“Initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”– Quote by Future Market Insights Analyst
The market for electric utility vehicles is valued at US$ 9,203.8 million as of 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033 and is expected to grow at a CAGR of 15.4% during the period 2023-2033.
There has been increasing awareness regarding the impact of harmful emissions on the environment. Owing to this, governments have been taking proactive steps to tackle pollution. This has led to governments incentivizing people who make use of electric utility vehicles.
Initially, the cost of the battery used in electric utility vehicles was more than US$ 1000. However, with the advancements in technology, the cost has come down to US$ 100. This might increase the demand for electric utility vehicles during the forecast period.
Furthermore, the electric utility vehicles market has witnessed several buyers in the agricultural sector. This is because of the fact that there were some cases of crops being spoiled due to vehicular emissions. This might well increase the sales of electric utility vehicles during the forecast period.
Moreover, the users are of the view that the application of electric utility vehicles offers high convenience, as these are easy to charge. This might as well surge the market growth during the forecast period.
Moreover, the cost associated with charging electric vehicles is much less compared to the usage of fuels.
However, the growth of the E-commerce market represents a massive opportunity for the market of electric utility vehicles. This is because electric utility vehicles seamlessly carry out the task of logistics.
Key Takeaways:
- The electric utility vehicles market is valued at US$ 9,203.8 million as of 2023.
- The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
- The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
- Based on the regional analysis, North America is the largest market.
- Based on the country analysis, the USA is the largest market, having a share of 26.8%.
- The German market has a share of 13.7%.
- The Japanese market has a share of 1.4%.
- The Australian market has a share of 0.6%
- The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
- The Indian market is expected to grow at a CAGR of 14.5% during the forecast period.
- The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
- On the basis of battery type, the lithium-ion battery has the highest market share at 73.4%.
- Based on application, the commercial segment has the largest market share.
- Based on propulsion, the pure electric segment has the highest share in the electric utility vehicles market.
Competitive Landscape
The key players operating in the market are mainly investing large amounts in technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.
Some of the recent developments in the electric utility vehicles market are:
- In September 2022, Bollinger Motors and Wabash announced joint development to produce a last-mile refrigerated delivery electric truck.
- In September 2022, Tesla announced Joe Gebbia as the new independent director.
