GVR Report cover Electric Utility Vehicle Market Size, Share & Trends Report

Electric Utility Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Battery Type (Lead-Acid, Lithium-ion, Others), By Drive Type, By Propulsion Type, By Seating Capacity, By Application, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-110-8
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global electric utility vehicle market size was estimated at USD 18.78 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The growth of the market is majorly attributed to the increasing adoption of electric UTVs in farming activities like towing, hauling, and farm surveying, as well as their application in industrial logistics and warehousing. Additionally, the growing popularity of custom-made UTVs among customers is due to their ability to cater to specific purposes, thereby driving market growth. Moreover, a growing consensus over the rising concentration of carbon emissions and active government initiatives to accelerate the adoption of electric vehicles are expected to drive the electric utility vehicle industry growth over the forecast period.

U.S. Electric Utility Vehicle market size and growth rate, 2023 - 2030

The growing usage of connected vehicle technology and increasing internet & smartphone penetration also support the demand for electric utility vehicles. Electric UTV manufacturers use connected vehicle technology to provide riders with an improved riding experience that enhances performance, efficiency, and effectiveness. For instance, in August 2022, Polaris Inc. launched Ride Command +, a subscription-based connected vehicle service available for all its UTV models. This innovative service utilizes vehicle-to-cellular connectivity to offer over-the-air updates for the UTV. With Ride Command+, users can take advantage of Vehicle Health, a feature that allows remote monitoring of battery life and estimated range of the UTV. Additionally, Ride Tracking+ enables the recording of the ride route. The app also provides valuable information, such as the live location of the UTV, post-ride reports, and location and bump alerts.

In the rapidly growing market, custom-made UTVs are becoming increasingly popular among customers due to their ability to cater to specific purposes. These specialized electric UTVs are designed and tailored to meet the unique needs of individual customers, ensuring optimal performance and efficiency for their intended tasks. Whether it's for off-road exploration, agriculture, industrial use, or Recreation activities, customers can now have UTVs built precisely to match their requirements. This level of customization allows customers to maximize the utility and effectiveness of their electric UTVs while contributing to a greener and more sustainable future. As the demand for eco-friendly solutions rises, the availability of custom-made UTVs provides a promising pathway toward a cleaner and more versatile electric utility vehicle market.

Also, manufacturers worldwide are directing their attention toward vehicle electrification in response to growing environmental concerns. Many of these manufacturers are actively developing and launching new electric utility vehicles with the aim of reducing carbon footprints. For instance, in July 2022, American LandMaster announced the launch of their 2022 4-seater lithium-ion battery-powered electric utility vehicle. The utility vehicle has independent L-ROSS suspension, weather-sealed electrical connectors, and automotive-grade ball joints & bushings. The electric UTVs suspension system provides a bed capacity of 500 lbs. and a towing capacity of 1,500. Optional accessories include a 3,000lb electric winch, a steel-framed weather enclosure, and HD oversized steel cargo bed.

Several market players are entering partnerships to develop and expand their global presence. In July 2023, ZeroNox Inc. announced its partnership with E-LIX Elektromobile GmbH, a German-based company, and Chateaux Des Langues, a French-based company. This partnership aims to distribute ZeroNox Inc.’s Tuatara electric utility terrain vehicles (UTVs) to their offerings for off-highway vehicle customers across Europe. Companies are involved in developing source components such as powertrains, batteries, and electric connectors. Moreover, in April 2023, Sypris Technologies, Inc., a U.S.-based supplier and manufacturer of drivetrain and vehicle components for commercial vehicles, received a program authorization to provide drivetrain components for UTVs in the American market. Consequently, the company entered into a multi-year agreement with a major player in the UTV market, ensuring compliance with production demands starting from 2024.

Vehicle Type Insights

Based on vehicle type, the electric shuttle segment accounted for the largest share of over 75% of the market in the year 2022. The growth of this segment is attributed to the increasing popularity of passenger transportation, the minimal noise emissions of the vehicles, their cost-effective ownership, and their utilization for military purposes. Moreover, the rapid rise in the adoption of autonomous utility carts for various tasks such as moving passengers, maintenance, housekeeping, food service, refusal removal, security, and ambulance further contributes to the favorable growth of this segment.

