Electric Utility Terrain Vehicle (UTV) Market Size By Price (Below USD 20,000, USD 20,000-30,000, Above USD 30,000), By Application (Utility, Sports, Recreation, Military) & Forecast, 2023

Description

Electric Utility Terrain Vehicle (UTV) Market trends are expected to be propelled over 2023 to 2032 driven by increasing investment in tourism in Middle East and Africa and Latin American economies. The Minister of Economy, United Arab Emirates recently released the National Tourism Strategy that plans to invest USD 27.24 billion in the tourism sector to introduce 40 million hotel guests to the region. The expansion of the sector can be backed by the rising demand for off-road recreational activities, favorable government initiatives for sustainability, and promotion of eco-friendly transportation options.

Pivotal factors such as growing awareness toward GHG emission reduction across the automotive industry would offer lucrative growth opportunities for electric UTV market players in the forthcoming years. For instance, Polaris Inc., in 2021, introduced the Polaris Ranger XP Kinetic, in partnership with Zero Motorcycles. As per reports, the new vehicle is equipped with a 29.8 kWh battery and offers a range of 80 miles.

The electric utility terrain vehicle industry is segregated in terms of price, applications, and region.

Considering the price, the USD 20,000 to USD 30,000 segment is slated to draw significant gains through 2032, given the fact that UTVs in this price range offer more features including brilliant suspension, advanced safety features, and better horsepower engines. These attributes potentially make the automobiles more versatile and effective while boasting the ability to handle a wide range of terrains and tasks.

Increased vehicle pricing comes from the producers' rising use of superior quality materials and construction methods to ensure improved reliability and durability. Usage of these materials could eventually lead to longer lifespan for the vehicle and lower maintenance costs over the ensuing years.

Based on application, electric UTVs are largely used in sports activities. UTVs are being extensively adopted by sports enthusiasts to demonstrate skills and showcase vehicles in challenging environments in different sports championships. These automobiles are highly maneuverable, enabling drivers to move effortlessly around any obstacle, adding to their appeal. Additionally, electric utility terrain vehicles have become more comfortable, with several models featuring electric power steering and air conditioning.

From the regional viewpoint, the Europe electric UTV market would accrue lucrative gains over the next ten years, with the United Kingdom, France, and Germany likely to emerge as the market hotspots. Expanding millennial population across these countries and mounting consumer spending on outdoor recreational activities in the region would stimulate the market dynamics by 2032 end.

Furthermore, the development of charging infrastructure would as well contribute to the regional market outlook. As per the Transport and Environment report, Europe is predicted to invest approximately USD 1.9 billion by 2030 end to deploy another 2.7 million public charging points in the continent.

Product Code: 5500

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Electric utility terrain vehicle (UTV) industry 360 degree synopsis, 2018 - 2032
2.2 Business trends
- 2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Price trends
2.5 Application trends

Chapter 3 Electric UTV Industry Insights

3.1 COVID-19 impact
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
- 3.3.1 Component suppliers
- 3.3.2 Technology providers
- 3.3.3 Manufacturers
- 3.3.4 End-users
- 3.3.5 Profit margin analysis
- 3.3.6 Vendor matrix
3.4 Technology & innovation landscape
- 3.4.1 4wd
- 3.4.2 Independent suspension
- 3.4.3 Autonomous electric UTVs
- 3.4.4 Battery swapping system
3.5 Patent analysis
3.6 Key initiatives & news
3.7 Regulatory landscape
3.8 Industry Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing participation and spending on off-road recreational activities
  - 3.8.1.2 Positive outlook of the tourism industry in Latin America and MEA
  - 3.8.1.3 Growing inclination towards recreational activities in Asia Pacific
  - 3.8.1.4 High R&D investments and product innovation
  - 3.8.1.5 Introduction of electric UTV in European countries
- 3.8.2 Industry pitfalls & challenges
  - 3.8.2.1 Safety concerns related to off-road vehicles
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of key market players, 2022
- 4.3.1 Daymak Inc.
- 4.3.2 Polaris
- 4.3.3 Intimidator UTV
- 4.3.4 Hisun
- 4.3.5 John Deere
- 4.3.6 Alke
- 4.3.7 American Landmaster
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix

Chapter 5 Electric UTV Market, By Price (Revenue & Shipments)

5.1 Key trends, by price
5.2 Below USD 20,000
- 5.2.1 Market estimates and forecast, 2018 - 2032
5.3 USD 20,000-30,000
- 5.3.1 Market estimates and forecast, 2018 - 2032
5.4 Above USD 30,000
- 5.4.1 Market estimates and forecast, 2018 - 2032

