DUBLIN--(BUSINESS WIRE)--The "Electric Utility Vehicle Market: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the electric utility vehicle market was valued at $8.59 billion in 2021, and is estimated to reach $24.98 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.
Electric utility vehicle is a zero emission vehicle, which utilizes electric motor to carry out a specific task. In addition, these vehicles are utilized in farms, parks, logistics, or carrying any other utilities. Airports, warehouses, and industrial facilities use specialized electric utility vehicles. Moreover, electric utility vehicle also find application in recreational activities and last mile deliveries.
The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks, such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks, manufacturers are utilizing lithium-ion batteries in electric utility vehicles.
In addition, several manufacturers are innovating in lithium-ion batteries to provide fast charging in upcoming electric vehicles as well as electric utility vehicles. For instance, in March 2020, General Motors introduced Ultium batteries. Ultium battery work upon a new type of lithium-ion chemistry being developed by GM and LG Chem under the Ultium brand name. GM's new Ultium batteries can be stacked vertically or horizontally inside the battery pack. It also aids in providing estimated range up to 400 miles. Moreover, Ultium-powered electric vehicles are expected to have Level 2 and DC fast charging.
The growth of the global electric utility vehicle market has propelled, due to launch of new and improved electric utility vehicle, stringent government rules & regulations toward vehicular emission, and increase in fuel costs. However, lack of charging infrastructure and limited driving range of electric vehicle are the factors hampering the growth of the market. Furthermore, technological advancements and proactive government initiatives are the factors expected to offer growth opportunities during the forecast period.
The electric utility vehicle market is segmented on the basis of battery type, vehicle type, application, and region. By battery type, it is segmented into lithium-ion, lead-acid, and others. By vehicle type, it is classified into sport utility vehicle, multi utility vehicle, utility terrain vehicle, and others. By application, it is fragmented into passenger commute, industrial, agricultural, sports, and others. Moreover, it analyzes the current market trends of electric utility vehicle across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric utility vehicle market analysis from 2021 to 2031 to identify the prevailing electric utility vehicle market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric utility vehicle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric utility vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market Players
- Tesla, Inc.
- Alke
- Tropos Motors
- Columbia Vehicle Group Inc.
- Marshell Green Power
- Polaris Inc.
- Club Car
- Star EV Corporation
- Neuron EV
- Bollinger Motors
- Mahindra Electric Mobility Limited
- Ford Motor Company
- The General Motors Company
- Toyota Motor Corporation
- Hyundai Motor Company
Key Market Segments
By Vehicle Type
- Sport Utility Vehicle
- Multi Utility Vehicle
- Utility Terrain Vehicle
- Others
By Application
- Passenger Commute
- Industrial
- Agricultural
- Sports
- Others
By Battery Type
- Lithium-ion
- Others
- Lead-acid
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/v59xeb
