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Dublin, May 25, 2023 (GLOBE NEWSWIRE) -- The "electric utility vehicle global market report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global electric utility vehicle market is expected to grow from $13.05 billion in 2022 to $14.11 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The electric utility vehicle market is expected to grow to $19.08 billion in 2027 at a CAGR of 7.8%.
Major players in the electric utility vehicle market are Club Car, Polaris Inc., Ligier Professional, E-Z-GO, Alke, Marshell, Taylor-Dunn, John Deere, STAR EV, Guangdong Lvtong, Melex Group, Addax Motors, Esagono Energia SRL, PILOTCAR Otomotiv San. ve Tic. A.S, Piaggio & C. SpA, Tropos Technologies Inc., and Inzile AB.
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Electric utility vehicle is a battery powered vehicle that is designed for use in various commercial activities. The electric utility vehicles can have a lithium battery with a quick charging system, a high-capacity battery, or a battery swap system.
The main types of electric utility vehicles include sports utility vehicles, multi-utility vehicles, utility terrain vehicles, and others. Electric sports utility vehicles are a type of electric utility vehicle which are powerful vehicle with four wheels that was first built for off-road purposes that use a battery to get its power. The batteries include lithium-ion, lead-acid, and others and are used for various applications of commercial, municipal, and others.
Product innovation is the key trend gaining popularity in the electric utility vehicle market. Major companies operating in the electric utility vehicle market are focused on introducing innovative products with advanced features to increase efficiency and enhance the user experience. Such innovations enable key players to gain a competitive edge in the market.
For instance, in September 2021, Polaris, a US-based manufacturer of motorcycles, snowmobiles, all-terrain vehicles, and neighborhood electric vehicles launched Ranger XP Kinetic UTV. The side-by-side/two-seater Ranger XP Kinetic UTV (utility task vehicle) is being offered in two models - the Ultimate and the Premium.
The Ultimate has 110 HP and 140 lb-ft (190 Nm) of torque, a 0 to 40 mph (64 km/h) acceleration time of fewer than four seconds, and the ability to tow up to 2,500 pounds (1,134 kg) and carry up to 1,250 lb (567 kg) in its cargo box. According to reports, one charge of its 29.8-KWh lithium-ion battery pack should provide a range of around 80 miles (129 km). It also has 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, and tail lights, a full-body skid plate, integrated winch and plough attachments, and 12-volt power socket in the cargo box.
In May 2022, Club Car, a US-based manufacturer of electric and gas-powered golf carts and small utility vehicles for personal and commercial use acquired Garia A/S for an undisclosed amount. The acquisition increases Club Car's footprint in Europe and will add luxury electric golf carts to its portfolio of offerings. Garia A/S is a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer, and golf markets.
North America was the largest region in the electric utility vehicle market in 2022. The regions covered in the electric utility vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the electric utility vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 like 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.
The electric utility vehicles market consists of sales of electric utility vehicles such as ground vehicles, pure-electric vehicles, hybrid EVs, plug-in electric vehicles, range-extended electric vehicles, on- and off-road EVs, and rail borne EVs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
| Report Attribute || Details |
| No. of Pages || 250 |
| Forecast Period || 2023 - 2027 |
| Estimated Market Value (USD) in 2023 || $14.11 billion |
| Forecasted Market Value (USD) by 2027 || $19.08 billion |
| Compound Annual Growth Rate || 7.8% |
| Regions Covered || Global |
Key Topics Covered:
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
4.1. COVID-19 Impact On Electric Utility Vehicle Market
4.2. Ukraine-Russia War Impact On Electric Utility Vehicle Market
4.3. Impact Of High Inflation On Electric Utility Vehicle Market
5. Electric Utility Vehicle Market Size And Growth
5.1. Global Electric Utility Vehicle Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Utility Vehicle Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Electric Utility Vehicle Market Segmentation
6.1. Global Electric Utility Vehicle Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Sports Utility Vehicle Multi Utility Vehicle Utility Terrain Vehicle Other Vehicle Types
6.2. Global Electric Utility Vehicle Market, Segmentation By Battery Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Lithium-Ion Lead-Acid Other Battery Types
6.3. Global Electric Utility Vehicle Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Commercial Use Municipal Use Other Applications
7. Electric Utility Vehicle Market Regional And Country Analysis
7.1. Global Electric Utility Vehicle Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Electric Utility Vehicle Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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global electric utility vehicle market
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