New York, United States, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Globally, government initiatives promoting cleaner and energy-efficient vehicles drive the growth of the global electric utility vehicle market. For instance, the Global Fuel Economy Initiative (GFEI) promotes cleaner and more energy-efficient vehicles with the target of improving the average fuel economy of light-duty vehicles by 2030.
Furthermore, according to the Center for Climate Protection (CCP), 16 countries, including Austria, Britain, China, India, Costa Rica, Denmark, and France have taken various initiatives to phase out Internal Combustion Engine (ICE) vehicles and promote electric vehicles (EVs). For instance, in April 2018, Costa Rica initiated plans to ensure the complete phase-out of ICE vehicles by 2021; in April 2017, the Indian government announced plans to ban the sale of new ICE vehicles after 2030. These factors offer an opportunistic outlook for the growth of the electric vehicle utility market.
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Segment Insights
The global electric utility vehicle market can be segmented by type, application, and region.
By Type, the global electric utility vehicle market can be segmented into battery acid lead, gel lead, and lithium. The lithium segment is expected to witness the most prominent growth in the global electric utility vehicle market on account of innovation in Li-ion and other battery technologies to deliver relatively higher specific energy and lower costs.
By Application, the global electric utility vehicle market can be segmented into logistics & delivery, industry, public sector, recreation & tourism, agriculture, and others. The logistics and delivery industry is expected to drive the demand for electric utility vehicles on account of the increasing need for supply chain management and logistics with a clean and green transportation perspective.
Report Scope
| Report Metric | Details |
| Market Size | USD 26.60 Billion by 2030 |
| CAGR | 5.1% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type of Battery, Application, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Addax Motors, Alke, Club Car (Ingersoll Rand Inc.), EsagonoGastone (ESAGONO ENERGIA S.R.L), E-Z-GO (Textron Specialized Vehicles Inc.), Garia Utility, GoupilIndustrie, Inc., Guangdong Lvtong, Ligier Group, Marshell Green Power, Melex Ltd., Polaris Industries, Inc., and Star EV (JH Global Services, Inc. |
| Key Market Opportunities | Transportation electrification presents greater opportunities for utilities to improve better customer engagement. |
| Key Market Drivers | The rising focus of automobile manufacturers towards curbing growing carbon emissions is projected to drive the demand |
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Regional Insights
Geographically, the global automotive alloy wheel market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to witness dynamic growth in the electric utility market during the forecast period, due to rapid technological advancements in the automobile industry and growing demand for electric vehicles over ICE vehicles to work towards a more fuel-efficient economy.
Europe is expected to witness significant growth in the electric utility market on account of the presence of well-established automobile manufacturers and ongoing developments for smarter and cleaner delivery services in the region. For instance, in 2018, United Parcel Service (UPS) announced the launch of an electric vehicle (EV) charging system for its delivery fleet in London with an aim to offer smarter and cleaner delivery services.
Asia Pacific is pegged to be the fastest growing market for electric utility vehicles with the transformation of the mobility paradigm, wherein the liability of travel and transportation is reduced by fuel-efficient and cleaner fuel vehicles.
The LAMEA region is expected to witness healthy growth in the electric utility vehicle market with technological advancements across the transportation sector of the region’s emerging and developing economies.
Key Highlights
- The global electric utility vehicle market size is projected to reach USD 26.60 billion by 2030 at a CAGR of 5.1% from 2022 to 2030.
- The lithium segment is expected to witness the most prominent growth in the global electric utility vehicle market.
- The logistics and delivery industry is expected to drive the demand for electric utility vehicles.
- North America is expected to witness dynamic growth in the electric utility market during the forecast period.
Some of the major players in the global electric utility vehicle market are
- Addax Motors
- Alke
- Club Car (Ingersoll Rand Inc.)
- Esagono Gastone (ESAGONO ENERGIA S.R.L)
- E-Z-GO (Textron Specialized Vehicles Inc.)
- Garia Utility
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Market Segmentation
By Type of Battery
- Acid Lead
- Gel Lead
- Lithium
- Others
By Application
- Logistics & Delivery
- Industry
- Public Sector
- Recreation & Tourism
- Agriculture
- Others
Regions Covered
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Electric Utility Vehicle Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Market Share Analysis
