Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Several country's governments are active in the promotion of clean transportation. The countries include Canada, India, China, Finland, Germany, France, the Netherlands, Japan, Norway, New Zealand, Sweden, the UK, Poland, Portugal, and the US. The countries US, Canada and China are taking initiatives to promote the use of electric utility vehicles. The sale of electric vehicles is the highest in China, reaching around 3.3 million in 2020. In Europe, sales of electric vehicles reached 2.3 million in 2020. China and Europe have the largest share owin to higher production of electric vehicles. The electric utility vehicle is a professional vehicle specifically designed for people and companies that require high quality, performance and reliability. Another characteristic of electric utility vehicles is used to perform a variety of tasks such as transport of goods from one place to another, municipal waste transport and many others. Electric utility vehicles are used for a wide range of applications, including sky lifts, tow trucks, slope mowers, high-pressure & vacuum trucks, garbage trucks, and snow plows.
Electric utility vehicle offers standardized out-fittings with dual hydraulic brakes. It is used for loading a bed with three-sided anti-corrosion tubular aluminum and a cargo barrier. Furthermore, these vehicles are compact and suitable for the smallest environments. The electric utility vehicle model has the largest availability and share in China and Europe, owing to government incentives and favorable regulations to promote the sale of electric vehicles. Europe and China have more than 180 and 300 types of electric vehicle models, respectively, as of 2020.
The rising launching of electric models by the key players in the market with more features and capabilities is expected to create lucrative opportunities in the market. In 2020, Tesla introduced the Model Y sport utility electric vehicle, which became the highest-selling electric model in the US. Also, in the same year, several other companies launched electric utility vehicles, such as Toyota RAV4, BMW X3 30e, and Audi Q5, in the US, which resulted in the sale of around 4,000 units in the US.
According to The Insight Partners, “Electric Utility Vehicle Market Forecast to 2030 – Global Analysis – By Battery Type (Lithium-ion, Lead Acid, and Others); Drive Type (Two-Wheel Drive, and Four-Wheel Drive), By Speed (Up to 25 mph, 26-45 mph, and Above 45 mph), Application (Mining, Building & Construction, Sports, Agriculture, Golf Course, Commercial, and Others), and Geography,” the market size is expected to grow from US$ 19.12 billion in 2022 to US$ 28.39 billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2022 to 2030. The increased sale of electric utility vehicles for the transportation of goods drives the market growth. However, the high initial investment in manufacturing the vehicles is expected to hinder the growth of the market.
Increased Sale of Electric Utility Vehicles with Government Funding and Incentives is Expected to Create Lucrative Opportunities for Market Growth:
Electric utility vehicle sales have seen a substantial growth rate in China, with strong government initiatives and support. In 2021, several countries' governments announced funding and support for heavy medium-duty vehicle electrification. Several manufacturers in China developed new electric vehicle models, with over 170 models in 2021. Rapid deployment of electric vehicles and government support for net zero carbon emission ambitions drives the market growth. The electric truck sales accounted for around 0.3% of the overall global truck sales in 2021. This sale is expected to reach around 10% by 2030. Further, the global utility and golf car sales reached around 300,000 gas and electric vehicles annually.
North American electric utility vehicle market is growing at the highest CAGR during the forecast period. This is owing to the rising sale of golf electric cars for traveling on campuses, municipalities, and logistic delivery purposes. According to the International Energy Agency, electric car sales reached around 630,000 in the US in 2021, bringing total electric car stock to more than 2.0 million.
Also, the electric vehicle market continues to grow, with automakers investing a considerable amount in electrification. Vehicle manufacturers and battery companies planned to invest more than US$ 860 billion globally by 2030, owing to the rapid adoption of EVs. In 2021, more than US$ 210 billion has been invested in manufacturing batteries to meet the current demand for electric vehicles.
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Electric Utility Vehicles Market Analysis: Competitive Landscape and Key Developments
BYD Co. Ltd., Club Car, Waev Inc., Polaris Inc., Toyota Industries, Ari Motors, John Deere, Alke Corp, Textron, and Tesla Inc. are major companies operating in the electric utility vehicles market. The key players are launching the advanced features base vehicles in the market and adopting several strategies such as partnerships, mergers and collaborations in order to remain competitive in the market.
In September 2023, BMW Group launched the iX1 SUV electric vehicle in India. This new BMW's electric vehicle is the third generation entry-level SUV model.
In March 2023, Club Car, the manufacturer of small-wheel electric vehicles, launched the Urban Light Strike Vehicle and extra-large model. The company sells these vehicles through its commercial distributor’s network in North America. This new Urban model of the electric vehicle has been commercialized in the market across the North American countries, including the US and Canada. Its features include a stylish look and ergonomic design with a top speed of around 25 mph for use on the roads. Club Car Urban utility vehicle is a unique utility electric vehicle used to fulfill the requirement of traveling on large campuses, logistics delivery, making municipality waste management vehicles, and the hospitality industry.
Electric Utility Vehicles Market: Segmental Overview
Based on battery type, the market is segmented into lithium-ion, lead acid, and others. Among these, lithium-ion battery is expected to have the largest share in 2022 and is projected to grow with the highest CAGR during the forecast period. This is primarily owing to its advantages, such as higher energy density, compact, lightweight, long battery backup, high-temperature tolerance, and low self-discharging capabilities. Based on the drive type, the global market is divided into two-wheel drive and four-wheel drive. Based on the speed, the market is divided into up to 25 mph, 26-45 mph, and above 45 mph. Based on the application, the market is divided into mining, building & construction, sports, Agriculture, Golf Course, commercial, and others.
Europe is the fastest-growing region in the electric utility vehicles market, experiencing rapid adoption and demand for these EVs with government support and initiatives. Several factors contribute to the growth of Europe's electric utility vehicle market, which includes favorable government policies, initiatives and funding, consumers' awareness of clean transportation, and the growing disposable income of the people. Electric vehicle sales in Europe will increase by 15% in 2022 with the aim to decarbonize road transportation. The global carbon emission accounts for around 15% of energy-related emissions. In recent years, electric vehicle sales have shown exponential growth, together with maximum range, wide model availability, and increased performance. Passenger electric cars in Europe have shown popularity, with an 18% year-on-year growth rate in 2023. In June 2023, around 197,000 plugin electric vehicles were registered in Europe, which increased by 25%.
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Increasing sales of utility electric vehicles owing to rising government incentives and funding for all-electric mobilities drives the market growth. Consumers are adopting utility vehicles for logistics and transportation, and zero-emission vehicle regulations have propelled the utility electric vehicles market growth.
Rising demand for clean transportation with government funding and initiatives drives the market growth. In China, electric utility vehicle sales have shown significant growth. This is owing to lower manufacturing costs, low labor costs and decreasing the pricing gap compared to conventional vehicles. In 2021, sales of electric utility vehicles in China were around the highest as compared to other countries. China accounted for more than 90% of new registrations of its new electric trucks and bus registrations globally. Electric two and three-wheeler vehicles accounted for more than half of China’s electric vehicle sales.
Go through further research published by The Insight Partners:
Electric Vehicle Market - Global Analysis and Forecast to 2030
Off-Highway Electric Vehicle Market - Global Analysis and Forecast to 2030
Low Speed Electric Vehicle Market - Global Analysis and Forecast to 2030
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