Home > Pressrelease > Electric UTV Market size to reach $190 Mn by 2032
Electric UTV Market size to reach $190 Mn by 2032
- Published Date: April 10, 2023
Electric Utility Terrain Vehicle (UTV) Market size is slated to cross a valuation of USD 190 million by 2032, according to the latest research report by Global Market Insights Inc.
The growing investment and participation in off-road recreational activities is a key driver behind industry growth. Moreover, surging interest in such activities has bolstered the demand for electric UTVs by extending their use beyond work-related applications, boosting their demand, advancing UTV technology, and encouraging preference towards electric UTVs. As per the Outdoor Industry Association, millennials account for nearly 38% of the outdoor consumer population in the U.S., which is likely to proliferate the demand for electric UTVs.
Advanced safety features of USD 20,000 and 30,000 electric UTVs to fuel the product demand
The electric UTV market from the USD 20,000 and 30,000 segment is expected to surpass USD 65 million by 2032. Electric UTVs within this price range can handle various challenges and terrains and are versatile due to additional features. They offer advanced safety features, better suspension, higher horsepower engine, and others. To ensure the vehicle’s reliability and durability, it is manufactured using superior-quality construction methods and materials.
Increasing number of championships to impel demand for electric UTVs for sports application
The industry size from sports application is poised to grow at more than 16% CAGR during 2023-2032. Championships help sports enthusiasts showcase their skills in thrilling environments. Growing number of world championships such as the Championship Off-road Tour, UTV World Championship, and others is likely to elevate product demand for sports applications. High comfort offered by these models coupled with innovations in features such as cab air conditioning, electric power steering (EPS), and others to elevate the driving experience, makes these vehicles suitable for sports enthusiasts.
Browse key industry insights spread across 200 pages with 1257 market data tables & 32 figures & charts from the report, “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” in detail along with the table of contents:
Surging development of EV charging infrastructure to strengthen Europe industry
Europe electric utility terrain vehicle market is poised to attain 15% gains between 2023 and 2032, owing to rising development of strong EV charging infrastructure. The European Commission has also proposed the installation of more than 1.3 million publicly accessible EV chargers by 2030. In fact, in January 2023, the government of Ireland launched the new Electric Vehicles Charging Infrastructure Strategy 2022-2025, with an aim to invest €100 million (USD 109 million) on public charging infrastructure for the next three years.
Product innovations to outline competitive landscape for electric UTV market
Some prominent electric UTV manufacturers are names such as DRR USA, Hisun Motors, HuntVe, Kaxa Motos, Greenworks Commercial, Intimidator UTV, and John Deere, among others. Many of these firms are focusing on product innovations to outperform their competitors. Citing an instance, in February 2023, Tracker, a leading electric UTV manufacturer, launched an electric UTV with a range of up to 60 miles, ideal for farms, ranches, and off-roading applications.
Moreover, with excellent hauling capabilities, the UTV can tow up to 1,200 lb with a payload capacity of 900 lb which allows it to accommodate two adult passengers even after fully loading the cargo bed. Through this launch, Tracker aims to make it suitable for outdoor and work applications while enhancing its ability to tackle heavy loads.