4 Type of Battery Overview
4.1 Introduction
4.1.1 Market Size & Forecast
4.2 Acid Lead
4.2.1 Market Size & Forecast
4.3 Gel Lead
4.3.1 Market Size & Forecast
4.4 Lithium
4.4.1 Market Size & Forecast
5 Application Overview
5.1 Introduction
5.1.1 Market Size & Forecast
5.2 Logistics & Delivery
5.2.1 Market Size & Forecast
5.3 Public Sector
5.3.1 Market Size & Forecast
5.4 Recreation & Tourism
5.4.1 Market Size & Forecast
5.5 Agriculture
5.5.1 Market Size & Forecast
5.6 Others
5.6.1 Market Size & Forecast
6 Regional Overview
6.1 Introduction
6.1.1 Market Size & Forecast
6.2 North America
6.2.1 Market Size & Forecast
6.2.2 U.S.
6.2.2.1 By Type of Battery
6.2.2.2 By Application
6.2.3 Canada
6.2.3.1 By Type of Battery
6.2.3.2 By Application
6.2.4 Mexico
6.2.4.1 By Type of Battery
6.2.4.2 By Application
6.3 Europe
6.3.1 Market Size & Forecast
6.3.2 Germany
6.3.2.1 By Type of Battery
6.3.2.2 By Application
6.3.3 France
6.3.3.1 By Type of Battery
6.3.3.2 By Application
6.3.4 U.K.
6.3.4.1 By Type of Battery
6.3.4.2 By Application
6.3.5 Italy
6.3.5.1 By Type of Battery
6.3.5.2 By Application
6.3.6 Spain
6.3.6.1 By Type of Battery
6.3.6.2 By Application
6.3.7 Rest of Europe
6.3.7.1 By Type of Battery
6.3.7.2 By Application
6.4 Asia Pacific
6.4.1 Market Size & Forecast
6.4.2 Japan
6.4.2.1 By Type of Battery
6.4.2.1 By Application
6.4.3 China
6.4.3.1 By Type of Battery
6.4.3.2 By Application
6.4.4 Australia
6.4.4.1 By Type of Battery
6.4.4.2 By Application
6.4.5 India
6.4.5.1 By Type of Battery
6.4.5.2 By Application
6.4.6 South Korea
6.4.6.1 By Type of Battery
6.4.6.2 By Application
6.4.7 Rest of Asia-Pacific
6.4.7.1 By Type of Battery
6.4.7.2 By Application
6.5 LAMEA
6.5.1 Market Size & Forecast
6.5.2 Saudi Arabia
6.5.2.1 By Type of Battery
6.5.2.2 By Application
6.5.3 South Africa
6.5.3.1 By Type of Battery
6.5.3.2 By Application
6.5.4 Brazil
6.5.4.1 By Type of Battery
6.5.4.2 By Application
6.5.5 Rest of LAMEA
6.5.5.1 By Type of Battery
6.5.5.2 By Application
7 Company Profile
7.1 Addax Motors
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Recent Developments
7.1.4 Product Portfolio
7.2 Alke
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Recent Developments
7.2.4 Product Portfolio
7.3 Club Car (Ingersoll Rand Inc.)
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.3.4 Product Portfolio
7.4 ESAGONO ENERGIA S.R.L
7.4.1 Company Overview
7.4.2 Financial Performance
7.4.3 Recent Developments
7.5.5 Product Portfolio
7.5 E-Z-GO (Textron Specialized Vehicles Inc.)
7.5.1 Company Overview
7.5.2 Financial Performance
7.5.3 Recent Developments
7.5.5 Product Portfolio
7.6 Garia Utility
7.6.1 Company Overview
7.6.2 Financial Performance
7.6.3 Recent Developments
7.6.4 Product Portfolio
7.7 GoupilIndustrie, Inc.
7.7.1 Company Overview
7.7.2 Financial Performance
7.7.3 Recent Developments
7.7.4 Product Portfolio
7.8 Guangdong Lvtong
7.8.1 Company Overview
7.8.2 Financial Performance
7.8.3 Recent Developments
7.8.4 Product Portfolio
7.9 Ligier Group
7.9.1 Company Overview
7.9.2 Financial Performance
7.9.3 Recent Developments
7.9.4 Product Portfolio
7.10 Marshell Green Power
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Product Portfolio
7.11 Melex Ltd
7.11.1 Company Overview
7.11.2 Financial Performance
7.11.3 Recent Developments
7.11.4 Product Portfolio
7.12 Polaris Industries, Inc
7.12.1 Company Overview
7.12.2 Financial Performance
7.12.3 Recent Developments
7.12.4 Product Portfolio
7.13 Star EV (JH Global Services, Inc.)
7.13.1 Company Overview
7.13.2 Financial Performance
7.13.3 Recent Developments
7.13.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/electric-utility-vehicle-market/toc
Market News
- In May 2019, Club Car announced a partnership with AEV Technologies to expand its All-Electric Utility Vehicle Innovation for the commercial vehicles market to offer cost-effective, clean-energy fleet alternatives, optimizing budgets and increasing efficiencies.
News Media
Electric Utility Vehicles: A Cost-Effective & Clean-Energy Fleet Alternative
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