The Worldwide Electric All-Terrain Vehicle and Utility-Terrain Vehicle Industry is Expected to Reach $4.7 Billion by 2031 - ResearchAndMarkets.com

The "Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market - A Global and Regional Analysis: Focus on Product, Application and Trends - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market was estimated to be at $680.4 million in 2021, which is expected to grow with a CAGR of 21.4% and reach $4,746.4 million by 2031.

The growth in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is expected to be driven by the low cost of ownership of electric ATVs and UTVs, increasing ATV and UTV use in military and recreational activities, and rising global awareness to reduce greenhouse gas emissions.

Market Lifecycle Stage

All-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs) are becoming increasingly popular in various applications around the world. The vehicles' capacity to operate through a variety of terrains has increased their popularity. ATVs and UTVs have conventionally been used for sports and recreation, with riders riding through various natural parks and hiking trails. These vehicles are also useful in various areas, including agriculture, shipping yards, and warehouses.

Moreover, electric drivetrain utilization in ATVs and UTVs has increased with the progress in-vehicle technology. Electric drivetrains were first used in low-speed vehicles, which were then used in various applications such as golf courses, hotels, and other recreational areas. The adoption of the electric drivetrain in additional applications of ATVs and UTVs, such as sports, utility, and military, will expand as vehicle battery technology improves to boost the vehicle's range and charging efficiency.

Impact of Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market

An increase in EV safety requirements, increased demand for a better driving experience, and the low cost of maintenance for EVs contribute to the growing application areas for electric ATVs and UTVs. Furthermore, governments and federal agencies are making significant investments in subsidies and infrastructure development to promote electric vehicles to reduce carbon dioxide emissions, fuelling the growth of electric ATV and UTV sales.

Recent Developments in the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market

• In December 2021, Tesla introduced its all-electric ATV quadbike called Cyberquad in partnership with Radio Flyer.
• In February 2022, American Landmaster joined the electric UTV fray to provide electric-powered UTVs with a towing capacity of 1,200LBS in 2-door and 4-door versions in 4X2 driving mode.
• In February 2022, Segway Powersports expanded the availability of Fugleman side-by-side to over 40 dealerships across the U.S.

Market Dynamics

Drivers

• Low Cost of Ownership of Electric ATVs and UTVs
• Low Noise Emissions from Electric ATVs and UTVs Improve their Applicability
• Increasing Global Awareness to Reduce Greenhouse Gas Emissions
• Increasing ATV and UTV Use in Military and Recreational Activities
• Shifting Focus Toward Electric Variants

Challenges

• Higher Retail Prices than Internal Combustion Engine ATVs and UTVs
• Range Anxiety and Impact of High Battery Weight on Vehicle Performance
• Impact of High Battery Weight on Vehicle's Performance

Opportunities

• Development of Amphibious Terrain Vehicles
• Development of Autonomous ATVs and UTVs
• Capitalizing on the Micro Mobility Trend
• Focus on Lithium Iron Phosphate Batteries

Market Segmentation

by Application Type

• Professional Sports
• Recreational
• Agriculture and Utility
• Military and Defense
• Others

by Propulsion Type

• Battery Electric ATVs and UTVs
• Hybrid Electric ATVs and UTVs

by Drivetrain Type

• Two-Wheel Drive (2WD)
• Four-Wheel Drive (4WD)
• All-Wheel Drive (AWD)

by Engine Type

• Less than 400 CC
• 400 CC to 800 CC
• More than 800 CC

by Battery Capacity

• Up to 48V
• 48V to 72V
• More than 72V

by Number of Wheels

• Four-Wheeled ATVs and UTVs
• More than Four-Wheeled ATVs and UTVs

by Seating Capacity

• One-Seater ATVs and UTVs
• Two-Seater ATVs and UTVs
• More than Two-Seater ATVs and UTVs

by Region

• North America
• South America
• Europe
• U.K.
• Middle East and Africa
• China
• Asia-Pacific and Japan

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:

Electric All-Terrain Vehicle Manufacturers

• CFMOTO
• Eco Charger
• DRR U.S.A.
• Tesla, Inc.

Electric Utility-Terrain Vehicle Manufacturers

• Artic Cat, Inc.
• HISUN Motors Corporation
• Honda Motor Co., Ltd.
• John Deere
• American LandMaster
• Intimidator UTV
• Polaris Industries Inc.
• Club Car LLC

Electric All-Terrain Vehicle and Utility-Terrain Vehicle Manufacturers

• Bombardier Recreational Products Inc. (BRP)
• LINHAI Group Co., Ltd.
• Segway Technology Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/u28kfd

View source version on businesswire.com: https://www.businesswire.com/news/home/20220713005716/en/