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Electric Utility Terrain Vehicle (UTV) Market Size By Price (Below USD 20,000, USD 20,000-30,000, Above USD 30,000), By Application (Utility, Sports, Recreation, Military) & Forecast, 2023 – 2032
- Report ID: GMI5500
- Published Date: Mar 2023
- Report Format: PDF
Industry Statistics
Electric Utility Terrain Vehicles (UTV) Market size surpassed USD 30 million in 2022 and is anticipated to register 18% CAGR from 2023 to 2032 backed by the surging inclination towards recreational activities in Asia Pacific.
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Rising inclination towards recreational activities in Asia Pacific has proliferated the demand for electric UTVs by encouraging eco-friendly transportation alternatives, supporting infrastructure development, providing unique experiences to tourists, and increasing government support. The industry growth is also driven by growing government support in Asia Pacific through subsidies and incentives for promoting adoption of EVs, including electric UTVS. As per the Faster Adoption and Manufacturing of Electric Vehicles (FAME) India scheme, buyers of EVs get incentives in the form of upfront reduction in purchase price of such vehicles.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 30 million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 18% |
| 2032 Value Projection: | USD 190 million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 1,289 |
| Segments covered: | Price, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Safety issues associated with the use of electric UTVs may constrain industry development
Rising instances of fatalities and accidents related to off-roading may pose challenges to electric utility terrain vehicle market growth. While lack of awareness about precautionary measures, underage driving and non-abidance to set standards remain major reasons for accidents, these instances inflict a strong impression on consumer minds which holds them back from purchasing off-road vehicles such as UTVs. Moreover, the high maintenance cost of such vehicles is also a major restraining factor, which makes them out of reach for many customers.
Surging number of off-road racing events to propel product demand for recreation application
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The recreation electric UTV industry revenue crossed USD 10 million and is projected to record a valuation of USD 60 million by 2032, on account of rising number of off-road racing events. In fact, in March 2023, Sea Lake off-road club, located in Australia unveiled its plans to organize off-road racing event instead of the traditional Mallee rally. Growing popularity of mega off-road racing events such as Dakar Rally, King of the Hammers, and others will also bolster the demand for these vehicles.
However, growing innovations in product is likely to favor the espousal of these vehicles. Several electric UTVs now can cover up to 100 miles on a single charge owing to innovations in battery technology, which makes them ideal for longer journeys and continuous use.
High durability of below USD 20,000 electric UTVs to fuel product demand
The below USD 20,000 electric utility terrain vehicle market is poised to attain 16% gains through 2032. Strong demand for these models can be credited to their versatility, durability, affordability, availability in different variants and growing demand for outdoor activities. As per Outdoor Industry Association, in 2021, the number of people engaged in outdoor recreation increased to 164.2 million. Moreover, improved comfort at reasonable price coupled with superior safety features are proliferating the demand for low-priced electric UTVs.
Rising focus of key participants on product innovations in North America
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North America electric UTV market is expected to record a valuation of more than USD 150 million by 2032. Growing development of electric UTVs in the region can be attributed to surging focus of key players on product innovations and R&D activities. For instance, in July 2022, American Landmaster, an Indiana-based UTV manufacturer, announced the launch of its new EV 4X4 Lithium-Ion UTV side-by-side. It has the capability of going up to 50 miles on a single charge and can be fully charged in less than 8 hours.
Partnerships to define industry’s competitive landscape
The list of major electric utility terrain vehicle market players includes John Deere, Polaris Inc., TUATARA VEHICLES, Volcon, Kaxa Motos, Milbay Australia, TRACKER OFF ROAD, and Vanderhall Motor Works Inc., among others. Many of these firms are emphasizing partnership strategies to reinforce their global presence.
In addition, in February 2023, Volcon Inc., a U.S.-based electric off-road power sports vehicle company, teamed up with BFGoodrich Tires, an American tire company for its off-road racing event. The collaboration will emphasize leveraging the potential of EV motor in tandem with BFGoodrich’s ActivAir, a Central Tire Inflation System (CTIS) which has the capability to make on-the-fly adjustments to enhance off-road performance of Volcon’s future UTVs. The partnership is intended to enhance off-road performance of vehicles while improving battery range.
Impact of COVID-19 on electric UTV market trends
The COVID-19 pandemic had a negative impact on market for electric utility vehicles on account of sharp contraction in tourism sector and supply chain upheavals. Specifically, in many emerging economies that rely mostly on tourism sector, tourist arrivals witnessed a drop of over 80-90%. However, gradual ease in social distancing norms post-successful vaccination drives in many countries brought some recovery to tourism sector. In the post-COVID-19 era as well, the industry is likely to witness substantial gains owing to growing government spending on reviving tourism sector.
This market research report on electric UTVs includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Price
- Below USD 20,000
- USD 20,000-30,000
- Above USD 30,000
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
- Asia Pacific
- China
- Japan
- South Korea
- Latin America
- Mexico
- Middle East & Africa
- Saudi Arabia