The Worldwide Electric Utility Vehicle Market is Projected to reach USD 24.9 Billion by 2028, at a CAGR of 5.3%

Published Date: 30-Nov-2022

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Electric Utility Vehicle Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Electric Utility Vehicle Market size is expected to reach $24.9 billion by 2028, rising at a market growth of 5.3% CAGR during the forecast period.

The Electric Utility Carts segment is showcasing a CAGR of 5.7% during (2022 - 2028). With the advancement of technology, improvements in a variety of fields are geared toward comfort and utility. Additionally, efforts are being made to make short or long-distance travel more convenient. Electric utility carts; electric golf carts are freight and transportation vehicles that serve multiple uses, save energy and time, and do not contaminate the environment.

The Pure Electric segment is leading the Global Electric Utility Vehicle Market by Propulsion in 2021 thereby, achieving a market value of $15.7 billion by 2028. With the leading electric utility vehicle manufacturers including pure-electric utility cars in their product lines, the growth of this segment of the market is flourishing. Moreover, the demand for this type of vehicle is significantly high within developed countries due to their well-established infrastructure to utilize pure-electric utility vehicles.

The Commercial Transport segment has shown the growth rate of 5.5% during (2022 - 2028). Commercial transport is one of the main applications of electric utility vehicles, with such a growing market for electric shuttle carts for passenger transport in metropolitan areas and utility carts for last-mile delivery over short distances in rural and urban locations. Electric utility carts for commercial transport are manufactured by a significant number of market players in the automotive industry throughout the world.

The 2-Seater segment acquired maximum revenue share in the Global Electric Utility Vehicle Market by Seating Capacity in 2021 thereby, achieving a market value of $14.5 billion by 2028. The increase in the growth of the segment is primarily owing to the increasing demand for fun and leisure activities among people. Due to this, the adoption of EUVs with a seating capacity of 2 people is increasing and this factor is propelling the growth of this segment of the market.

The Lead Acid segment is poised to grow at a CAGR of 6% during (2022 - 2028). The growth of the segment is increasing at a very rapid pace as a result of the reduced charging time required by this type of battery. Typically, the lead batteries are charged using an external current source. During recharging, the auto battery resembles an electrolytic cell. The energy necessary to power the recharge comes through an external source, such as a car's motor. The growth of this segment is increasing at an exponential rate.

The 2WD segment is generating highest revenue share in the Global Electric Utility Vehicle Market by Drive Type in 2021 thereby, achieving a market value of $13.9 billion by 2028. The rise in the growth of this segment is primarily ascribed to the rapid surge in the demand for more powerful and comfortable electric utility vehicles. In order to bring more power to these vehicles, manufacturers are now integrating batteries with more capacities within their vehicles. This factor is propelling the growth of this segment of the electric utility vehicle market.

The North America market dominated the Global Electric Utility Vehicle Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.7 billion by 2028.The Europe market is exhibiting a CAGR of 5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 6% during (2022 - 2028).

Full Report: https://www.kbvresearch.com/electric-utility-vehicle-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Electric Utility Vehicle Market Segmentation

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

  • 2WD
  • 4WD
  • AWD

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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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Related Reports:

North America Electric Utility Vehicle Market size & Opportunities 2022-2028

Europe Electric Utility Vehicle Market & Growth Forecast 2022-2028

Asia Pacific Electric Utility Vehicle Market Share & Industry Outlook to 2028

LAMEA Electric Utility Vehicle Market Growth, Trends & Forecasts 2022-2028

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