Electric ATV and UTV Market Size and Share Analysis Report by Product Type (All-Terrain Vehicle, Utility-Terrain Vehicle), Application (Sports, Recreation, Agriculture and Utility, Military and Defense), Electric Energy Storage (Battery, Fuel Cell, Ultra Capacitor), Energy Storage Capacity (Up to 48V, 48V to 72V, More than 72V), Seating Capacity (One-Seater, Two-Seater, More than Two-Seater) - Industry Demand Forecast to 2030

Market Overview

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market size was $707.6 million in 2021, which is projected to reach $3,845.3 million by 2030, at a CAGR of 20.7% during 2021–2030. The growth is supported by the rising popularity of adventurous and recreational sports and activities, low noise emissions, and low cost of ownership and the expanding use of these vehicles for military purposes. In order to offer a zero-emission option, the powersports business, just like the automotive industry, needs to consider alternative propulsion strategies, including all-electric platforms.

Electric Two-Seat ATVs and UTVs To Be Dominant in Market

Two-seater variants of quad bikes are the most popular type of UTVs, holding about 50% market share in the year 2021; this category will advance with a CAGR of 20.5% till 2030. Two-seaters are usually purchased because of their versatility and great value. These automobiles offer solo or tandem riding options and can be used for recreational riding, transporting cargo and passengers, and towing.

Utility Vehicles Hold Larger Share by Revenue

Utility-terrain vehicles held the larger market revenue share in the year 2021, and this category is expected to grow at a CAGR of 22.4% during the forecast period, majorly because UTVs are more potent and swifter than ATVs. Due to their ability to carry goods and payload, as well as navigating difficult terrain, UTVs are becoming increasingly popular among farmers, ranchers, and hunters. These vehicles are also common at colleges and universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs.

However, ATVs are less expensive than UTVs. These vehicles are used for off-road and rugged terrain travel. During the forecast period, the market will benefit from the widespread use of electric ATVs for a wide range of applications, such as waterway construction, mud removal, excavation, land reclamation, environmental clean-ups, and reservoir, pond, swamp, and riverbed maintenance.

Outdoor Recreational Applications of ATVs Are Highest Revenue Generator in Market

Outdoor recreational applications held an about 50% market revenue share in 2021, and the category is expected to grow with a compound annual growth rate of 20.1% in the coming years. This can be attributed to the rise in ATV riding activities as a form of outdoor recreation, particularly in developed regions, namely North America and Europe. These regions are witnessing a rise in the disposable income and standard of living, along with being home to varying terrain, farms and ranches, and unpaved roads.

Moreover, electric ATVs and UTVs are becoming popular for agricultural operations, particularly in hilly terrain. Being fully electric, these vehicles produce much lesser noise as compared to non-electric counterparts and almost no tailpipe emissions. They help farmers in surveying fields, inspecting livestock and crops, supervising field crews, plowing fields, and transporting equipment, supplies, and produce. Hence, the agriculture and utility category will grow at a fast pace during the forecast period.

Future Technologies and Opportunities in Electric ATV Market

• The growing use of autonomous ATVs for clearing mud, excavating land, reclaiming land, cleaning up the environment, and maintaining reservoirs, ponds, swamps, and riverbeds would favorably affect the market during the forecast period.
• Self-driving ATVs and UTVs are built to withstand tough conditions, making them ideal for military and disaster search and rescue missions. They also come with a number of sensors to help them navigate even the most-challenging terrain. Thus, to address consumer demands, a number of well-known quad manufacturers and technology start-ups are developing autonomous vehicles.
• Manufacturers are also developing electric ATVs and UTVs for usage as micromobility platforms within large hotels, resorts, and golf courses. These vehicles have a wide range of uses due to their versatility and off-roading prowess. Moreover, due to their efficiency and electric propulsion, these vehicles could be used for micromobility on urban roadways as well.
• The rising pace of global warming is forcing regulatory bodies and governments across the globe to take stringent measures to reduce carbon dioxide emissions. The efforts include establishing targets for prohibiting ICE vehicle sales and production, making investments in EV infrastructure development, and offering subsidies to encourage the use of electric vehicles, which will fuel the electric ATV and UTV market growth in the coming years.

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All-Terrain and Utility-Terrain Vehicles Sales Highest in North American Region

In 2021, the North American market generated the highest revenue, of around $457.9 million. This is primarily attributed to the popularity of adventure sports and presence of top companies that manufacture and market quad bikes. Moreover, government bodies across North America have increased the funding for the construction of off-road trails, in an effort to encourage outdoor tourism and enhance the region's adventure sports offerings.

For instance, the Bush Head ATV Park received a $1-million grant from the Georgia Ministry of Natural Resources in April 2017 to build an off-road trail for these vehicles.

Europe held the second position, in terms of revenue, in the year 2021, and the European electric UTV market will have a growth rate of 22.6% over the forecast years. This kind of vehicle has a huge potential in the European market due to the uneven terrain and rocky mountain ranges, such as the Alps, in the region. People in Europe have been inspired to adopt the electric variants of these vehicles by the growing trend of electrification as well as environmental protection.

Furthermore, the market has grown in France as a result of an increasing trend of recreational activities and adventure sports. Additionally, the expanding demand for ATVs and UTVs in agriculture, sports, forestry, and the military has propelled the market growth.

To Increase Revenue Share, Companies Involving in Product Launches and Collaborations

The major trend being observed in the market is the launch of new electric models with improved features, with companies trying to stay ahead of their competitors and diversify their product lines. For instance:

• In September 2021, At DSEI 2021 in London, Eco Charger unveiled "Vizsla," a fully electric military quad developed in collaboration with Supacat of the U.K.
• In December 2021, Chinese giant CFmoto launched CFORCE EV 110, an electric ATV for the youth market, during the EICMA show in Milan, Italy.

Key Players in Global ATV and UTV Market Are:

• Polaris Industries Inc.        
• Honda Motor Co. Ltd.
• Bombardier Recreational Products Inc.
• Yamaha Motor Co. Ltd.
• Arctic Cat
• John Deere
• Club Car LLC
• HISUN Motors Corporation
• CFMOTO
• LINHAI Group Co. Ltd.

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product Type

• All-Terrain Vehicle
• Utility-Terrain Vehicle

Based on Application

• Sports
• Recreation
• Agriculture and Utility
• Military and Defense

Based on Electric Energy Storage

• Battery
• Fuel cell
• Ultra Capacitor

Based on Energy Storage Capacity

• Up to 48V
• 48V to 72V
• More than 72V

Based on Seating Capacity

• One-Seater
• Two-Seater
• More than Two-Seater

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• APAC
  • China
  • India
  • Japan
  • South Korea
  • Australia
• LATAM
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • U.A.E.