Global Electric Utility Vehicle Market Report to 2031 -...

Global Electric Utility Vehicle Market Report to 2031 - Featuring Alke, Tropos Motors, Columbia Vehicle and Polaris Among Others
Thu, 17 November 2022, 11:15 pm·9-min read
DUBLIN, Nov. 17, 2022 /PRNewswire/ -- The "Electric Utility Vehicle Market By Battery Type, By Vehicle Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.


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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.

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