PUBLISHER: BIS Research | PRODUCT CODE: 1331029
PUBLISHER: BIS Research | PRODUCT CODE: 1331029
“Global Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market to Reach $6.81 Billion by 2032.”
The global electric ATV, UTV, and golf cart market is projected to reach $6.81 billion by 2032 from $1.23 billion in 2022, growing at a CAGR of 18.65% during the forecast period 2023-2032. The growth in the global electric ATV, UTV, and golf cart market is expected to be driven by the low cost of ownership of electric ATVs, UTVs, and golf carts, low noise emission of electric ATVs, UTVs, and golf carts, raising awareness of the need to reduce carbon emissions, and increasing use of ATVs, UTVs, and golf carts in military and recreational activities, among others.
|KEY MARKET STATISTICS|
|Forecast Period:||2023 - 2032|
|2023 Evaluation:||$1.46 Billion|
|2032 Forecast:||$6.81 Billion|
The electric ATV, UTV, and golf cart ecosystem is growing fast, with existing conventional ATV, UTV, and golf cart manufacturers focusing on electric variants of their product offerings and the emergence of new electric ATV, UTV, and golf cart manufacturers. ATVs, UTVs, and golf carts are becoming more common in a variety of applications globally. The vehicles' versatility in terms of terrain operation and quick movement within the neighborhood has boosted their appeal. In the past, riders of ATVs, UTVs, and golf carts have used them for sports and recreation, riding through numerous natural parks and hiking trails. Additionally, it is beneficial in a variety of settings, such as warehouses, freight yards, and agriculture. Furthermore, as vehicle technology has advanced, more ATVs, UTVs, and golf carts are using electric drivetrains.
The global electric ATV, UTV, and golf cart market is in a growth phase, wherein the number of companies offering electric variants of ATVs, UTVs, and golf carts is increasing rapidly. Latest technological advancements in battery technologies and electric drivetrain are boosting the adoption of electric ATVs, UTVs, and golf carts across the major markets. Moreover, the ATV, UTV, and golf cart manufacturers are increasingly focusing on vehicle electrification strategy, owing to benefits associated with electric ATVs, UTVs, and golf carts, such as low cost of ownership, low noise emission levels, and reduction in carbon emissions. In major markets, such as North America and Europe, electric ATVs, UTVs, and golf carts have become popular and are increasingly being used for recreational and utility activities/operations. With significant demand for electric ATVs, UTVs, and golf carts being anticipated over the coming years during the forecast period, primarily from markets such as North America, Europe, Asia-Pacific, and Japan, the market competition is expected to grow considerably among established and emerging electric ATV, UTV, and golf cart providers in the electric ATV, UTV, and golf cart industry.
The global electric ATV, UTV, and golf cart market is driven by several factors, such as rising demand for vehicles with low noise and carbon emission levels, advanced vehicle electrification technologies, and growing usage of these vehicles as a means of transport in and around the neighborhood.
The ATV, UTV, and golf cart market is being shaped by the growing demand for electric ATVs, UTVs, and golf carts. The number of manufacturers manufacturing electric ATVs, UTVs, and golf carts is continuously on the rise to meet the increasing consumer demand for ATVs, UTVs, and golf carts with low emission and noise levels. Besides these factors, improving battery technologies and the growing usage of these vehicles for recreational, agriculture, and utility activities are also driving the demand for electric ATVs, UTVs, and golf carts. Moreover, these vehicles are gaining popularity owing to their applications in areas such as agriculture, freight yards, and warehouses. Additionally, more ATVs, UTVs, and golf carts are employing electric drivetrains as vehicle technology has evolved. Owing to their low noise and emission levels and improved performance, these vehicles are also used in a variety of applications, such as hotels, golf courses, and other leisure areas. As vehicle battery technology progresses to boost the range and charging efficiency of electric ATVs, UTVs, and golf carts, these vehicles are likely to find their applications in other areas, including agriculture, military, and defense.
