Status : Published Published On : Dec, 2022 Report Code : VRAT9623 Industry : Automotive & Transportation Available Format : Page : 250
2022
2030

Global Electric ATV and UTV Market – Analysis and Forecast (2022-2030)
Industry Insight by Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market by Vehicle Type (All-Terrain Vehicles and Utility-Terrain Vehicles), by Energy Storage Capacity (Less Than 48V, 48V to 72V, and More than 72V), by Seating Capacity (One-Seater, Two-Seater, and More Than Two-Seater), by Displacement (Less Than 400cc, 400cc-800cc, and More Than 800cc), by Drivetrain Type (Two-Wheel Drive, Four-Wheel Drive, and All-Wheel Drive), by Fuel Type (Gasoline-Powered, Diesel-Powered, Electric-Powered, and Solar Powdered), by Application (Sports, Recreation, Military & Defense, Agriculture and Utility, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

Industry Overview

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market size is expected to grow from USD 0.85 billion in 2021 to USD 4.58 billion by 2030. It will register a CAGR of 21.7% during the forecast period. The American National Standards Institute defines an ATV as a vehicle with operator-straddled seats, steering wheel handlebars, and low-pressure tires. As its name implies, it is built to climb a significantly wide range of terrain than other vehicles available commercially. ATVs and utility-terrain vehicles (UTVs) are both used for riding on rough terrain, and UTVs share the same powertrain and engines. Many ATV and UTV manufacturers are manufacturing electric vehicle versions of their current vehicle models. ATVs are well-known for their maneuverability and off-road capabilities and are used in the military, forestry, agriculture, sports, and other industries.

The proliferation of EV safety requirements, the increased demand for an improved driving experience, and the reduced maintenance costs for EVs are factors driving the market expansion of electric ATVs and the UTVs industry.

Due to their durability, self-driving ATVs and UTVs are perfect for military, catastrophe search, and rescue missions. Additionally, they include a variety of sensors that welp these self-driving ATVs and UTVs to navigate even the most difficult terrain. Thus, a number of well-known automobile manufacturers and technology start-ups are creating autonomous vehicles to meet consumer demand.

Market Segmentation

Insight by Vehicle Type

Based on Vehicle Type, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market are segmented into All-Terrain Vehicles and Utility-Terrain Vehicles. The UTV vehicles is anticipated to witness the largest market share during the projected timeframe. Off-road vehicles, also known as utility vehicles, are designed to perform tasks more efficiently than passenger cars. They are mostly used to transport supplies and machinery between areas that trucks cannot reach. These vehicles are used for a variety of purposes such as farming, material handling, hunting, and mountaineering. The growing use of UTVs for utility purposes such as forestry, agriculture, and goods transportation is driving market growth.

Insight by Energy Storage Capacity

Based on Energy Storage Capacity, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is segregated into Less Than 48V, 48V to 72V, and More than 72V. As 48V to 72V battery packs are designed for smaller electric vehicles like low-speed vehicles, they dominate the global market for electric all-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs).

Insight by Seating Capacity

Based on Seating Capacity, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is divided into One-Seater, Two-Seater, and More Than Two-Seater. Two-Seater is anticipated to have the fastest growth during the forecast period. Two-seaters are commonly purchased due to their adaptability and low cost. These vehicles can be ridden solo or in tandem and used for recreational riding, cargo and passenger transport, and towing.

Insight by Displacement

Based on Displacement, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is segregated into Less Than 400cc, 400cc-800cc, and More Than 800cc. The 400cc-800cc dominates the market and is anticipated to grow at a high CAGR during the forecast period. As these vehicles are fuel-efficient, they are widely deployed in mountaineering, hunting, and other outdoor activities. Furthermore, they are extensively adopted in utility, search, and rescue operations.

Insight by Drivetrain Type

Based on Drivetrain Type, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is segregated into Two-Wheel Drive (2WD), Four-Wheel Drive (4WD), and All-Wheel Drive (AWD).  Compared to their competitors, 4WDs are more in demand and have more application usage. Compared to a 2WD vehicle, four-wheel-drive cars can traverse rugged terrain, steep hills, and deep water with ease. Driving on slippery winter roads, through mud, and on loose surfaces like sand is better suited for 4WD cars.

Insight by Fuel Type

Based on Fuel Type, the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is segregated into Gasoline-Powered, Diesel-Powered, Electric-Powered, and Solar Powdered. The gasoline-powered segment is anticipated to have a high CAGR during the forecast period. A significant portion of ATVs and UTVs are fueled by gasoline, which is precisely blended with oil to preserve engine parts and enable quick acceleration. The launch of a new range of vehicles with upgraded engines, improved performance, and increased safety measures helps to accelerate the expansion of gasoline-powered ATVs and UTVs.

Diesel engines are frequently used in heavy-duty ATVs and UTVs for towing, load-carrying capacity, and material handling applications.

Insight by Application

Based on Application the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market is classified into Sports, Recreation, Military & Defense, Agriculture and Utility, and Others. The sports segment is expected to grow at a faster pace during the forecast period. These vehicles are employed in races, timed competitions, and competitive riding. Due to an increase in international sport racing contests, ATV demand in sports applications has significantly increased, which is the primary factor driving the growth of the sports category. The Grand National Cross Country (GNCC) and UTV World Championship are two worldwide ATV and UTV sporting events where young athletes compete, fueling the market's growth.

Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market Report Coverage

Report Metric

Details

Historical Period

2018–2021

Base Year Considered

2022

Forecast Period

2022 - 2030

Market Size in 2021

$0.85 Billion

Revenue Forecast in 2030

$ 4.58 Billion

Growth Rate

CAGR 21.7%

Segments Covered in the Report

By Vehicle Type, and By Energy Storage Capacity, By Seating Capacity, By Displacement, By Drivetrain Type, By Fuel Type, By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

Factors attributing to the market growth of the global electric all-terrain vehicle and utility-terrain vehicle industry include need to reduce noise emissions, increased prominence of recreational and adventurous sports and other activities, reduced cost of ownership, and increased deployment of these vehicles for military purposes. The market expansion is further owing to the increase in government regulations favoring electric vehicles, the development of the charging infrastructure, and the growing urgency to reduce carbon dioxide emissions.

Further boosting the rise of electric ATV and UTV sales are significant investments made by governments and federal agencies in the form of infrastructure development and subsidies to promote EVs in order to reduce carbon dioxide emissions.

Electric ATVs and UTVs are also widely used for agricultural purposes, particularly in hilly terrain. Because they are completely electric, they produce less noise and almost no emissions when compared to non-electric vehicles. Farmers rely on them to survey fields, supervise field crews, inspect livestock and crops, plough fields, and transport machinery, produce, and supplies.

The increasing use of autonomous ATVs for mud removal, land reclamation, environmental cleanup, and reservoir, pond, swamp, and riverbed maintenance will have a positive impact on the market over the projection period.

Challenges

The challenges faced by the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market include high retail prices in comparison to ICE ATV’s and UTVs, range anxiety and impact of high battery wight on vehicle performance. Because they damage grasslands and wildlife habitats, ATVs and UTVs are restricted in wildlife regions, which is projected to impede the growth of the ATV and UTV market. In a wildlife region, operating an ATV or UTV can have a number of negative consequences on the environment, including noise pollution, vegetation damage, increased runoff, soil erosion, and deteriorated water quality.

Opportunities

The industry players offer tremendous opportunities for growth in the global electric all-terrain vehicle and utility-terrain vehicle market via:

  • Surge in the development of Amphibious Terrain Vehicles
  • Rising development of Autonomous ATVs and UTVs
  • Increasing capitalization of micro-mobility trend

Geographic Overview

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

North America dominates the electric ATV and UTV vehicle market. This is mostly attributable to the prominence of adventure sports and the existence of market leaders who produce and sell quad bikes. Additionally, government agencies in North America have increased funding for the development of cross-country trails in an effort to increase outdoor tourism and enhance the region's adventure sports offers.

Competitive Insight

The ongoing product expansion, product launch, product enhancement, increased partnerships, and collaborations will increase their presence in the electric all-terrain and utility-terrain vehicle market and provides a competitive edge.

DRR USA manufactures adult electric ATVs, youth/adult gas ATVs, and UTVs. Since their inception in 2000, they have been dedicated to the development of safe kid's ATVs. They have persevered to become the dominant force in National Championships, Time Trials, Motocross, Flat-track, and Cross-Country racing. DRR USA is now the world leader in electric ATVs. Their electric ATVs/UTVs/motorcycles include EV Stealth, EV Adventure, EV Lightning, EV Safari, EV Pathfinder, EV Motorcycle.

Arctic Cat is a snowmobile manufacturer based in the United States. Whether  a person is a first-timer or a seasoned trail-conqueror, an Arctic Cat ATV will provide the greatest thrills. Youth, mid, and full-size ATVs are available to accommodate any rider, and with new, limited-edition vehicles, ones ride can become more personalised than ever.

Recent Development by Key Players

In October 2022, CFMoto has unveiled its new CForce EV110 electric ATV for kids. It is made to be enjoyed by and ridden over off-road trails by children ages 10 and older. The ATV is equipped with technology that lets parents monitor where their children are riding it. It undoubtedly appears to be a motorcycle that will provide its riders an enjoyable ride.

In February 2022, Barrus has launched the all-new HiSun lithium-ion powered electric UTVs in the UK, a collection of four innovative models designed to raise the bar.  The HiSun 5 kW, 7.5 kW, 15 kW, and a 4-seater 15 kW are the four power options. All are built to work as hard, if not harder, than traditional fuel-powered machines.

Key Players Covered in the Report

Some of the major players operating in the global electric all-terrain vehicle and utility-terrain vehicle market include CFMOTO, DRR USA, Tesla, Arctic Cat Inc., HISUN, Honda Motor Co., Ltd., KUBOTA Corporation, American LandMaster, Polaris Inc., and Segway Technology Co.,Ltd.

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Frequently Asked Questions

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is expected to grow at a CAGR of 21.7% during the forecast period.
The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market size is expected to grow from USD 0.85 billion in 2021 to USD 4.58 billion by 2030.
The rising demand for fuel-efficient vehicles, like battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), around the world is primarily responsible for the market growth of the worldwide electric ATV and UTV industry. The market for electric ATVs and UTVs is also growing as a result of laws that are being imposed on manufacturers and consumers to reduce harmful emissions from conventional vehicles.
North America dominates the electric ATV and UTV industry owing to increase disposable income among consumers, technological development, and increased government regulations regarding ATV designs.
Some of the major players in the global Electric ATV and UTV industry include CFMOTO, DRR USA, Tesla, Arctic Cat Inc., HISUN, Honda Motor Co., Ltd., KUBOTA Corporation, American LandMaster, Polaris Inc., and Segway Technology Co.,Ltd.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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