development Expenses
11.2.5 Recent strategies and developments:
11.2.5.1 Partnerships, Collaborations, and Agreements:
11.2.5.2 Product Launches and Product Expansions:
11.3 Yamaha Motor Co., Ltd.
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expense
11.3.5 Recent strategies and developments:
11.3.5.1 Partnerships, Collaborations, and Agreements:
11.3.5.2 Product Launches and Product Expansions:
11.4 Toyota Industries Corporation
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Segmental Analysis
11.4.4 Research & Development Expense
11.4.5 Recent strategies and developments:
11.4.5.1 Partnerships, Collaborations, and Agreements:
11.4.5.2 Product Launches and Product Expansions:
11.5 BYD Company Ltd.
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Regional Analysis
11.5.4 Research & Development Expense
11.5.5 Recent strategies and developments:
11.5.5.1 Partnerships, Collaborations, and Agreements:
11.5.5.2 Product Launches and Product Expansions:
11.6 Kion Group
11.6.1 Company Overview
11.6.2 Financial Analysis
11.6.3 Segmental Analysis
11.6.4 Research & Development Expense
11.6.5 Recent strategies and developments:
11.6.5.1 Partnerships, Collaborations, and Agreements:
11.7 Godrej Group (Godrej Material Handling)
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Regional Analysis
11.7.4 Research & Development Expense
11.7.5 Recent strategies and developments:
11.7.5.1 Product Launches and Product Expansions:
11.8 Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
11.8.1 Company Overview
11.8.2 Financial Analysis
11.8.3 Segmental and Regional Analysis
11.9 Waev, Inc.
11.9.1 Company Overview
11.10. Addax Motors N.V.
11.10.1 Company Overview
TABLE 1 North America Electric Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 2 North America Electric Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Electric Utility Vehicle Market
TABLE 4 Product Launches And Product Expansions– Electric Utility Vehicle Market
TABLE 5 Acquisition and Mergers– Electric Utility Vehicle Market
TABLE 6 North America Electric Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 7 North America Electric Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 8 North America Industrial Electric Utility Vehicles Market by Country, 2018 - 2021, USD Million
TABLE 9 North America Industrial Electric Utility Vehicles Market by Country, 2022 - 2028, USD Million
TABLE 10 North America Electric Shuttle Carts Market by Country, 2018 - 2021, USD Million
TABLE 11 North America Electric Shuttle Carts Market by Country, 2022 - 2028, USD Million
TABLE 12 North America Electric Utility Carts Market by Country, 2018 - 2021, USD Million
TABLE 13 North America Electric Utility Carts Market by Country, 2022 - 2028, USD Million
TABLE 14 North America Electric UTVs Market by Country, 2018 - 2021, USD Million
TABLE 15 North America Electric UTVs Market by Country, 2022 - 2028, USD Million
TABLE 16 North America Electric ATVs Market by Country, 2018 - 2021, USD Million
TABLE 17 North America Electric ATVs Market by Country, 2022 - 2028, USD Million
TABLE 18 North America Electric Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 19 North America Electric Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 20 North America Pure Electric Market by Country, 2018 - 2021, USD Million
TABLE 21 North America Pure Electric Market by Country, 2022 - 2028, USD Million
TABLE 22 North America Hybrid Electric Market by Country, 2018 - 2021, USD Million
TABLE 23 North America Hybrid Electric Market by Country, 2022 - 2028, USD Million
TABLE 24 North America Electric Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 25 North America Electric Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 26 North America Industrial Market by Country, 2018 - 2021, USD Million
TABLE 27 North America Industrial Market by Country, 2022 - 2028, USD Million
TABLE 28 North America Commercial Transport Market by Country, 2018 - 2021, USD Million
TABLE 29 North America Commercial Transport Market by Country, 2022 - 2028, USD Million