Chapter 6 Electric UTV Market, By Application (Revenue & Shipments)

6.1 Key trends, by application
6.2 Utility
- 6.2.1 Market estimates and forecast, 2018 - 2032
- 6.2.2 Below USD 20,000
  - 6.2.2.1 Market estimates and forecast, 2018 - 2032
- 6.2.3 USD 20,000-30,000
  - 6.2.3.1 Market estimates and forecast, 2018 - 2032
- 6.2.4 Above USD 30,000
  - 6.2.4.1 Market estimates and forecast, 2018 - 2032
6.3 Sports
- 6.3.1 Market estimates and forecast, 2018 - 2032
- 6.3.2 Below USD 20,000
  - 6.3.2.1 Market estimates and forecast, 2018 - 2032
- 6.3.3 USD 20,000-30,000
  - 6.3.3.1 Market estimates and forecast, 2018 - 2032
- 6.3.4 Above USD 30,000
  - 6.3.4.1 Market estimates and forecast, 2018 - 2032
6.4 Recreation
- 6.4.1 Market estimates and forecast, 2018 - 2032
- 6.4.2 Below USD 20,000
  - 6.4.2.1 Market estimates and forecast, 2018 - 2032
- 6.4.3 USD 20,000-30,000
  - 6.4.3.1 Market estimates and forecast, 2018 - 2032
- 6.4.4 Above USD 30,000
  - 6.4.4.1 Market estimates and forecast, 2018 - 2032
6.5 Military
- 6.5.1 Market estimates and forecast, 2018 - 2032
- 6.5.2 Below USD 20,000
  - 6.5.2.1 Market estimates and forecast, 2018 - 2032
- 6.5.3 USD 20,000-30,000
  - 6.5.3.1 Market estimates and forecast, 2018 - 2032
- 6.5.4 Above USD 30,000
  - 6.5.4.1 Market estimates and forecast, 2018 - 2032

Chapter 7 Electric UTV Market, By Region (Revenue & Shipments)

7.1 Key trends, by region
7.2 North America
- 7.2.1 Market estimates and forecast, 2018 - 2032
- 7.2.2 Market estimates and forecast, by price, 2018 - 2032
- 7.2.3 Market estimates and forecast, by application, 2018 - 2032
- 7.2.4 U.S.
  - 7.2.4.1 Market estimates and forecast, 2018 - 2032
  - 7.2.4.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.2.4.3 Market estimates and forecast, by application, 2018 - 2032
- 7.2.5 Canada
  - 7.2.5.1 Market estimates and forecast, 2018 - 2032
  - 7.2.5.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.2.5.3 Market estimates and forecast, by application, 2018 - 2032
7.3 Europe
- 7.3.1 Market estimates and forecast, 2018 - 2032
- 7.3.2 Market estimates and forecast, by price, 2018 - 2032
- 7.3.3 Market estimates and forecast, by application, 2018 - 2032
- 7.3.4 UK
  - 7.3.4.1 Market estimates and forecast, 2018 - 2032
  - 7.3.4.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.3.4.3 Market estimates and forecast, by application, 2018 - 2032
- 7.3.5 Germany
  - 7.3.5.1 Market estimates and forecast, 2018 - 2032
  - 7.3.5.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.3.5.3 Market estimates and forecast, by application, 2018 - 2032
- 7.3.6 France
  - 7.3.6.1 Market estimates and forecast, 2018 - 2032
  - 7.3.6.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.3.6.3 Market estimates and forecast, by application, 2018 - 2032
7.4 Asia Pacific
- 7.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.2 Market estimates and forecast, by price, 2018 - 2032
- 7.4.3 Market estimates and forecast, by application, 2018 - 2032
- 7.4.4 China
  - 7.4.4.1 Market estimates and forecast, 2018 - 2032
  - 7.4.4.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.4.4.3 Market estimates and forecast, by application, 2018 - 2032
- 7.4.5 Japan
  - 7.4.5.1 Market estimates and forecast, 2018 - 2032
  - 7.4.5.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.4.5.3 Market estimates and forecast, by application, 2018 - 2032
- 7.4.6 South Korea
  - 7.4.6.1 Market estimates and forecast, 2018 - 2032
  - 7.4.6.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.4.6.3 Market estimates and forecast, by application, 2018 - 2032
7.5 Latin America
- 7.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.2 Market estimates and forecast, by price, 2018 - 2032
- 7.5.3 Market estimates and forecast, by application, 2018 - 2032
- 7.5.4 Mexico
  - 7.5.4.1 Market estimates and forecast, 2018 - 2032
  - 7.5.4.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.5.4.3 Market estimates and forecast, by application, 2018 - 2032
7.6 MEA
- 7.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.2 Market estimates and forecast, by price, 2018 - 2032
- 7.6.3 Market estimates and forecast, by application, 2018 - 2032
- 7.6.4 Saudi Arabia
  - 7.6.4.1 Market estimates and forecast, 2018 - 2032
  - 7.6.4.2 Market estimates and forecast, by price, 2018 - 2032
  - 7.6.4.3 Market estimates and forecast, by application, 2018 - 2032