Professional sports, recreational, agriculture and utility, and military and defense are among the most common applications for electric ATVs, UTVs, and golf carts. Electric ATVs and UTVs are vehicles that are made to meet the off-road requirements of users in challenging terrains, such as sandy areas, meadows, and mountain trails. Recreational ATVs and UTVs, which are mostly used for camping, off-roading, hunting, and fishing, are growing in popularity for leisure, recreation, and tourism applications. The use of electric ATVs, UTVs, and golf carts is expected to rise as battery technology develops and EV range and load capacity increase.
On the basis of battery type, the global electric ATV, UTV, and golf cart market has been categorized into lead-acid batteries and lithium-ion batteries. Of the two battery types, the lithium-ion battery segment is expected to have the fastest growth during the forecast period. Manufacturers of electric ATVs, UTVs, and golf carts increasingly prefer lithium-ion batteries over lead-acid batteries for their product offerings, including electric ATVs, UTVs, and golf carts. Much of this can be attributed to the benefits that lithium-ion batteries have to offer, such as better performance and higher efficiency. Moreover, lithium-ion batteries also offer a longer battery life span, lighter weight, and faster charging time. Besides the aforementioned benefits, lithium-ion batteries require lesser maintenance, which saves both time and money for the end users of lithium-ion battery-powered electric ATVs, UTVs, and golf carts.
Hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) are the two subsegments of the global electric ATVs, UTVs, and golf cart market (by propulsion type). BEV usage has expanded as a result of developments in battery technology, government regulations requiring more fuel-efficient vehicles, and the fact that BEVs are entirely powered by their battery systems. BEVs with either lead-acid or lithium-ion batteries have been introduced by a number of well-known electric ATVs, UTVs, and golf cart manufacturers. BEV sales are anticipated to rise in comparison to HEV sales, which are predicted to restrain market growth as a result of the declining cost of pure Evs and the development of EV infrastructure in many countries.
Two-wheel drive (2WD), four-wheel drive (4WD), and all-wheel drive (AWD) are the three most common drivetrain configurations for electric ATVs, UTVs, and golf carts. According to powertrain type, four-wheel drive (4WD) is highly sought after globally. 4WDs have a wider range of application usage than their counterparts and are typically in higher demand. Compared to a 2WD vehicle, 4WD vehicles can traverse rugged terrain, steep hills, and deep water with ease. Driving on slick winter roads, through mud, and on loose surfaces such as sand is better suited for 4WD vehicles.
Engine sizes in hybrid electric ATVs, UTVs, and golf carts are divided into three categories, namely, less than 400 cc, 400 cc to 800 cc, and more than 800 cc. As ATVs and UTVs are robust vehicles, the most popular versions with widespread use have engines ranging from 400 to 800 cc. As hybrid electric ATVs and UTVs comprise the majority of the hybrid electric ATV, UTV, and golf cart market, the 400 cc to 800 cc engine size category is likely to be dominant in the electric ATV, UTV, and golf cart market in the coming years during the forecast period.
According to battery capacity, the global market for electric ATVs, UTVs, and golf carts is split into three groups, namely, up to 48V, 48V to 72V, and more than 72V. The global market for electric ATVs, UTVs, and golf carts is projected to be dominated by battery packs between 48V and 72V as they are being developed for smaller electric vehicles such as e-bikes and low-speed vehicles.
Four-wheeled ATVs, UTVs, and golf carts and more than four-wheeled ATVs, UTVs, and golf carts are two categories of electric ATVs, UTVs, and golf carts based on the number of wheels. The majority of electric ATVs, UTVs, and golf carts in the market today have four wheels. A four-wheeled vehicle is typically used for both regular recreational activities and racing competitions. They can be used to transport passengers as well as goods and light vehicles. They are highly sought after by clients due to their many applications.
Based on the number of seats, electric ATVs, UTVs, and golf carts can be divided into three categories, namely, one-seater, two-seater, and more than two-seater. Two-seater category vehicles are the most prevalent type on the market. They are designed specifically to carry more than one person. The vehicle's construction has been made to be exceedingly light in order to compensate for the increase in vehicle weight.
