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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.

Electric utility terrain vehicles (UTV) Market

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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.

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

Electric Utility Terrain Vehicle Revenue Share, By 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


Authors: Preeti Wadhwani, Shamal Gawande

Frequently Asked Questions (FAQ) :

The market size for electric utility terrain vehicle exceeded USD 30 million and is anticipated to grow at 18% CAGR from 2023 to 2032, driven by increasing inclination towards recreational activities in Asia Pacific.

Below USD 20,000 electric UTV industry size is expected to witness 16% growth rate between 2023 and 2032, owing to durability and versatility of these UTVs.

North America electric utility terrain vehicle industry is slated to reach USD 150 million by 2032, fueled by increasing focus of industry players on R&D and product innovations.

Some of key participants in the electric utility terrain vehicle (UTV) competitive landscape include names such as Hisun Motors, Intimidator UTV, John Deere, Greenworks Commercial, HuntVe, Kaxa Motos, and Milbay Australia, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 1289
  • Countries covered: 10
  • Pages: 200
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