PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1076101
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1076101
Global Electric Off-Road Vehicle Market, By Vehicle Type (All-Terrain Vehicle, Special Service Vehicles/Utility Terrain Vehicle and Off-Road Motorcycles); By Application ; By Region ; Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Electric Off-Road Vehicle Market to Reach USD 2,234 Million by 2028
The growth of the global electric off-road vehicle market can be primarily attributed to the rising demand for eco-friendly and noise free automobiles, strict government regulations regarding emissions coupled with the increasing participation in off-road leisure activities by youngsters…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Electric Off-Road Vehicle Market was worth USD 724 million in 2021 and is projected to reach USD 2,234 million by the year 2028, growing at a CAGR of 18.9% over the analysis period of 2022-2028. This can be attributed to the growing demand for eco-friendly and noise free automobiles, strict government regulations regarding emissions coupled with rising participation in off-road leisure actions by youngsters. These factors are driving the electric off-road vehicles market during the forecast period 2022-2028.
Burgeoning Demand for Electric Off-Road Vehicles to Prevent Air Pollution Driving the Market Growth
Air pollution has become a serious concern, around the world in recent years, and the vehicle industry is a major contributor to air pollution. The European Environment Agency (EEA) estimated that air pollution is responsible for more than 400,000 premature deaths every year in Europe. Air pollution is responsible for causing heart disease and strokes, which have become the most common reasons for premature deaths, followed by lung cancer and lung diseases It is well recognized that gasoline and diesel automobiles will not be available in the foreseeable future, and electric/hybrid vehicles offer a promising answer to the aforementioned dilemma. Therefore, demand for minimized equipment emissions is increasing which is contributing to overall market growth of the electric off-road vehicles during the forecast years 2022-2028.
Sports Segment to Grow at a Higher Growth Rate During Forecast Period
The sports enthusiasts and tourists have shown heavy inclination towards trails of off-road vehicles such as UTV and ATV along with associated activities for recreational and sport activities purposes. Numerous leisure activity organizers and tourism councils are announcing UTV and ATV related activities by constructing tracks and sport setups for these vehicles to entice and retain visitors. Moreover, many countries organize yearly championships, which are progressively gaining popularity at an outstanding rate as anyone who is capable of driving ATVs can participate in these races. Consequently, a surge in the trend of such adventure sports attracts tourists and pushes the demand for ATV and UTV vehicles, which, in turn, aids the off-road vehicle market growth.
Impact of COVID-19 on Global Electric Off-Road Vehicle Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global Electric Off-Road Vehicle market has also been brutally impacted by the emergence of the COVID-19 pandemic. During the first quarter of 2020, the global electric vehicle sales in the major markets, including the US and Europe declined significantly. The disruptions in the upstream and downstream supply chains, dwindling consumer demand along with stringent government guidelines led to the curtailment and suspension of production at the key automotive OEMs as well as battery manufacturers. Moreover, the lower demand from the consumer side due to the restrictions on movement also hampered the electric off-road vehicles market during the pandemic. Although, in the long term, the growth rate of the market is expected to become stable and experience a growing trend as the economy attains normalcy.
European Region to Grow at the Highest CAGR
In terms of regional analysis, the global electric off-road vehicle market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the European market is expected to grow at the fastest rate during the forecast period. Electric vehicles are growing in popularity as they prove to be cleaner and more energy-efficient in comparison to conventional vehicles. Noise pollution is still prevalent throughout Europe, with vehicle traffic being the region's major source of noise pollution. According to the European Environment Agency, long-term exposure to day-evening-night traffic noise levels of at least 55 dB affects an estimated 113 million Europeans.
Competitive Landscape
The global electric off-road vehicle market is a semi-consolidated market. The key players operating in the Global Electric Off-Road Vehicle market are Polaris, Inc., KTM AG, Intimidator, Inc., Zero Motorcycles, Alke S.r.l, Daymak, Inc., Massimo Motors, HISUN Motors, DRR USA, Ecocharger Quad Bikes, TACITA S.r.l., Deere & Co., Electric Motion, Jiangsu Linhai, Power Machinery Group Corp., Ford Motor Company and other prominent players.
These players are creating new concepts of electrified, connected, autonomous, and shared mobility and are quickening the pace of automotive technological innovation. Companies and start-ups are attempting to electrify mobility, connect automobiles, and develop self-driving technologies. Such technological advancements will assist in lowering EV costs and making electric shared mobility a viable alternative to owning a car. For instance, Ford is investing $22 billion in electrification through 2025 as part of its strategy to lead electrification in areas where it has a competitive advantage. Ford intends to offer the benefits of electric vehicles to consumers through a more affordable price point, increased productivity, and lower total cost of ownership.