The electric UTV segment is expected to grow at a considerable CAGR over the forecast period. The growth of this segment is increasing penetration of All-Wheel Drive (AWD) vehicles globally, coupled with a surge in government initiatives aimed at promoting the adoption of utility vehicles for various driving purposes., contributing to electric utility vehicle industry growth.

Battery Type Insights

By battery type, the lithium-ion segment accounted for the largest share of over 70% of the global market for electric utility vehicles in 2022. The growth of this segment is attributed to the growing demand for their affordability and suitability for specific applications to drive their usage in certain segments of the market. The demand for this segment is increasing in automobile applications, including lighting, starting, and ignition purposes.

The lithium-ion segment is expected to grow at the highest CAGR over the forecast period. The growth of this segment is owing to the growing adoption of lithium-ion batteries in electric vehicles driven by their enhanced efficiency, lightweight nature, faster charging times, and improved battery capacity. Moreover, these batteries have a lower environmental impact during disposal as most of their components can be recycled. The ability to discharge and recharge lithium-ion batteries daily has further fueled the widespread acceptance of this technology in the electric vehicle industry.

Drive Type Insights

By drive type, the rear wheel drive segment accounted for the largest share of over 95% of the global market in 2022. The growth of the segment is attributed to the advantageous features of rear wheel drive, such as improved fuel economy and a balanced vehicle weight distribution, resulting in enhanced stability on challenging terrains. Moreover, rear wheel drive is a cost-effective choice for consumers due to lower maintenance requirements in drivetrains and the engine's ability to provide extra vehicle mileage, and these features are contributing to the growth of this segment.

The all-wheel drive segment is expected to expand at the highest CAGR over the forecast period. There is a rising demand for all-wheel drives in electric utility vehicles for efficient power distribution to all four corners of the utility vehicle, resulting in enhanced grip capacity, improved acceleration, and smooth handling. This superior traction capability eliminates the risk of utility vehicle slippage on icy, wet, and uneven roads, making all-wheel drive with an electric powertrain a highly favored choice.

Propulsion Type Insights

By propulsion type, the battery electric vehicle segment accounted for the largest share of over 78% of the global market in 2022. The growth of the segment is owing to the growing adoption of electric vehicles. Several utility vehicle manufacturers are offering electric utility vehicle product segments. Some key players offer electric utility vehicles, such as Polaris Inc., CLUB CAR, Marshell Green Power, and Star EV Corporation. Moreover, advancements in technology of electric utility vehicles offer impressive torque and acceleration, providing better performance than traditional gasoline or diesel-powered utility vehicles. This has led to increased adoption of electric utility vehicles among users that need value efficiency and responsiveness, contributing to the growth of this segment.

The battery electric vehicle segment is expected to grow at a considerable CAGR over the forecast period. The growth of this market segment is increasing significantly due to the growing demand for this type of vehicle throughout developing countries due to their fragile charging infrastructure. The charging infrastructure among developing and under-developed countries can support fully electric vehicles, bolstering the growth of this market segment.

Seating Capacity Insights

By seating capacity, the more than 2-seater segment accounted for the largest share of over 51.0% of the global market for electric utility vehicles in 2022. The growth of the segment is attributed to the rising popularity of family adventure activities, which is driven by an increase in global disposable income. As more people have the financial means to indulge in such activities, the demand for products in this segment has significantly expanded, bolstering its overall growth.

The more than 2-searter segment is expected to grow with the highest CAGR over the forecast period. There is a rising demand for passenger transport, urban mobility solutions, corporate and institutional fleets, tourism and Recreation applications, government incentives, battery technology advancements, charging infrastructure development, cost considerations, and increasing environmental awareness.

Application Insights

By application, the commercial transport segment accounted for the largest share of over 82% of the global market in 2022. The segment growth is attributed to rising demand for electric shuttles for passenger Commercial Transport in urban areas and utility carts for slightly longer last-mile travel in both rural and urban settings is on the rise. Major manufacturers like Columbia Vehicle, CLUB CAR, Electric Last Mile Solutions, and Ari Motors manufacture electric utility carts catering to commercial transport needs. These vehicles offer efficient and eco-friendly mobility solutions for various applications in different locations.

