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Electric Off-Road Vehicles Market Size
Electric Off-Road Vehicle Market size surpassed USD 100 million in 2022 and is anticipated to grow at 12% CAGR from 2023 to 2032 driven by increasing spending by OEMs towards new product innovations.
With tightening emission guidelines restricting the capabilities of ICE-powered vehicles, many industry players are making notable investments towards the electrification of their off-road models through R&D. Citing an instance, in January 2023, Okinawa Autotech, an Indian electric two-wheeler manufacturer, inked a new joint venture with TACITA S.r.l, an Italian manufacturer of electric off-road vehicles, to establish its first R&D centre in Italy. The facility will focus on novel product innovations and the creation of a brand-new e-powertrain that supports the next generation of e-vehicles.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 100 million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 12% |
| 2032 Value Projection: | USD 400 million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 245 |
| Segments covered: | Vehicle, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Safety issues related to the use of off-road vehicles may impede industry outlook
Growing instances of accidents and fatalities associated with off-roading in general may act as a barrier for the off-highway electric vehicle market growth. While negligence of precautionary measures, non-adherence to the set rules and off-roading while underage are some of the reasons that cause such accidents, the consumer mindset tends to associate them directly with the use of the vehicle. Additionally, off-road vehicles also command steep maintenance costs and cannot be used as regular commuter vehicles in most jurisdictions, making them a luxury purchase for many, which further holds back product adoption.
Electric Off-Road Vehicles Market Analysis
The industry size from the recreation application type is poised to witness 15% growth rate during 2023 to 2032. Increasing world government support towards boosting the global tourism sector is said to encourage more people from participating in recreational activities, stimulating segment expansion. In wake of the COVID-19 pandemic, a new trend is being observed across developed economies where the younger population is showing a renewed interest in the great outdoors.
The electric off-road vehicle market from the off-road motorcycle type will amass USD 90 million by 2032, backed by the growing popularity of e-bikes. With affordability on mind, consumers are increasingly making a shift towards owing an e-bike. In fact, many consumers find electric off-road motorcycles more cost-effective, low maintenance, lightweight and compact than their fossil fuel-powered counterparts. The relatively low recharge costs of electric off-road bikes also allow owners to partake in off-roading more frequently by significantly freeing up budgetary constraints that were previously held up by high fossil fuel prices.
North America off-highway electric vehicle market recorded a valuation of USD 50 million in 2022, fueled by the presence of leading industry players such as Polaris Inc., and Zero Motorcycles among others. Meanwhile, higher interest of the regional population when it comes to recreational activities is also consolidating the region’s standing as the key growth hub for e-off-road vehicles.
Electric Off-Road Vehicles Market Share
Some of the prominent participants operating in electric off-road vehicle business scenario are:
- American Landmaster
- Daymak Inc.
- Ecocharger Quad Bikes
- Evolet
- HuntVe
- Intimidator Inc.
- Alke S.r.l
- DRR USA
- and Electric Motion
Many of these firms are emphasizing product innovations to sustain their industry position as the market transitions to electric vehicles.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on electric off-road vehicle industry on account of disruptions it caused to the global supply chain and the halt it put on tourism. As per the UN World Tourism Organization, the pandemic caused a 72% reduction in international tourist arrivals in 2020. However, the gradual ease of COVID-19-related restrictions revamped the tourism sector post successful vaccination drives. The industry is likely to witness lucrative gains in the post-COVID-19 era on account of favorable government initiatives that support tourism.
This market research report on electric off-road vehicle includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2018 to 2032 for the following segments:
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Market, By Vehicle
- ATV
- UTV/SSV
- Off-road motorcycle
Market, By Application
- Utility
- Sports
- Recreation
- Military
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- MEA
- UAE
- Saudi Arabia
- South Africa
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