The Electric Utility Vehicle by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s insightful analysis on the Electric Utility Vehicle sector, it is evident that the market has experienced robust expansion in recent years, projecting an impressive surge from $13.88 billion in 2024 to $15.03 billion in the same year, boasting a notable Compound Annual Growth Rate (CAGR) of 8.3%. The historical growth factors encompass escalating fuel expenses, heightened concerns regarding energy security, collaborative efforts within the industry, urbanization-induced congestion challenges, the streamlining of battery production costs, and an amplified global emphasis on environmental consciousness and sustainability.
Forecasts for the electric utility vehicle market forecast a compelling trajectory, anticipating a substantial climb to $20.71 billion by 2028, maintaining the commendable 8.3% CAGR. This anticipated surge is underpinned by factors such as the development of robust charging infrastructure, pivotal regulatory and policy alterations, dynamic shifts in consumer preferences, expansive global market penetration, and influential economic determinants. Noteworthy trends in this forthcoming period include a proliferation of diverse vehicle offerings, advancements in range and battery technology, the ascendance of last-mile delivery solutions, strategic fleet electrification initiatives, and the alignment of governmental and corporate objectives with sustainability benchmarks.
Growth in e-commerce and warehousing is significantly contributing to the growth of the electric utility vehicle market. E-commerce refers to the exchange of products and services, the sending of money or data over an electronic network, or both, whereas, warehousing refers to the practice of keeping items in storage to be later sold or dispersed. Electric utility vehicles such as forklifts are extensively used in e-commerce warehouses to meet carbon-neutrality goals. For instance, according to the UK Warehousing Association, a UK-based logistics trade organization, in 2021, the E-commerce boom has led to a 614% increase in warehouse occupancy by online retailers compared to the last 6 years. Therefore, growth in e-commerce and warehousing is driving the growth of the electric utility vehicle market.
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The electric utility vehicle market covered in this report is segmented –
1) By Vehicle Type: Sports Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Other Vehicle Types
2) By Battery Type: Lithium-ion, Lead-acid, Other Battery Types
3) By Application: Commercial Use, Municipal Use, Other Applications
A pivotal trend that has garnered considerable traction in the electric utility vehicle market is the paramount emphasis on product innovation. Leading companies operating within this domain are unwaveringly committed to the introduction of cutting-edge products imbued with advanced features designed to augment efficiency and elevate the overall user experience. A poignant example of such innovation unfolded in September 2021, when Polaris, a prominent US-based manufacturer specializing in motorcycles, snowmobiles, all-terrain vehicles, and neighborhood electric vehicles, launched the Ranger XP Kinetic UTV. Distinguished by its side-by-side/two-seater configuration, this utility task vehicle is available in two models – the Ultimate and the Premium. The Ultimate boasts 110 HP and 140 lb-ft (190 Nm) of torque, accelerating from 0 to 40 mph (64 km/h) in less than four seconds, with the capability to tow up to 2,500 pounds (1,134 kg) and carry up to 1,250 lb (567 kg) in its cargo box. Fueled by a 29.8-KWh lithium-ion battery pack, reports indicate that a single charge can furnish an impressive range of approximately 80 miles (129 km). Further enhancing its appeal, the Ranger XP Kinetic UTV features 14 inches (356 mm) of ground clearance, 29-inch Pro Armor X-Terrain Tires on 14-inch wheels, a 7-inch vehicle data/navigation touchscreen display, LED headlights, tail lights, a full-body skid plate, integrated winch and plough attachments, and a 12-volt power socket in the cargo box. This innovative endeavor exemplifies how industry leaders continually strive to carve a competitive niche in a dynamic and evolving market landscape.
Top 5 Major Players:
The electric utility vehicle market report table of contents includes:
1. Executive Summary
2. Electric Utility Vehicle Market Characteristics
3. Electric Utility Vehicle Market Trends And Strategies
4. Electric Utility Vehicle Market – Macro Economic Scenario
5. Global Electric Utility Vehicle Market Size and Growth
…..
31. Global Electric Utility Vehicle Market Competitive Benchmarking
32. Global Electric Utility Vehicle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Utility Vehicle Market
34. Electric Utility Vehicle Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Electric Utility Vehicle Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Electric Utility Vehicle Market, Segmentation By Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Electric Utility Vehicle Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…
Table 74: Club Car LLC Financial Performance
Table 75: Polaris Industries Inc. Financial Performance
Table 76: Ligier Professional Financial Performance
Table 77: E-Z-GO Financial Performance
Table 78: Alke’ S.r.l. Financial Performance
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