The global electric utility market size was US$ 8.5 billion in 2021. The global electric utility market size is estimated to reach US$ 22.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.4% during the forecast period from 2022 to 2030.
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An electric utility vehicle is a zero-emission automobile, which uses an electric motor to carry out a specific task. These are mainly an alternative to traditional utility terrain automobiles that are powered by inner combustion engines. It can have a high-capacity battery, a battery swap system, or a lithium-ion battery with a fast charging system. It is a peaceful and green alternative to a conventional utility automobile and helps in lowering carbon footprints.
Factors Influencing Market Growth
? The introduction of new and advanced electric utility automobiles, strict government rules and restrictions toward vehicular emission, and an expansion in fuel costs drive the overall market expansion.
? The lack of charging infrastructure and the limited driving range of electric vehicles are elements that hinder the expansion of the overall market growth.
? Technological improvements and proactive government ambitions are anticipated to drive the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe influence on the expansion of the overall market. The pandemic has resulted in supply-chain disorders, causing downward sales of passenger cars and a provisional break of production of automobiles around the world, which in turn resulted in a decline in the need for automobiles around the world. Various automobile plants faced a lack of features, like semiconductor chips, which resulted in uncertainty in the production of vehicles. Thus, hindering the expansion of the overall market.
Regional Analysis
North America is expected to lead the market owing to the fast usage of electric vehicles, growing focus, and study on enhancing fuel efficiency and decreasing carbon emissions, and rising usage of electric vehicles for last-mile deliveries and logistics.
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Leading Competitors
The prominent players in the global electric utility market are:
? Hyundai Motor Company
? Toyota Motor Corporation
? The General Motors Company
? Mahindra Electric Mobility Limited
? Ford Motor Company
? Bollinger Motors
? Star EV Corporation
? Neuron EV
? Columbia Vehicle Group
? Others
Segmentation Analysis
The global electric utility market segmentation focuses on Vehicle Type, Application, Battery Type, and Region.
Segmentation on the basis of Vehicle Type
? Sport Utility Vehicle
? Multi Utility Vehicle
? Utility Terrain Vehicle
? Others
Segmentation on the basis of Application
? Passenger Commute
? Industrial
? Agricultural
? Sports
? Others
Segmentation on the basis of Battery Type
? Lithium-ion
? Others
? Lead-acid
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Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
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? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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