電動ユーティリティビークル市場 : 2027 年までの世界予測

出版:MarketsandMarkets(マーケッツアンドマーケッツ) 出版年月:2022年10月

電動ユーティリティビークル市場 : 車両タイプ、用途、バッテリータイプ (鉛酸、リチウム イオン)、駆動タイプ (2WD、4WD、AWD)、推進力 (純電気、ハイブリッド電気)、座席数 (1 人乗り、2 人乗り、3 人乗り以上)、地域別 – 2027 年までの世界予測
Electric Utility Vehicle Market by Vehicle Type, Application, Battery Type (Lead Acid, Lithium-Ion), Drive Type (2WD, 4WD, AWD), Propulsion (Pure Electric, Hybrid Electric), Seating Capacity (1-Seater, 2-Seater, >2-Seater) Region – Global Forecast to 2027

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The electric utility vehicle market is projected to grow from USD 18.9 billion in 2022 to USD 23.9 billion by 2027, registering a CAGR of 4.8%.

電動ユーティリティビークル市場 : 車両タイプ、用途、バッテリータイプ (鉛酸、リチウム イオン)、駆動タイプ (2WD、4WD、AWD)、推進力 (純電気、ハイブリッド電気)、座席数 (1 人乗り、2 人乗り、3 人乗り以上)、地域別 - 2027 年までの世界予測

Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles were mapped as part of this research. The growth of e-commerce and logistics industries has increased the demand for electric industrial utility vehicles (used for in-house operations) over the years. With the rapid setup of charging stations worldwide, demand for low-speed vehicles such as electric utility and shuttle carts has also increased. Technological breakthroughs in EV batteries and other EV technologies have made it possible to have high-power engines in electric ATVs and UTVs for off-roading (comparable to their ICE counterparts). This will create a shift in demand for electric ATVs and UTVs in the coming years. The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others. These players have worked on providing offerings for the electric utility vehicle ecosystem. They have initiated partnerships to develop their technology and provide best-in-class products to their customers.

“Electric industrial utility vehicles to be the largest segment in market during the forecast period”
Electric industrial utility vehicles are used for material handling operations across various industries. Battery-operated industrial vehicles use rechargeable batteries to power respective vehicles. These vehicles have been gaining significant traction in recent years. They have the advantage of being eco-friendly. These engines generate fewer emissions, making electric industrial vehicles an ideal green machine for warehouse and industrial projects.
The process of industrialization has picked up pace in the last decade, increasing the use of electric industrial vehicles. In regions such as Asia Pacific, Europe, and North America, most industrial vehicles are electric. For instance, around 64% of the forklifts in North America are electric. Nowadays, electric industrial vehicles are leveraged on a large scale in logistic and warehouse industries for carrying and towing loads, pulling, and other uses. Most logistics providers across the globe are focusing on reducing their carbon footprint. To reduce CO2 emissions and other exhaust gases, industrial vehicle manufacturers have been focusing on battery-operated vehicles. Many electric industrial vehicle manufacturing companies such as BYD, Toyota Industries Corporation, WAEV, and Kion Group have made technological advancements, acquisitions, and partnerships to flourish their production line of industrial vehicles. For instance, in July 2022, Toyota Material Handling, a subsidiary of Toyota Industries Corporation, announced the acquisition of Penn West Toyota Lift, a forklift dealership in Mount Pleasant, Pittsburgh, Erie, and Pennsylvania.