TABLE 30 North America Recreation Market by Country, 2018 - 2021, USD Million
TABLE 31 North America Recreation Market by Country, 2022 - 2028, USD Million
TABLE 32 North America Agriculture Market by Country, 2018 - 2021, USD Million
TABLE 33 North America Agriculture Market by Country, 2022 - 2028, USD Million
TABLE 34 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 35 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 36 North America Electric Utility Vehicle Market by Seating Capacity, 2018 - 2021, USD Million
TABLE 37 North America Electric Utility Vehicle Market by Seating Capacity, 2022 - 2028, USD Million
TABLE 38 North America 2-Seater Market by Country, 2018 - 2021, USD Million
TABLE 39 North America 2-Seater Market by Country, 2022 - 2028, USD Million
TABLE 40 North America 1-Seater Market by Country, 2018 - 2021, USD Million
TABLE 41 North America 1-Seater Market by Country, 2022 - 2028, USD Million
TABLE 42 North America Greater Than 2 Seater Market by Country, 2018 - 2021, USD Million
TABLE 43 North America Greater Than 2 Seater Market by Country, 2022 - 2028, USD Million
TABLE 44 North America Electric Utility Vehicle Market by Battery Type, 2018 - 2021, USD Million
TABLE 45 North America Electric Utility Vehicle Market by Battery Type, 2022 - 2028, USD Million
TABLE 46 North America Lithium-Ion Market by Country, 2018 - 2021, USD Million
TABLE 47 North America Lithium-Ion Market by Country, 2022 - 2028, USD Million
TABLE 48 North America Lead Acid Market by Country, 2018 - 2021, USD Million
TABLE 49 North America Lead Acid Market by Country, 2022 - 2028, USD Million
TABLE 50 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 51 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 52 North America Electric Utility Vehicle Market by Drive Type, 2018 - 2021, USD Million
TABLE 53 North America Electric Utility Vehicle Market by Drive Type, 2022 - 2028, USD Million
TABLE 54 North America 2WD Market by Country, 2018 - 2021, USD Million
TABLE 55 North America 2WD Market by Country, 2022 - 2028, USD Million
TABLE 56 North America 4WD Market by Country, 2018 - 2021, USD Million
TABLE 57 North America 4WD Market by Country, 2022 - 2028, USD Million
TABLE 58 North America AWD Market by Country, 2018 - 2021, USD Million
TABLE 59 North America AWD Market by Country, 2022 - 2028, USD Million
TABLE 60 North America Electric Utility Vehicle Market by Country, 2018 - 2021, USD Million
TABLE 61 North America Electric Utility Vehicle Market by Country, 2022 - 2028, USD Million
TABLE 62 US Electric Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 63 US Electric Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 64 US Electric Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 65 US Electric Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 66 US Electric Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 67 US Electric Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 68 US Electric Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 69 US Electric Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 70 US Electric Utility Vehicle Market by Seating Capacity, 2018 - 2021, USD Million
TABLE 71 US Electric Utility Vehicle Market by Seating Capacity, 2022 - 2028, USD Million
TABLE 72 US Electric Utility Vehicle Market by Battery Type, 2018 - 2021, USD Million
TABLE 73 US Electric Utility Vehicle Market by Battery Type, 2022 - 2028, USD Million
TABLE 74 US Electric Utility Vehicle Market by Drive Type, 2018 - 2021, USD Million
TABLE 75 US Electric Utility Vehicle Market by Drive Type, 2022 - 2028, USD Million
TABLE 76 Canada Electric Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 77 Canada Electric Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 78 Canada Electric Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 79 Canada Electric Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 80 Canada Electric Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 81 Canada Electric Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 82 Canada Electric Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 83 Canada Electric Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 84 Canada Electric Utility Vehicle Market by Seating Capacity, 2018 - 2021, USD Million