Global Electric Utility Vehicle market share and size, 2022

The recreation segment is expected to witness considerable growth over the forecast period. The growth of this segment is due to the rise in the adoption of electric vehicles as part of their eco-friendly initiatives. Moreover, the rapid adoption of autonomous ATVs in activities like excavating land, reclaiming land, clearing mud, and maintaining reservoirs, ponds, riverbeds, and swamps is expected to positively impact the segment's growth.

Regional Insights

In 2022, North America held a substantial market share of over 76% in terms of revenue. This strong market presence can be attributed to several factors, including the region's thriving e-commerce industry and a well-established ecosystem that supports various industrial and manufacturing companies. Additionally, the rise in Recreation activities like hunting, camping, and forest rides during the pandemic further fueled the demand for electric Utility Terrain Vehicles (UTVs) in the region. Key players, namely Textron Specialized Vehicles Inc., Polaris Inc., and Deere & Company, dominated the electric UTV sales in North America. These companies have played a pivotal role in shaping the market landscape and meeting the growing demand for electric UTVs across various applications.

Electric Utility Vehicle Market Trends, by Region, 2023 - 2030

Furthermore, electric UTVs have witnessed remarkable growth in the agriculture sector, thanks in part to the proactive efforts of the US government, which has been encouraging farmers to transition to electric utility vehicles. This support has driven the adoption of electric UTVs in agricultural operations, enhancing efficiency and sustainability in the farming industry.

Asia Pacific is projected to emerge as one of the most lucrative regions for the market in terms of revenue during the forecast period, growing at a significant CAGR. The region's dominance can be attributed to various factors, such as the rapid economic development in some Asia Pacific countries has led to an increase in commercial activities, logistics, and industrial operations, and investment by the government in the development of the charging infrastructure for electric vehicles, including utility vehicles.

Key Company & Market Share Insights

The market for electric utility vehicle is considerably fragmented, with numerous large and medium-sized players in the market. Prominent market players are making investments in research and development (R&D) to expand their offerings, thereby fostering further growth in the market. These market players also pursue diverse strategic initiatives to enhance their global presence, such as launching new products, entering into contractual agreements, engaging in mergers and acquisitions, ramping up investments, exploring market developments, and forging collaborations with other organizations.

For instance, in August 2022, Volcon announced a partnership with General Motors to power Volcon electric UTVs with General Motors' electric propulsion system. The companies are also working on improving their sales channel strategies to attract more consumers to their products. Some of the prominent players in the global electric utility vehicle market include:

  • Addax Motors

  • Alke

  • American Landmaster


  • Columbia Vehicle Group Inc.


  • Marshell Green Power

  • Polaris Inc.

  • Star EV Corporation

  • Textron Specialized Vehicles Inc.

Electric Utility Vehicle Market Report Scope

Report Attribute


Market size value in 2023

USD 19.87 billion

Revenue forecast in 2030

USD 29.07 billion

Growth rate

CAGR of 5.6% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion, volume in units, and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Vehicle type, battery type, drive type, propulsion type, seating capacity, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; UK; Germany; France; China; India; Japan; South Korea; Brazil; Mexico

Key companies profiled

Addax Motors; Alke; American Landmaster; CLUB CAR; Columbia Vehicle Group Inc.; HISUN; Marshell Green Power; Polaris Inc.; Star EV Corporation; Textron Specialized Vehicles Inc.

Customization scope

Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Electric Utility Vehicle Market Report Segmentation

This report forecasts revenue and volume growth and provides an analysis of the latest industry trends from 2018 to 2030 in each of the sub-segments. For this study, Grand View Research has segmented the global electric utility vehicle market report based on vehicle type, battery type, drive type, propulsion type, seating capacity, application, and region:

  • Vehicle Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • Electric ATV

    • Electric UTV

    • Electric Utility Carts

    • Electric Shuttle

    • Industrial Electric Utility

  • Battery Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • Lead-acid

    • Lithium-Ion

    • Others

  • Drive Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • Front Wheel Drive

    • Rear Wheel Drive

    • All Wheel Drive

  • Propulsion Type Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • Battery Electric Vehicle

    • Hybrid Electric

    • Others

  • Seating Capacity Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • 1-Seater

    • 2-Seater

    • More than 2-Seater

  • Application Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • Commercial Transport

    • Industrial

    • Recreation

    • Agriculture

    • Others

  • Regional Outlook (Revenue, USD Million, Volume, Units, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

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