“Li-ion batteries to lead demand for electric utility vehicles in forecast period”
According to the Alternate Fuel Data Center (AFDC), most all-electric vehicles and Plug-in Hybrid Electric Vehicles (PHEVs) use lithium-ion batteries. R&D is ongoing to reduce their relatively high cost, extend their shelf life, and address safety concerns regarding overheating. Electric utility vehicles have become popular with the increased demand for city cars, golf carts, industrial vehicles, and utility vehicles. Traditionally, these vehicles were powered by lead-acid batteries that were bulky and heavy. Lithium-ion batteries, one-third the weight of lead-acid batteries, offer nearly 100% efficiency in charge and discharge.
Equipping a lithium-ion battery into an electric utility vehicle enables it to increase its weight-to-performance ratio significantly. In 2019, E-Z-GO developed the E-Z-GO Elite Lithium Vehicle powered by Samsung SDI Lithium technology. The company declared that the E-Z-GO RXV Elite Lithium vehicle had an annual cost of operation worth USD 3,000, used 2.98 kWh energy, and the battery weighed 46 LB, which is nearly eight times lighter than a lead-acid battery of 328 LB. Other OEMs such as Club Car have Onward Series and Tempo Lithium-ion series, and Yamaha Motor Co Ltd. has the AC2 series. Many domestic players in the electric utility vehicle market are focusing on producing lithium-ion battery-operated vehicles, such as Speedways Electric from India, which develops commercial electric vehicles, custom electric utility vehicle, food & beverage utility carts, Golf Cart – SGC Series, and Luxury Golf Cart – Royale Series for its clients from Tata, Aditya Birla Group, Godrej, Westin Hotels and Resorts, and other industries.

“North America to lead electric utility vehicle market in coming years by value”
North America constitutes the largest share in electric ATV, UTV, utility cart, and shuttle cart sales. The US is the primary contributor, followed by Canada and Mexico. The US has a high demand for these electric utility vehicles, owing to their use in recreational activities, agriculture, and commercial goods transport. Further, the popularity of mountain biking, trailing, off-road championships/events, and favorable terrain/weather also fuel the demand for these vehicles. The region is home to top players in the electric utility vehicles market. Canada is an emerging market and is likely to grow faster than US and Mexico in the coming years.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I – 67%, Tier II and Tier III – 9%, and OEMs – 24%
• By Designation: CXOs – 33%, Managers – 52%, Executives – 15%
• By Region: North America – 20%, Europe – 34%, Asia Pacific – 38%, Rest of the World – 8%
The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others. They have worked on providing offerings for the electric utility vehicle ecosystem. They have initiated partnerships to develop their electric utility vehicle technology and offer best-in-class products to their customers.

Electric Utility Vehicle Market by Vehicle Type, Application, Battery Type (Lead Acid, Lithium-Ion), Drive Type (2WD, 4WD, AWD), Propulsion (Pure Electric, Hybrid Electric), Seating Capacity (1-Seater, 2-Seater, >2-Seater) Region - Global Forecast to 2027
Research Coverage:
The report covers the electric utility vehicle market based on vehicle type, battery type, drive type, propulsion, seating capacity, application, and region (North America, Europe, Asia-Pacific, and the Rest of the World). It covers the competitive landscape and company profiles of the major players in the electric utility vehicle ecosystem.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
• This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric utility vehicle ecosystem and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• This report will also help stakeholders understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.


