Electric Utility Vehicle Market to Record Strong Growth at 8.25% CAGR, Accounting for $27.87 Billion by 2030, North America Leads the Industry with Increasing Adoption of Electric Vehicles, Projects Kings Research
DUBAI, UAE, Feb. 12, 2024
DUBAI, UAE, Feb. 12, 2024 /PRNewswire/ -- According to the latest report by Kings Research, the global Electric Utility Vehicle Market was worth USD 19.12 billion in 2022 and is foreseen to generate revenue of USD 27.87 billion by 2030, growing at a CAGR of 8.25% from 2023 to 2030. The industry growth is fueled by the increased demand for sustainable and energy-efficient transportation. Other factors driving market development include increased global awareness of climate change and environmental issues, stringent emissions regulations, and the reduced cost of battery technology. The need to curb greenhouse gas emissions and reduce reliance on fossil fuels has become a pivotal force compelling both governments and businesses to invest in electric utility vehicles.
Electric utility vehicles (EUVs) represent a subset of electric vehicles (EVs) primarily tailored for commercial and industrial purposes. This category encompasses a diverse range of electricity-powered vehicles, distinguishing itself from passenger EVs by its emphasis on utility and application-specific functionality. Examples of EUVs include electric trucks, vans, and buses, as well as specialized vehicles like forklifts and utility terrain vehicles (UTVs).
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Key players in the electric utility vehicle industry are employing various business tactics viz., partnerships, product innovations, mergers & acquisitions, and joint ventures, to broaden their product offerings and enhance their market standing in major regions. These companies are adopting strategic activities such as investments in R&D activities, building new manufacturing facilities, and optimizing supply chain processes.
For instance, in June 2023, John Deere announced a strategic partnership with EGO and its parent company, Chervon. This collaboration strategically leverages the strengths of both brands to provide homeowners with a diverse selection of EGO's cutting-edge and efficient battery-powered lawn care solutions. The distribution of these innovative products was to be facilitated through John Deere's extensive network of dealers, enhancing accessibility for consumers.
Major participants profiled in the global electric utility vehicle market include:
- Renault Group
- Briggs & Stratton
- Textron Inc.
- Columbia Vehicle Group Inc.
- Marshell Green Power
- Addax Motors
- Deere & Company
- American Landmaster
- Polaris Inc.
- CLUB CAR
- Star EV Corporation
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Trending Now: Strategic Partnership Unveiled Between Addax Motors and Durso Srl in Italy
In September 2023, Addax Motors and Durso Srl declared their strategic partnership in Italy. This collaboration was purposed to focus on the joint distribution of electric light commercial utility vehicles, targeting key sectors viz., agricultural and industrial.
Addax Motors and Durso Srl's alliance aims to make a notable impact on the electric utility vehicle market in Italy. The partnership will specifically cater to the agricultural and industrial sectors, offering innovative and sustainable solutions in the form of electric light commercial utility vehicles
Increasing Demand For Electric Shuttles For Commercial Application To Spur Electric Utility Vehicle Market Development
By vehicle application, the electric utility vehicle industry is divided into commercial, industrial, agricultural, recreation, and others.
The commercial segment dominated the global electric utility vehicle market by capturing a substantial industry share in 2022. This segmental growth is fueled by the increasing demand for electric shuttles in urban passenger transport and the growing need for utility carts, serving slightly longer last-mile travel in both rural and urban areas. Leading manufacturers, including Columbia Vehicle, CLUB CAR, Electric Last Mile Solutions, and Ari Motors, specialize in producing electric utility carts tailored for commercial transport needs.
Commercial electric utility vehicles are considered effective and environmentally friendly mobility solutions applicable across diverse locations. For instance, in August 2023, Addax Motors expanded its presence in the Scandinavian market through a strengthened distribution network. Sandhaug AS exemplifies this shift by incorporating Addax Motors' vehicle range into its existing product portfolio, reflecting a partnership in Norway resulting from Addax Motors' ambitious expansion strategy across global markets.
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Rising Need For Lithium-Ion Batteries To Spur Electric Utility Vehicle Sales
Based on battery type, the electric utility vehicle market is bifurcated into lithium-ion, lead-acid, and others. The lithium-ion segment secured the largest revenue share in the market in 2022. The increasing acceptance of electric utility vehicles is directly tied to the rising need for lithium-ion batteries. Electric utility vehicles extensively use lithium-ion batteries due to their superior energy density, extended operating range, and effective energy utilization. The transition from lead-acid to lithium-ion batteries, range anxiety, and the requirement for battery efficiency are some of the factors driving the growing demand for lithium-ion batteries.
Global Enforcement Of Strict Emissions Regulations To Fuel Electric Utility Vehicle Market Growth
One key market driver for electric utility vehicles is the implementation of strict emissions regulations across the globe, which is compelling businesses to shift toward electric vehicles to meet set standards and avoid fines. Another significant opportunity lies in integrating renewable energy sources, such as solar or wind power, to charge vehicle batteries, which aids in reducing carbon footprints and operational costs. The market is further propelled by the expanding charging infrastructure and advancements in battery technology, which are enhancing the range and performance of electric utility vehicles across various industries. The growing demand for urban delivery services, waste management, and public transportation, coupled with collaborations between automotive manufacturers and tech companies for connectivity and autonomy, signifies ongoing industry innovation.
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Increasing Adoption Of Electric Vehicles in North America to Promote Electric Utility Vehicle Market Progress
North America led the global electric utility vehicle market in 2022 due to the increasing adoption of electric vehicles. Major American companies, including Tesla, Rivian, and traditional automakers, have significantly invested in electric utility vehicles, serving both domestic and international markets. Furthermore, stringent emissions regulations at both federal and state levels have acted as a catalyst, compelling businesses to shift toward electric utility vehicles to align with environmental standards. The demand for such vehicles is particularly robust in North American cities, where the emphasis on urban logistics and last-mile delivery services is fueling the need for emission-free transportation solutions. The well-established charging infrastructure in many urban areas further bolsters the growth of the electric utility vehicle market in North America.
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Key Points from TOC:
1 Introduction of the Global Electric Utility Vehicle Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Electric Utility Vehicle Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Electric Utility Vehicle Market, By Battery Type
7 Global Electric Utility Vehicle Market, By Drive Type
8 Global Electric Utility Vehicle Market, By Vehicle Type
9 Global Electric Utility Vehicle Market, By Application
10 Global Electric Utility Vehicle Market, By Geography
11 North America
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Electric Utility Vehicle Market Competitive Landscape
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Renault Group
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Briggs & Stratton
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Textron Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/electric-utility-vehicle-market-332
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SOURCE Kings Research