The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023 to 2033.

Environmental dangers caused by pollution are becoming recognised. Governments are actively fighting pollution as a result. As a result, governments now provide incentives to those who use electric utility cars.

Electric utility vehicles use batteries, which have a starting price of more than $1000 USD. But now, thanks to technological advancements, it just costs $100. Because of this, demand for electric utility cars could increase throughout the course of the anticipated decade.

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The agricultural industry has also purchased several of the electric utility cars that are on the market. This is because crop quality has consistently decreased as a result of vehicle pollution. During the expected period, this may very well enhance sales of electric utility cars.

Due of how simple it is to charge electric utility vehicles, customers usually believe that driving one is quite practical. Additionally, this can speed up market expansion during the anticipated time period.

Furthermore, fuel is far more expensive than charging an electric vehicle.

However, as the e-commerce industry grows, the market for electric utility vehicles is anticipated to grow significantly. This is because electric utility vehicles are adept at managing logistical jobs.

Therefore, it may be inferred from the data provided by FMI researchers that

“initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”  

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Key Takeaways:

• The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.
• The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
• The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
• Based on the regional analysis, North America is the largest market.
• Based on the country analysis, USA is the largest market, having a share of 26.8%.
• The Germany market has a share of 13.7%.
• The Japan market has a share of 1.4%.
• The Australia market has a share of 0.6%
• The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
• The India market is expected to grow at a CAGR of 14.5% during the forecast period.
• The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
• On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.
• On the basis of application, the commercial segment has the largest market share.
• On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market.

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Competitive Landscape

The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.

Some of the recent developments in the electric utility vehicles market are:

• In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
• In September 2022, Tesla announced Joe Gebbia as new independent director.

Key Companies Profiled

Tesla, Hyundai Motor Group, General Motor Company, Mahindra Electric Mobility, Columbia Vehicle Group, Star EV Corporation, Neuron EV, Bollinger Motors, Ford Motor Company, Toyota Motor Corporation.

Electric Utility Vehicles Market Segmentation

By Type:

• Electric ATVs
• Electric UTVs
• Electric Utility Carts
• Electric Shuttle Carts

By Battery Type:

• Lead Acid
• Lithium-ion

By Drive Type:

• 2WD
• 4WD
• AWD

By Application:

• Commercial Transport
• Recreation
• Agriculture
• Industrial
• Others

By Seating Capacity:

• 1-seater
• 2-seater
• >2-seater

By Propulsion:

• Pure Electric
• Hybrid Electric

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