Electric Utility Vehicles Market by Product Type (Lead Acid Type and Lithium Ion Type) by Application (Farm, Large Venues and Hunting Trips) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Electric Utility Vehicles market gathered revenue around USD 2.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 15.1% during the prediction period 2021 to 2027.

Growth Factors:

The global electric utility vehicles market size was significantly robust in 2020 and is expected to register a rapidly inclining revenue CAGR over the forecast period. Increasing investment to establish Electric Vehicle (EV) charging stations, rising utilization of electric utility vehicles in last mile deliveries, and growing focus on reducing carbon emissions from vehicles to mitigate global warming are key factors expected to drive market revenue growth over the forecast period. Increasing government initiatives to encourage adoption of electric vehicles for various applications across several end-use industries is also expected to boost revenue growth of the market over the forecast period.

Electric utility vehicles are designed with a combination of zero-emission and high work capacity. Commercial vehicles like buses, trucks, or vehicles used in the agriculture sector have been electrified over the recent past making them more environmentally sustainable, quieter, and fuel-efficient. Large number of utility vehicles are on road as compared to passenger vehicles and hence they consume massive amounts of fuels. Electric utility vehicles drastically reduce carbon emissions, in turn reducing the effect of greenhouse gases and reducing negative impact on the environment. Electric vehicles are equipped with on-board rechargeable battery that can be charged from a power grid. Governments and key companies across the globe are heavily investing to develop robust EV charging infrastructure to boost adoption of EVs over the coming years. The popularity of last-mile delivery and advancements in logistics sector have been significantly contributing to revenue growth of the market.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Electric Utility Vehicles market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Electric Utility Vehicles market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Electric Utility Vehicles market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Regional analysis:

Based on regional analysis, North America is expected to account for a significantly large revenue share in the global market owing to rapid adoption of electric vehicles, growing focus and research on improving fuel-efficiency and reducing carbon emissions, and increasing use of electric vehicles for logistics and last-mile deliveries.

Europe is expected to account for significant revenue growth over the forecast period owing to increasing investment to accelerate advancement in electric mobility, rising shift towards green transportation, and robust presence of key automobile manufacturers in the region. Asia Pacific is expected to register fastest revenue CAGR owing to increasing production of electric vehicles in APAC countries such as China and India and growing initiatives of government to have electrified transportation over the coming years.  

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Some of the prominent players in the Electric Utility Vehicles Market include: Addax Motors, Alke, Club Car, Esagono Gastone, E-Z-GO, Garia Utility, GoupilIndustrie, Inc., Guangdong Lvtong, Ligier Group, Marshell Green Power, Melex Ltd., Polaris Industries, Inc., and Star EV.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Electric Utility Vehicles Market: By Product Type

• Lead Acid Type
• Lithium Ion Type

Global Electric Utility Vehicles Market: By Application

• Farm
• Large Venues
• Hunting Trips

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Highlights of the Report:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Electric Utility Vehicles market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Electric Utility Vehicles market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Electric Utility Vehicles markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in Electric Utility Vehicles market Study:

• Growth of Electric Utility Vehicles in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Electric Utility Vehicles and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Electric Utility Vehicles Consumption Analysis
•  Electric Utility Vehicles Production Analysis
•  Electric Utility Vehicles and Management