Electric All-Terrain Vehicle and Utility-Terrain Vehicle Market Growth 2031 | Market Trends
The global electric ATV and UTV market is mainly attributed to the increased demand for efficient vehicles, such as battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), across the globe. Additionally, the implementation of certain regulations on both producers and consumers to control the emissions from conventional vehicles, which are hazardous to the environment, is also boosting the electric ATV and UTV market.
Read Report Overview: Electric ATV and UTV Market
According to the American National Standards Institute, an ATV is a vehicle that runs on low pressure tires, with operator straddled seats and steering wheel handlebars. As the name suggests, it is designed to climb a broader range of terrain than most of the other vehicles available commercially. There are mainly two types of ATV offered by OEMs: sports ATVs and utility ATVs. Utility-terrain vehicles (UTVs) are very similar to ATVs, as they have the same drivetrain and engines and are used for riding on rough terrains. UTVs also come in three types: sports UTVs, utility UTVs, and sports-utility UTVs.
Various ATV and UTV manufacturers are developing EV variants of their vehicle models. The increasing application areas for electric ATVs and UTVs are also led by an increase in EV safety regulations, the increased demand in better driving experience, and the low cost of maintenance for EVs. Moreover, huge investments in the form of subsidies and infrastructure development by governments and federal agencies to promote EVs to cut down carbon dioxide emissions are further propelling the growth of electric ATV and UTV sales.
The major factors hindering the market growth are high retail price of electric ATVs and UTVs as compared to internal combustion engine ATVs and UTVs, range anxiety, and impact of high battery weight on electric vehicle performance.
The global electric ATV and UTV market accounted for $468.9 million in 2019 and is expected to reach $4.30 billion by 2030. The market is anticipated to grow at a CAGR of 23.37% during the forecast period 2020 to 2030. The market growth is mainly attributed to the rising number of government policies for electric vehicles, better availability of charging infrastructure, and increasing need to minimize the level of carbon dioxide emissions. In addition, electric ATVs and UTVs have low cost of ownership and low noise emissions, which are expected to drive the market growth during the forecast period.
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Continuous product expansions (launches and enhancements) and signing of partnerships and collaborations are some of the business strategies executed in electric ATV and UTV market. Several companies, including CFmoto, DRR USA, Tesla, Arctic Cat, HiSun Motors, Honda Motor Co Ltd, Nikola Corporation, Club Car, LLC, Bombardier Recreational Products, and Segway Technology Co., Ltd, among others, have been involved in product launches and enhancements.