The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growth in e-commerce and warehousing is likely to stimulate innovation in the manufacture of electric utility vehicles, propelling the market over the forecast period.

The global electric utility vehicle market is expected to grow from $13.05 billion in 2022 to $14.11 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The global electric utility vehicle market size is expected to grow to $19.08 billion in 2027 at a CAGR of 7.8%.

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Global Electric Utility Vehicle Market Segments Include:

• By Vehicle Type: Sports Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Other Vehicle Types
• By Battery Type: Lithium-ion, Lead-acid, Other Battery Types
• By Application: Commercial Use, Municipal Use, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global electric utility vehicle market in 2021.

Major Market Players in the electric utility vehicle market include Club Car, Polaris Inc., Ligier Professional, E-Z-GO, Alke, Marshell, Taylor-Dunn, John Deere, STAR EV, Guangdong Lvtong, Melex Group, Addax Motors, Esagono Energia SRL, PILOTCAR Otomotiv San. ve Tic. A.S.

Product innovation is a crucial trend that is gaining traction in the electric utility vehicle market. Major players in the electric utility vehicle market are focusing on producing innovative products with enhanced features in order to improve efficiency and customer experience. Such inventions enable market leaders to obtain a competitive advantage. Polaris, a US-based maker of motorcycles, snowmobiles, all-terrain vehicles, and neighbourhood electric cars, for example, will launch the Ranger XP Kinetic UTV in September 2021. The two-seater Ranger XP Kinetic UTV (utility task vehicle) is available in two models: Ultim. The Ultimate features 110 HP and 140 lb-ft (190 Nm) of torque, a 0 to 40 mph (64 km/h) acceleration time of less than four seconds, and the ability to pull and haul up to 2,500 pounds (1,134 kg) in its cargo box. One charge of its 29.8-KWh lithium-ion battery pack could provide a range of roughly 80 miles (129 km), according to sources. It also boasts 14 inches (356 mm) of ground clearance, 29-inch Pro Armour X-Terrain Tyres on 14-inch wheels, a 7-inch touchscreen vehicle data/navigation display, LED headlights and tail lights, a full-body skid plate, integrated winch and plough attachments, and a 12-volt power connection in the cargo box.

The Electric Utility Vehicle Global Market Report 2023  provides a electric utility vehicle market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric utility vehicle market forecast analyzes electric utility vehicle market size, electric utility vehicle market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Electric utility vehicle is a battery powered vehicle that is designed for use in various commercial activities. The electric utility vehicles can have a lithium battery with a quick charging system, a high-capacity battery, or a battery swap system.

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