Global Electric Utility Vehicle Market Size Booming to Cross USD 31.4 billion by 2029.
Global electric utility vehicle market is flourishing because of decreasing cost of EV batteries, high prices of petroleum, and thriving e-commerce and warehousing sectors.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global electric utility vehicle market size at USD 16.7 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global electric utility vehicle market size to grow at a significant CAGR of 9.45% reaching a value of USD 31.42 billion by 2029. Major growth drivers for global electric utility vehicle market include increasing investments in the establishment of electric vehicle (EV) charging stations, growing use of electric utility cars in the last mile delivery, and a rising focus on lowering carbon emissions from automobiles to combat global warming. Increasing government measures to promote the adoption of electric cars for a variety of applications across a variety of end-use sectors are also likely to support market revenue growth over the forecast period. Electric utility vehicles are built with zero-emission and high work capacity in mind. Commercial vehicles such as buses, trucks, and agricultural vehicles have recently been electrified, making them more environmentally friendly, quieter, and fuel-efficient. Because utility vehicles outnumber passenger vehicles on the road, they burn vast amounts of fuel. Electric utility vehicles significantly cut carbon emissions, hence minimizing the effect of greenhouse gases and the negative environmental impact. Electric vehicles have an on-board rechargeable battery that can be charged from the grid. Governments and major corporations around the world are spending extensively in the development of robust EV charging infrastructure in order to increase EV adoption in the future years. The popularity of last-mile delivery and innovations in the logistics sector have considerably contributed to the market’s revenue growth. However, longer charging time than other fuels and lower range compared to ice counterparts are anticipated to restrain the overall market expansion.
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Global Electric Utility Vehicle Market – Overview:
An electric vehicle is a vehicle powered by one or more electric motors. It can be powered by a collector system or by a battery on its own (sometimes charged with solar panels, or by converting fuel to electricity using fuel cells or a generator). Surface and underwater watercraft, road and rail vehicles, electric aero planes, and electric spaceships are all examples of EVs. EVs first debuted a long time ago, when electricity was one of the favored methods of motor vehicle propulsion, providing a level of comfort and convenience of operation that gasoline automobiles of the time couldn’t match. Furthermore, internal combustion engines dominated automotive and truck propulsion, but electric power remained common in trains and smaller vehicles of all sorts. Electric vehicles are either powered by a collector system, which collects electricity from charging station deployments, or by self-charging equipment such as turbochargers, regenerative braking systems, and other similar devices.
Impact of COVID-19 on Global Electric Utility Vehicle Market
COVID-19 had a detrimental impact on the market for electric utility vehicles. Though the sales growth of electric vehicles were temporarily hindered by the pandemic, the industry is expected to fully recover with a relatively high growth rate than the previous year, due to the ongoing rise in fuel prices and increasing concerns about environmental pollution as well as subsidies provided by various governments. The pandemic substantially impacted the expansion of the electric utility vehicle sector. However, it is expected to develop rapidly as a result of increased efforts by governments throughout the world to promote the automotive industry in their respective countries, as well as the growing acceptance of electric vehicles due to its cost-effectiveness and environmental benefits.
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Global Electric Utility Vehicle Market – By Region
Geographically, global electric utility vehicle market covers five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is predicted to dominate the market due to due to rapid adoption of electric vehicles, increased emphasis and research on improving fuel efficiency and lowering carbon emissions, and increased use of electric vehicles for logistics and last-mile deliveries. Europe is predicted to account for significant revenue growth throughout the projection period due to increased investment to expedite advances in electric mobility, a growing move towards green transportation, and the region’s strong presence of important vehicle manufacturers. Asia Pacific is predicted to have the highest revenue CAGR due to increased manufacturing of electric vehicles in APAC nations like as China and India, as well as significant government initiatives to electrify transportation in the future years.
Competitive Landscape:
Major players operating in global electric utility vehicle market include: Tesla Inc., 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, and Hyundai Motor Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Electric Utility Vehicle Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Electric Utility Vehicle Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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