Chapter 8 Company Profiles

8.1 Alke
- 8.1.1 Business Overview
- 8.1.2 Financial Data
- 8.1.3 Product Landscape
- 8.1.4 Strategic Outlook
- 8.1.5 SWOT Analysis
8.2 American Landmaster
- 8.2.1 Business Overview
- 8.2.2 Financial Data
- 8.2.3 Product Landscape
- 8.2.4 Strategic Outlook
- 8.2.5 SWOT Analysis
8.3 CORVUS INNOVA, S.L
- 8.3.1 Business Overview
- 8.3.2 Financial Data
- 8.3.3 Product Landscape
- 8.3.4 Strategic Outlook
- 8.3.5 SWOT Analysis
8.4 Daymak Inc.
- 8.4.1 Business Overview
- 8.4.2 Financial Data
- 8.4.3 Product Landscape
- 8.4.4 Strategic Outlook
- 8.4.5 SWOT Analysis
8.5 DRR USA
- 8.5.1 Business Overview
- 8.5.2 Financial Data
- 8.5.3 Product Landscape
- 8.5.4 Strategic Outlook
- 8.5.5 SWOT Analysis
8.6 Greenworks Commercial
- 8.6.1 Business Overview
- 8.6.2 Financial Data
- 8.6.3 Product Landscape
- 8.6.4 Strategic Outlook
- 8.6.5 SWOT Analysis
8.7 Hisun Motors
- 8.7.1 Business Overview
- 8.7.2 Financial Data
- 8.7.3 Product Landscape
- 8.7.4 Strategic Outlook
- 8.7.5 SWOT Analysis
8.8 HuntVe
- 8.8.1 Business Overview
- 8.8.2 Financial Data
- 8.8.3 Product Landscape
- 8.8.4 Strategic Outlook
- 8.8.5 SWOT Analysis
8.9 Intimidator UTV
- 8.9.1 Business Overview
- 8.9.2 Financial Data
- 8.9.3 Product Landscape
- 8.9.4 Strategic Outlook
- 8.9.5 SWOT Analysis
8.10 Kaxa Motos
- 8.10.1 Business Overview
- 8.10.2 Financial Data
- 8.10.3 Product Landscape
- 8.10.4 Strategic Outlook
- 8.10.5 SWOT Analysis
8.11 John Deere
- 8.11.1 Business Overview
- 8.11.2 Financial Data
- 8.11.3 Product Landscape
- 8.11.4 Strategic Outlook
- 8.11.5 SWOT Analysis
8.12 Milbay Australia
- 8.12.1 Business Overview
- 8.12.2 Financial Data
- 8.12.3 Product Landscape
- 8.12.4 Strategic Outlook
- 8.12.5 SWOT Analysis
8.13 Polaris
- 8.13.1 Business Overview
- 8.13.2 Financial Data
- 8.13.3 Product Landscape
- 8.13.4 Strategic Outlook
- 8.13.5 SWOT Analysis
8.14 TRACKER OFF ROAD
- 8.14.1 Business Overview
- 8.14.2 Financial Data
- 8.14.3 Product Landscape
- 8.14.4 Strategic Outlook
- 8.14.5 SWOT Analysis
8.15 TUATARA VEHICLES
- 8.15.1 Business Overview
- 8.15.2 Financial Data
- 8.15.3 Product Landscape
- 8.15.4 Strategic Outlook
- 8.15.5 SWOT Analysis
8.16 Vanderhall Motor Works Inc.
- 8.16.1 Business Overview
- 8.16.2 Financial Data
- 8.16.3 Product Landscape
- 8.16.4 Strategic Outlook
- 8.16.5 SWOT Analysis
8.17 Volcon
- 8.17.1 Business Overview
- 8.17.2 Financial Data
- 8.17.3 Product Landscape
- 8.17.4 Strategic Outlook
- 8.17.5 SWOT Analysis

Electric Utility Terrain Vehicle (UTV) Market Size By Price (Below USD 20,000, USD 20,000-30,000, Above USD 30,000), By Application (Utility, Sports, Recreation, Military) & Forecast, 2023 - 2032