Don't miss the business opportunity of the global electric off-road vehicle market. Consult our analysts to gain crucial insights and facilitate your business growth.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global electric off-road vehicle market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global electric off-road vehicle market ¬along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
3. Executive Summary
4. Global Electric Off-Road Vehicles Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Technological Landscape/Recent Development
- 4.4. Regulatory Framework
- 4.5. Porter's Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
5. Global Electric Off-Road Vehicles Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Million)
- 5.1.2. By Volume (Units)
- 5.2. Market Share & Forecast
- 5.2.1. By Vehicle Type
- 5.2.1.1. All-Terrain Vehicle (ATV)
- 5.3.1.2. Special Service Vehicles/Utility Terrain Vehicle (SSV/UTV)
- 5.3.1.3. Off-Road Motorcycles
- 5.2.2. By Application
- 5.2.2.1. Utility
- 5.2.2.2. Sports
- 5.2.2.3. Recreation
- 5.2.2.4. Military
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East and Africa
- 5.2.1. By Vehicle Type
6. North America Electric Off-Road Vehicles Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Million)
- 6.1.2. By Volume (Units)
- 6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type
- 6.2.2. By Application
- 6.2.3. By Country
- 6.2.3.1. United States
- 6.2.3.2. Canada
7. Europe Electric Off-Road Vehicles Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Million)
- 7.1.2. By Volume (Units)
- 7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type
- 7.2.2. By Application
- 7.2.3. By Country
- 7.2.3.1. Germany
- 7.2.3.2. United Kingdom
- 7.2.3.3. Italy
- 7.2.3.4. France
- 7.2.3.5. Spain
- 7.2.3.6. Rest of Europe
8. Asia Pacific Electric Off-Road Vehicles Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Million)
- 8.1.2. By Volume (Units)
- 8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type
- 8.2.2. By Application
- 8.2.3. By Country
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of Asia Pacific
9. Latin America Electric Off-Road Vehicles Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Million)
- 9.1.2. By Volume (Units)
- 9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type
- 9.2.2. By Application
- 9.2.3. By Country
- 9.2.3.1. Brazil
- 9.2.3.2. Mexico
- 9.2.3.3. Rest of Latin America
10. Middle East & Africa Electric Off-Road Vehicles Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Million)
- 10.1.2. By Volume (Units)
- 10.2. Market Share & Forecast
- 10.2.1. By Vehicle Type
- 10.2.2. By Application
- 10.2.3. By Country
- 10.2.3.1. Saudi Arabia
- 10.2.3.2. UAE
- 10.2.3.3. South Africa
- 10.2.3.4. Rest of Middle East & Africa
11. Brand Analysis (Brand, Model and Sales)
12. Competitive Landscape
- 12.1. List of Key Players and Their Offerings
- 12.2. Market Share Analysis, 2021
- 12.3. Competitive Benchmarking, By Operating Parameters
- 12.4. Key Strategic Development (Merger, Acquisition, Partnership)
13. Impact of Covid-19 on Global Electric Off-Road Vehicles Market Industry
14. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 14.1. Polaris, Inc.
- 14.2. KTM AG
- 14.3. Intimidator, Inc.
- 14.4. Zero Motorcycles
- 14.5. Alke S.r.l
- 14.6. Daymak, Inc.
- 14.7. Massimo Motors
- 14.8. HISUN Motors
- 14.9. DRR USA
- 14.10. Ecocharger Quad Bikes
- 14.11. TACITA S.r.l.
- 14.12. Deere & Co.
- 14.13. Electric Motion
- 14.14. Jiangsu Linhai Power Machinery Group Corp.
