What Has Been the Growth Trajectory of the Electric Utility Vehicle Market?
The electric utility vehicle market has seen considerable growth due to a variety of factors.
• In recent times, the market size of electric utility vehicles has seen a robust expansion. There will be a growth from $14.83 billion in 2024 to $15.97 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.7%. The growth exhibited in the historical period is due to various factors such as escalating fuel prices and energy security issues, collaboration and investments within the industry, issues related to urbanization and congestion, reduction in battery production expenses, and heightened environmental consciousness and sustainability.
How Does the Forecast Look for the Electric Utility Vehicle Market?
The Electric Utility Vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is anticipated that the electric utility vehicle market will experience significant growth. This market is projected to expand to $22.37 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.8%.
This anticipated growth during the forecast period is a result of factors such as the development of charging infrastructure, changes in regulations and policies, consumer demand and preferences, global market expansion, and economic influences. Trends expected to emerge during the forecasted period include a variety of vehicle offerings, advancements in range and battery technology, the emergence of last-mile delivery solutions, measures towards fleet electrification, and sustainability goals set by governments and corporations.
What Are The Leading Drivers Of Growth In The Electric Utility Vehicle Market?
The surge in e-commerce and warehousing activities is considerably influencing the expansion of the electric utility vehicle market. E-commerce is the online trading of goods and services or the transfer of money or data, while warehousing is the process of storing items for later sale or distribution. Electric utility vehicles like forklifts are widely employed in e-commerce warehouses to achieve their carbon neutrality objectives. For example, the United States Census Bureau, a US governmental organization, reported in August 2024 that U.S. retail e-commerce sales were $291.6 billion in Q2 2024, reflecting a 1.3% growth from Q1 2024, after adjusting for seasonal variation. The estimated total retail sales were $1,826.9 billion, marking a 0.5% increase from the last quarter. Year-over-year, e-commerce sales escalated by 6.7%, while total retail sales increased by 2.1%. E-commerce constituted 16.0% of the total sales. Unadjusted e-commerce sales for Q2 2024 were $282.3 billion, equating to 15.2% of total sales. Consequently, the rise in e-commerce and warehousing is propelling the expansion of the electric utility vehicle market.
How Are The Segments Defined Within The Global Electric Utility Vehicle Market?
The electric utility vehicle market covered in this report is segmented –
1) By Vehicle Type: Sports Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Other Vehicle Types
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Battery Types
3) By Application: Commercial Use, Municipal Use, Other Applications
Subsegments:
1) By Sports Utility Vehicle (SUV): Compact SUVs, Midsize SUVs, Full-Size SUVs
2) By Multi Utility Vehicle (MUV): Passenger MUVs, Commercial MUVs
3) By Utility Terrain Vehicle (UTV): Side-By-Side UTVs, Four-Wheel Drive UTVs
4) By Other Vehicle Types: Electric Pickup Trucks, Electric Vans, Electric Buses
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How Are New Trends Expected To Influence The Growth Of The Electric Utility Vehicle Market?
Product creativity and innovation are gaining momentum as trendsetters in the electric utility vehicle market. Essential market players are emphasizing on the unveiling of pioneering products with enhanced features to boost efficiency and improve consumer experience. These types of innovations give companies a competitive advantage in the marketplace. For instance, Club Car, a US-based manufacturer known for producing gas and electric golf, utility and personal transportation vehicles, unveiled the Club Car Urban LSV and XR in March 2023. The newly launched Urban line adds to Club Car's prestigious electric vehicle collection, significant in commercial sectors for many years. It comes with features like contemporary automotive styling, ergonomic design, a maximum speed of 25 mph suitable for road usage, and the flexibility of vehicle customization to meet specific requirements. Thus, the latest Club Car Urban is a distinctive utility vehicle solution catering to the necessities of large campuses, last mile delivery, municipalities, and hospitality spaces.
Who Are the Key Players In The Electric Utility Vehicle Market?
Major companies operating in the electric utility vehicle market include:
• Club Car LLC
• Polaris Industries Inc.
• Ligier Professional
• E-Z-GO
• Alke' S.r.l.
• Marshell Inc.
• Taylor-Dunn
• Deere & Company
• STAR EV
• Guangdong Lvtong Electric Vehicles Co. Ltd.
• Melex Group
• Addax Motors
• Esagono Energia SRL
• PILOTCAR Otomotiv San. ve Tic. A.S
• Tropos Technologies Inc.
• Proterra Inc.
• Rivian Automotive Inc.
• Arcimoto Inc.
• Canoo Inc.
• BYD Company Limited
• SAIC Motor Corporation Limited
What Is The Most Dominant Region In The Electric Utility Vehicle Market?
North America was the largest region in the electric utility vehicle market in 2024. The regions covered in the electric utility vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