TABLE 85 Canada Electric Utility Vehicle Market by Seating Capacity, 2022 - 2028, USD Million
TABLE 86 Canada Electric Utility Vehicle Market by Battery Type, 2018 - 2021, USD Million
TABLE 87 Canada Electric Utility Vehicle Market by Battery Type, 2022 - 2028, USD Million
TABLE 88 Canada Electric Utility Vehicle Market by Drive Type, 2018 - 2021, USD Million
TABLE 89 Canada Electric Utility Vehicle Market by Drive Type, 2022 - 2028, USD Million
TABLE 90 Mexico Electric Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 91 Mexico Electric Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 92 Mexico Electric Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 93 Mexico Electric Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 94 Mexico Electric Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 95 Mexico Electric Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 96 Mexico Electric Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 97 Mexico Electric Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 98 Mexico Electric Utility Vehicle Market by Seating Capacity, 2018 - 2021, USD Million
TABLE 99 Mexico Electric Utility Vehicle Market by Seating Capacity, 2022 - 2028, USD Million
TABLE 100 Mexico Electric Utility Vehicle Market by Battery Type, 2018 - 2021, USD Million
TABLE 101 Mexico Electric Utility Vehicle Market by Battery Type, 2022 - 2028, USD Million
TABLE 102 Mexico Electric Utility Vehicle Market by Drive Type, 2018 - 2021, USD Million
TABLE 103 Mexico Electric Utility Vehicle Market by Drive Type, 2022 - 2028, USD Million
TABLE 104 Rest of North America Electric Utility Vehicle Market, 2018 - 2021, USD Million
TABLE 105 Rest of North America Electric Utility Vehicle Market, 2022 - 2028, USD Million
TABLE 106 Rest of North America Electric Utility Vehicle Market by Vehicle Type, 2018 - 2021, USD Million
TABLE 107 Rest of North America Electric Utility Vehicle Market by Vehicle Type, 2022 - 2028, USD Million
TABLE 108 Rest of North America Electric Utility Vehicle Market by Propulsion, 2018 - 2021, USD Million
TABLE 109 Rest of North America Electric Utility Vehicle Market by Propulsion, 2022 - 2028, USD Million
TABLE 110 Rest of North America Electric Utility Vehicle Market by Application, 2018 - 2021, USD Million
TABLE 111 Rest of North America Electric Utility Vehicle Market by Application, 2022 - 2028, USD Million
TABLE 112 Rest of North America Electric Utility Vehicle Market by Seating Capacity, 2018 - 2021, USD Million
TABLE 113 Rest of North America Electric Utility Vehicle Market by Seating Capacity, 2022 - 2028, USD Million
TABLE 114 Rest of North America Electric Utility Vehicle Market by Battery Type, 2018 - 2021, USD Million
TABLE 115 Rest of North America Electric Utility Vehicle Market by Battery Type, 2022 - 2028, USD Million
TABLE 116 Rest of North America Electric Utility Vehicle Market by Drive Type, 2018 - 2021, USD Million
TABLE 117 Rest of North America Electric Utility Vehicle Market by Drive Type, 2022 - 2028, USD Million
TABLE 118 Key information – Textron, Inc.
TABLE 119 Key information – Polaris, Inc.
TABLE 120 Key Information – Yamaha Motor Co., Ltd.
TABLE 121 Key Information – Toyota Industries Corporation
TABLE 122 key Information – BYD Company Ltd.
TABLE 123 Key Information – Kion Group
TABLE 124 Key Information – Godrej Group
TABLE 125 Key Information – Columbia Vehicle Group Inc.
TABLE 126 Key Information – Waev, Inc.
TABLE 127 Key Information – Addax Motors n.v.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2021, Jan – 2022, Aug) Leading Players
FIG 5 Recent strategies and developments: Textron, Inc.
FIG 6 Recent strategies and developments: Polaris, Inc.
FIG 7 Recent strategies and developments: Yamaha Motor Co., Ltd.
FIG 8 Recent strategies and developments: Toyota Industries Corporation
FIG 9 Recent strategies and developments: BYD Company Ltd.