Based on the engine type, electric ATVs, UTVs, and golf carts can be divided into two categories, namely, air-cooled and liquid-cooled. The air-cooled engine is the most prevalent type on the market. They are predominantly used in ATV, UTV, and golf cart engines up to 500 cc. The demand for air-cooled engines is expected to continue growing over the coming years during the forecast period (2023-2032), accounting for the majority of revenues in the global electric ATV, UTV, and golf cart market.
The global electric ATV, UTV, and golf cart market is expected to witness significant growth in the coming years, with major contributions from North America, Europe, and Asia-Pacific and Japan regional markets. In terms of revenue generation, the North America market is one of the key regions in the global electric ATV, UTV, and golf cart market. Much of this can be attributed to comparatively faster adoption of electric ATVs, UTVs, and golf carts and the growing number of electric ATVs, UTVs, and golf cart manufacturers in the region. The presence of significant electric ATV, UTV, and golf cart manufacturing OEMs and tier 1 companies, as well as government regulations, technological advancements, sizeable investments in specialized research and development (R&D) facilities, a variety of natural parks and hiking trails, and a variety of ATV and UTV racing competitions, are some of the key factors boosting the market's growth in the region.
However, Europe and Asia-Pacific and Japan regions are likely to be among the regions with the highest growth in the coming years during the review period. The Europe region is likely to be the fastest growing market for electric ATVs, UTVs, and golf carts during the forecast period (2023-2032), owing to increasing consumer demand for electric ATVs, UTVs, and golf carts and growing concern for vehicular emission levels.
Low Cost of Ownership of Electric ATVs, UTVs, and Golf Carts: Growing environmental concerns and growing fuel prices are the main factors driving the demand for fuel-efficient vehicles. Due to the high cost of ownership connected with fuel prices and vehicle maintenance, people are becoming more interested in fuel-efficient vehicles as petrol prices in many areas of the U.S. surpass $4 per gallon. The growing applications of electric ATVs, UTVs, and golf carts is a result of rising electric vehicle (EV) safety standards, rising consumer demand for a better driving experience, and Evs' low ownership and maintenance costs. The market demand for electric UTVs and ATVs is being driven by their lower operating costs for moving items over short distances and their ability to operate effectively in challenging conditions.
Range Anxiety and Impact of High Battery Weight on Vehicle Performance: Range anxiety is typically related to electric vehicles. Range anxiety is the worry that the electric vehicle's battery or gas will run out before an individual gets to a station for charging or filling. Thus, the range must be taken into account for an electric vehicle before the purchase. Battery technology has its limits and does not permit indefinite driving. Electric ATVs, UTVs, and golf carts have an extremely long charging period that makes them less appealing to consumers. ATVs, UTVs, and golf carts are also thought of as lightweight automobiles that can readily go over a variety of terrains. As large batteries are needed for energy storage in electric vehicles, the weight of the batteries has a significant impact on how well electricity is converted into travel distance. In EV mode, as well as in EV ATV, UTV, and golf cart mode, additional battery weight reduces the attainable efficiency in miles per kilowatt-hours (KWh) and miles per gallon.
Focus on Lithium Iron Phosphate Batteries: Lithium iron phosphate (LFP) batteries have been around for years but have only been utilized for minor solutions in the EV market. LFP batteries are less dense than other lithium-ion chemistries and are also heavier. Higher voltage LFP batteries have been adopted in the EV market as they offer better performance and lower costs. Similarly, electric ATV, UTV, and golf cart manufacturers have begun utilizing these batteries as it solves numerous issues, including the absence of the highly demanded element phosphate. This offers further opportunities for innovation and development in the global electric ATV, UTV, and golf cart market.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Out of all the manufacturers operating in the electric all-terrain vehicles (ATV), utility-terrain vehicle (UTV), and golf cart market, the top 4 manufacturers operating in the global electric ATV, UTV, and golf cart market accounted for around 60% of the market share in 2022, while the remaining companies operating in the market captured around 40% of the market share.