- 14.15. Ford Motor Company
15. Key Strategic Recommendations
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
- Figure 1: Global Electric Off-Road Vehicles Market Segmentation
- Figure 2: Global Electric Off-Road Vehicles Industry Value Chain Analysis
- Figure 3: Global Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 4: Global Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 5: Global Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 6: Global Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 7: Global Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 8: Global Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 9: Global Electric Off-Road Vehicles Market Share (%), By Region, By Value, 2018-2028
- Figure 10: Global Electric Off-Road Vehicles Market Share (%), By Region, By Volume, 2018-2028
- Figure 11: North America Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 12: North America Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 13: North America Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 14: North America Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 15: North America Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 16: North America Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 17: North America Electric Off-Road Vehicles Market Share (%), By Country, By Value, 2018-2028
- Figure 18: North America Electric Off-Road Vehicles Market Share (%), By Country, By Volume, 2018-2028
- Figure 19: Europe Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 20: Europe Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 21: Europe Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 22: Europe Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 23: Europe Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 24: Europe Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 25: Europe Electric Off-Road Vehicles Market Share (%), By Country, By Value, 2018-2028
- Figure 26: Europe Electric Off-Road Vehicles Market Share (%), By Country, By Volume, 2018-2028
- Figure 27: Asia-Pacific Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 28: Asia-Pacific Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 29: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 30: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 31: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 32: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 33: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Country, By Value, 2018-2028
- Figure 34: Asia-Pacific Electric Off-Road Vehicles Market Share (%), By Country, By Volume, 2018-2028
- Figure 35: Latin America Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 36: Latin America Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 37: Latin America Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 38: Latin America Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 39: Latin America Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 40: Latin America Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 41: Latin America Electric Off-Road Vehicles Market Share (%), By Country, By Value, 2018-2028
- Figure 42: Latin America Electric Off-Road Vehicles Market Share (%), By Country, By Volume, 2018-2028
- Figure 43: Middle East & Africa Electric Off-Road Vehicles Market Size, By Value (USD Million), 2018-2028
- Figure 44: Middle East & Africa Electric Off-Road Vehicles Market Size, By Volume (Units), 2018-2028
- Figure 45: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Value, 2018-2028
- Figure 36: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Vehicle Type, By Volume, 2018-2028
- Figure 47: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Application, By Value, 2018-2028
- Figure 48: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Application, By Volume, 2018-2028
- Figure 49: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Country, By Value, 2018-2028
- Figure 50: Middle East & Africa Electric Off-Road Vehicles Market Share (%), By Country, By Volume, 2018-2028
- Figure 51: Global Electric Off-Road Vehicles Market Share Analysis, 2020
List of Tables
- Table 1: Global Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 2: Global Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 3: Global Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 4: Global Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 5: Global Electric Off-Road Vehicles Market Size. By Region, By Value (USD Million), 2018-2028
- Table 6: Global Electric Off-Road Vehicles Market Size. By Region, By Volume (Units), 2018-2028
- Table 7: North America Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 8: North America Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 9: North America Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 10: North America Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 11: 28 North America Electric Off-Road Vehicles Market Size (USD Million), By Country, By Value 2018-2028
- Table 12: North America Electric Off-Road Vehicles Market Size (Units), By Country, By Volume 2018-2028
- Table 13: Europe Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 14: Europe Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 15: Europe Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 16: Europe Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 17: Europe Electric Off-Road Vehicles Market Size (USD Million), By Country, By Value 2018-2028
- Table 18: Europe Electric Off-Road Vehicles Market Size (Units), By Country, By Volume 2018-2028
- Table 19: Asia-Pacific Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 20: Asia-Pacific Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 21: Asia-Pacific Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 22: Asia-Pacific Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 23: Asia-Pacific Electric Off-Road Vehicles Market Size (USD Million), By Country, By Value 2018-2028
- Table 24: Asia-Pacific Electric Off-Road Vehicles Market Size (Units), By Country, By Volume 2018-2028
- Table 25: Latin America Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 26: Latin America Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 27: Latin America Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 28: Latin America Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 29: 64 Latin America Electric Off-Road Vehicles Market Size (USD Million), By Country, By Value 2018-2028
- Table 30: Latin America Electric Off-Road Vehicles Market Size (Units), By Country, By Volume 2018-2028
- Table 31: Middle East & Africa Electric Off-Road Vehicles Market Size, By Vehicle Type, By Value (USD Million), 2018-2028
- Table 32: Middle East & Africa Electric Off-Road Vehicles Market Size, By Vehicle Type, By Volume (Units), 2018-2028
- Table 33: Middle East & Africa Electric Off-Road Vehicles Market Size, By Application, By Value (USD Million), 2018-2028
- Table 34: Middle East & Africa Electric Off-Road Vehicles Market Size, By Application, By Volume (Units), 2018-2028
- Table 35: 76 Middle East & Africa Electric Off-Road Vehicles Market Size (USD Million), By Country, By Value 2018-2028
- Table 36: Middle East & Africa Electric Off-Road Vehicles Market Size (Units), By Country, By Volume 2018-2028
- Table 37: List of Key Players and Their Offerings
- Table 38: Polaris, Inc. Company Overview
- Table 39: Polaris, Inc. Financial Overview
- Table 40: KTM AG Company Overview
- Table 41: KTM AG Financial Overview
- Table 42: Zero Motorcycles Company Overview
- Table 43: Zero Motorcycles Financial Overview
- Table 44: Alke S.r.l Company Overview
- Table 45: Alke S.r.l Financial Overview
- Table 46: Massimo Motors Company Overview
- Table 47: Massimo Motors Financial Overview
- Table 48: DRR USA Company Overview
- Table 49: DRR USA Financial Overview
- Table 50: Ecocharger Quad Bikes Company Overview
- Table 51: Ecocharger Quad Bikes Financial Overview
- Table 52: TACITA S.r.l. Company Overview
- Table 53: TACITA S.r.l. Financial Overview
- Table 54: Deere & Co. Company Overview
- Table 55: Deere & Co. Financial Overview
- Table 56: Electric Motion Company Overview
- Table 57: Electric Motion Financial Overview
- Table 58: Jiangsu Linhai Power Machinery Group Corp. Company Overview
- Table 59: Jiangsu Linhai Power Machinery Group Corp. Financial Overview
- Table 60: Ford Motor Company Overview
- Table 61: Ford Motor Company Financial Overview
