Electric Utility Terrain Vehicle Market 2023-2032; Growth Forecast & Industry Share Report

Electric Utility Terrain Vehicle Market is projected to cross USD 190 Mn by 2032. The Minister of Economy, United Arab Emirates recently released the National Tourism Strategy that plans to invest USD 27.24 billion in the tourism sector to introduce 40 million hotel guests to the region. The expansion of the sector can be backed by the rising demand for off-road recreational activities, favorable government initiatives for sustainability, and promotion of eco-friendly transportation options.

Pivotal factors such as growing awareness toward GHG emission reduction across the automotive industry would offer lucrative growth opportunities for electric UTV market players in the forthcoming years. For instance, Polaris Inc., in 2021, introduced the Polaris Ranger XP Kinetic, in partnership with Zero Motorcycles. As per reports, the new vehicle is equipped with a 29.8 kWh battery and offers a range of 80 miles.

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Considering the price, the USD 20,000 to USD 30,000 segment is slated to draw significant gains through 2032, given the fact that UTVs in this price range offer more features including brilliant suspension, advanced safety features, and better horsepower engines. These attributes potentially make the automobiles more versatile and effective while boasting the ability to handle a wide range of terrains and tasks.

Increased vehicle pricing comes from the producers' rising use of superior quality materials and construction methods to ensure improved reliability and durability. Usage of these materials could eventually lead to longer lifespan for the vehicle and lower maintenance costs over the ensuing years.

Based on application, electric UTVs are largely used in sports activities. UTVs are being extensively adopted by sports enthusiasts to demonstrate skills and showcase vehicles in challenging environments in different sports championships. These automobiles are highly maneuverable, enabling drivers to move effortlessly around any obstacle, adding to their appeal. Additionally, electric utility terrain vehicles have become more comfortable, with several models featuring electric power steering and air conditioning.

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From the regional viewpoint, the Europe electric UTV market would accrue lucrative gains over the next ten years, with the United Kingdom, France, and Germany likely to emerge as the market hotspots. Expanding millennial population across these countries and mounting consumer spending on outdoor recreational activities in the region would stimulate the market dynamics by 2032 end.

Furthermore, the development of charging infrastructure would as well contribute to the regional market outlook. As per the Transport and Environment report, Europe is predicted to invest approximately USD 1.9 billion by 2030 end to deploy another 2.7 million public charging points in the continent.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Electric utility terrain vehicle (UTV) industry 3600 synopsis, 2018 – 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023 - 2032

2.3    Regional trends

2.4    Price trends

2.5    Application trends

Chapter 3   Electric UTV Industry Insights

3.1    COVID-19 impact

3.1.1.1   North America

3.1.1.2   Europe

3.1.1.3   Asia Pacific

3.1.1.4   Latin America

3.1.1.5   Middle East & Africa

3.2    Russia-Ukraine war impact

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Technology providers

3.3.3    Manufacturers

3.3.4    End-users

3.3.5    Profit margin analysis

3.3.6    Vendor matrix

3.4    Technology & innovation landscape

3.4.1    4wd

3.4.2    Independent suspension

3.4.3    Autonomous electric UTVs

3.4.4    Battery swapping system

3.5    Patent analysis

3.6    Key initiatives & news

3.7    Regulatory landscape

3.8    Industry Impact forces

3.8.1    Growth drivers

3.8.1.1   Increasing participation and spending on off-road recreational activities

3.8.1.2   Positive outlook of the tourism industry in Latin America and MEA

3.8.1.3   Growing inclination towards recreational activities in Asia Pacific

3.8.1.4   High R&D investments and product innovation

3.8.1.5   Introduction of electric UTV in European countries

3.8.2    Industry pitfalls & challenges

3.8.2.1   Safety concerns related to off-road vehicles

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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