Home > Automotive > Mobility > Recreational Vehicles > Electric All-Terrain Vehicle (ATV) Market

Electric All-Terrain Vehicle (ATV) Market Size

Report ID: GMI8117
Published Date: Feb 2024
Report Format: PDF

Download Free Sample

Electric All-Terrain Vehicle Market Size

Electric All-Terrain Vehicle (ATV) Market size was valued at USD 27.9 million in 2023 and is anticipated to register a CAGR of over 17% between 2024 and 2032. Advancements in battery technology, such as higher energy density and faster charging capabilities, along with improvements in electric motor efficiency, are driving the all-terrain vehicle market growth.

To get key market trends

Download Free Sample

For instance, in November 2023, Livaq launched the Equad electric ATV with powerful 16 kW hub motors, delivering a top speed of 67 MPH. These technological innovations allow for longer range, improved performance, and reduced charging times, making electric ATVs more appealing to consumers seeking eco-friendly alternatives with comparable or superior performance to traditional gas-powered models.

Electric All-Terrain Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electric All-Terrain Vehicle Market Size in 2023:	USD 27.9 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	17%
2032 Value Projection:	USD 118.6 Million
Historical Data for:	2018 - 2023
No. of Pages:	260
Tables, Charts & Figures:	200
Segments covered:	Power range, application
Growth Drivers:	Rising popularity of outdoor recreational activities. Increase in battery technology and electric motors. Increase in fuel prices. Surge in government incentives and subsidies for electric vehicles.
Pitfalls & Challenges:	Limited range can restrict usability for off-road adventures. Limitations in performance in extreme conditions, such as cold weather or rough terrain.

Learn more about the key segments shaping this market

Download Free Sample

The surge in incentives and subsidies for Electric Vehicles (EVs) is augmenting the electric ATV market growth by reducing upfront costs for consumers and incentivizing adoption. This encourages manufacturers to innovate and invest in electric ATV technology, expanding the market and making electric models more accessible to consumers. Countries including the U.S. have introduced several incentives and subsidies for EVs, such as Alternative Fuel Infrastructure Tax Credit, to incentivize the installation of alternative fueling stations including those for EVs. This credit allows businesses and individuals to offset a portion of the cost incurred when installing EV charging infrastructure, encouraging the EV charging network expansion and supporting EV adoption.

Performance constraints under extreme conditions, such as cold weather or rugged terrains, will hinder the electric ATV market. Cold temperatures can reduce battery efficiency and power output, impacting range and the overall performance. Similarly, rough terrains can strain electric drivetrains and suspension systems, affecting durability and reliability. Overcoming these challenges requires advancements in battery technology, drivetrain design, and vehicle durability to ensure optimal performance in diverse environments.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric all-terrain vehicle (ATV) reached USD 27.9 million in 2023 and is set to witness 17% CAGR from 2024 to 2032, owing to the advancements in battery technology, such as higher energy density and faster charging capabilities worldwide.

The 5-15 kW segment held around 30% of the market share in 2023, due to their versatility and suitability for a wide range of applications.

North America was over 65% of the market share in 2023, attributed to the rising demand for environmentally sustainable transportation solutions in the region.

Artic Cat Inc., BRP, Daymak Inc., DRR USA, Eco Charger, Eco Rider, Polaris Inc., Powerland, Tesla, Inc., and Theron are some of the major electric all-terrain vehicle companies worldwide.