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Electric Off-Road Vehicle Market to cross $400 Mn by 2032
- Published Date: March 20, 2023
Electric Off-Road Vehicle Market size is anticipated to exceed USD 400 million by 2032, according to the recent report research by Global Market Insights Inc.
Increasing popularity of outdoor recreational activities, including off-roading, in North America is a key driver behind industry growth. As per the Outdoor Industry Association, in 2021, the participant base of people partaking in outdoor recreation grew to 164.2 million. Additionally, it also found that more than 54% of Americans aged 6 years and above took part in at least one outdoor recreation in 2021. Such high consumer interest, coupled with the emission guidelines, is fueling a notable product demand such as quads, dirt bikes, ATVs, and others, electric off-road vehicle market expansion.
Furthermore, regional government agencies are also making new investments towards expanding the off-road infrastructure, creating a strong impetus for business growth. Back in July 2022, the U.S. Department of Energy announced an investment of over USD 96 million for the decarbonization of domestic transportation sector, which also focuses on developing cleaner non-road vehicles through electrification.
Surging number of ATV clubs to fuel ATV vehicle industy expansion
The electric off-road vehicle industry size from all-terrain vehicle (ATV) segment is anticipated to grow at 15% CAGR from 2023 to 2032, fueled by the growing number of ATV clubs worldwide. The growth can also be attributed to increasing number of off-road sports events and the growing involvement of youngsters. In fact, as per U.S. Bureau of Labor Statistics, the employment of sports competitors and athletes is estimated to increase by 36% through 2031. The projection also plays into the fact that the region is creating more opportunities for outdoor sports owing to the development of more outdoor parks.
Increasing number of sports events to impel application segment growth
The sports electric off-road vehicle market recorded a valuation of USD 30 million in 2022. Rising number of sports activities worldwide, the sector is projected to accumulate noteworthy gains going forward. Global off-roading sports events such as Dakar 2023, Wicked Vulture UTV fest, King of the Hammers and UTV World Championship, involve challenging trails and are becoming widely popular among audiences. Surging participation of sports enthusiasts in these events is proliferating the business expansion as it gives industry players a stage to unveil their innovations in the field.
Browse key industry insights spread across 150 pages with 218 market data tables & 27 figures & charts from the report, “Electric Off-Road Vehicles Market Size By Vehicle (All Terrain Vehicle [ATV], SSV/UTV, Off-Road Motorcycles), By Application (Utility, Sports, Recreation, Military) & Forecast, 2023 – 2032” in detail along with the table of contents:
Growing number of adventure trails to strengthen the Europe market
The European electric off-road vehicle market is estimated to amass USD 55 million by 2032, on account of growing number of adventure parks, varied landscapes, and adventure trails in the region. Moreover, increasing participation of enthusiasts in cross-country UTV championships annually hosted by nations such as Spain, France and others is further contributing to regional growth. Additionally, mega racing events such as the Ultra4 Europe race which involves off-road vehicles is also elevating the provincial scenario by making off-roading more well-known.
The progressive strategies to outline the industry’s competitive landscape
The prominent electric off-road vehicle market players includes names such as Evolet, Alke S.r.l, Daymak Inc., Ecocharger Quad Bikes, Electric Motion, American Landmaster, and DRR USA, among others. Many of these players are emphasizing capacity expansion strategies to boost their business presence.
Citing an instance, in February 2022, Polaris Inc., an American automotive manufacturer, opened a new distribution facility in Wilmington, Ohio to expand its distribution capacity in the state. The new 165,000 square foot facility will stock all types of products in addition to aftersales spare parts. The newly opened distribution unit will help the company minimize delivery downtime while expanding its customer base in Ohio.