Electric ATV and UTV Market Analysis
Explore In-Depth Electric ATV and UTV Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2032
Report Code: 12445
Explore In-Depth Electric ATV and UTV Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2032
Two-seater variants are the most popular type, holding 55% market share in the year 2024; this category will advance with a CAGR of 20.5% till 2032. 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.
The more than 2 category is expected to witness the fastest growth in the market during the forecast period. This is attributed to the increasing popularity of ATV and UTV rides on family holidays and outings with friends. These vehicles offer versatility for a number of outdoor settings, such as hills, beaches, deserts, and nature trails through forests.
The report offers insights in the following seating capacities:
Utility-terrain vehicles hold the larger market revenue share in the year 2024 and witness the higher CAGR, of 20.0%, over 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.
The ATVs category will witness the higher CAGR, of 21.0%, during this decade, as ATVs are less expensive than UTVs.
We have covered the following product types:
Recreational applications dominate the market with 40% revenue, and they will also witness the fastest growth during this decade. This will be due 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.
The below-mentioned applications are part of the analysis:
The less than 50 kW category is the largest in the market, as these variants are the cheapest. Additionally, they are the safest of all as they do not offer as much speed or as rapid an acceleration; this makes them ideal for novices as well.
The highest CAGR, of 21.0%, is expected in the 50 to 100 kW category, primarily owing to the rising number of people taking interest in adventure and motorsports. The higher speeds of these models make them ideal for racing, while their higher loading capacity makes them popular for warehousing and agricultural applications. Additionally, the reducing prices of batteries and motors are making these models more affordable for people in developing countries.
The up to 48V category dominates the market with 50% revenue share as ATVs and UTVs with these batteries are considered entry-level models. This means they are affordable for individual users and ideal for light-duty tasks, such as recreation and urban riding. Further, they are often sought-after by first-time users as these models do not offer high speeds and are easier to control and steer.
The 48 to 72V category is the fastest growing, with a CAGR of 20.0%. This is credited to the increasing demand for higher performance ATVs and UTVs for heavy-duty tasks, such as military patrolling, logistics & warehousing, urban deliveries, motorsports, and adventure activities. Additionally, models with higher battery capacities can accommodate more features, which have become a standard in SUVs and high-end cars.
These batteries, based on capacity, have been analyzed:
Below is the geographical analysis of the market:
Want a report tailored exactly to your business need?
Request CustomizationWorking with P&S Intelligence and their team was an absolute pleasure – their awareness of timelines and commitment to value greatly contributed to our project's success. Eagerly anticipating future collaborations.
McKinsey & Company
IndiaOur insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws
Customize the Report to Align with Your Business Objectives
Request the Free Sample Pages