目次

1 INTRODUCTION 36
1.1 STUDY OBJECTIVES 36
1.2 MARKET DEFINITION 37
TABLE 1 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY VEHICLE TYPE 37
TABLE 2 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY BATTERY TYPE 38
TABLE 3 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY DRIVE TYPE 38
TABLE 4 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY PROPULSION 39
TABLE 5 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY SEATING CAPACITY 39
TABLE 6 ELECTRIC UTILITY VEHICLE MARKET DEFINITION, BY APPLICATION 39
1.2.1 INCLUSIONS AND EXCLUSIONS 40
TABLE 7 INCLUSIONS AND EXCLUSIONS 40
1.3 MARKET SCOPE 41
FIGURE 1 MARKETS COVERED 41
1.3.1 REGIONS COVERED 41
1.3.2 YEARS CONSIDERED 42
1.4 CURRENCY CONSIDERED 42
TABLE 8 CURRENCY EXCHANGE RATES 42
1.5 STAKEHOLDERS 43
2 RESEARCH METHODOLOGY 44
2.1 RESEARCH DATA 44
FIGURE 2 ELECTRIC UTILITY VEHICLE MARKET: RESEARCH DESIGN 44
FIGURE 3 RESEARCH DESIGN MODEL 45
2.1.1 SECONDARY DATA 45
2.1.1.1 Key secondary sources 46
2.1.1.2 Key data from secondary sources 47
2.1.2 PRIMARY DATA 47
2.1.2.1 Primary interviews – demand and supply sides 48
2.1.2.2 Key industry insights and breakdown of primary interviews 48
FIGURE 4 KEY INDUSTRY INSIGHTS 48
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS 49
2.1.2.3 List of primary participants 49
2.2 MARKET SIZE ESTIMATION 50
FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 51
2.2.1 BOTTOM-UP APPROACH 51
FIGURE 7 BOTTOM-UP APPROACH: ELECTRIC UTILITY VEHICLE MARKET 52
2.2.2 TOP-DOWN APPROACH 52
FIGURE 8 TOP-DOWN APPROACH: ELECTRIC UTILITY VEHICLE MARKET 52
FIGURE 9 ELECTRIC UTILITY VEHICLE MARKET: MARKET ESTIMATION NOTES 53
FIGURE 10 ELECTRIC UTILITY VEHICLE MARKET: RESEARCH DESIGN AND METHODOLOGY – DEMAND SIDE 54
2.3 DATA TRIANGULATION 55
FIGURE 11 DATA TRIANGULATION METHODOLOGY 55
FIGURE 12 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES 56
2.4 FACTOR ANALYSIS 57
2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE 57
2.5 RESEARCH ASSUMPTIONS 57
2.6 RESEARCH LIMITATIONS 59
3 EXECUTIVE SUMMARY 60
FIGURE 13 ELECTRIC UTILITY VEHICLE MARKET: MARKET OVERVIEW 61
FIGURE 14 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 62
FIGURE 15 ELECTRIC UTILITY VEHICLE MARKET: ONGOING MARKET TRENDS 63
FIGURE 16 ELECTRIC INDUSTRIAL VEHICLE SEGMENT TO BE LARGEST MARKET (2022–2027) 63
4 PREMIUM INSIGHTS 65
4.1 ATTRACTIVE OPPORTUNITIES IN ELECTRIC UTILITY VEHICLE MARKET 65
FIGURE 17 GROWING DEMAND FOR ELECTRIC UTILITY AND SHUTTLE CARTS TO DRIVE MARKET 65
4.2 ELECTRIC UTILITY VEHICLE MARKET, BY REGION 66
FIGURE 18 NORTH AMERICA PROJECTED TO BE LARGEST MARKET DURING FORECAST PERIOD 66
4.3 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE 66
FIGURE 19 ELECTRIC INDUSTRIAL VEHICLE TO BE DOMINANT SEGMENT (2022–2027) 66
4.4 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE 67
FIGURE 20 UTILITY VEHICLES USING LITHIUM-ION BATTERIES TO LEAD MARKET (2022–2027) 67
4.5 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE 67
FIGURE 21 2WD ELECTRIC UTILITY VEHICLES TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD 67
4.6 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY 68
FIGURE 22 2 SEATER ELECTRIC UTILITY VEHICLES TO ACQUIRE LARGEST MARKET SHARE (2022–2027) 68
4.7 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION 68
FIGURE 23 COMMERCIAL TRANSPORT EXPECTED TO BE FASTEST-GROWING MARKET (2022–2027) 68
4.8 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION 69
FIGURE 24 PURE ELECTRIC SEGMENT EXPECTED TO LEAD MARKET (2022–2027) 69
4.9 ELECTRIC UTILITY VEHICLE MARKET, BY REGION 69
FIGURE 25 NORTH AMERICA TO LEAD ELECTRIC UTILITY VEHICLE MARKET, BY VALUE 69

5 MARKET OVERVIEW 70
5.1 INTRODUCTION 70
5.2 MARKET DYNAMICS 71
FIGURE 26 ELECTRIC UTILITY VEHICLE MARKET: MARKET DYNAMICS 71
5.2.1 DRIVERS 71
5.2.1.1 Reduced prices of EV batteries 71
FIGURE 27 EV PRICES FALLING WITH BATTERY PRICES 72
5.2.1.2 Growing e-commerce and warehousing sectors 73
FIGURE 28 TOTAL US E-COMMERCE RETAIL SALES, 2017−2021 73
FIGURE 29 QUARTERLY US E-COMMERCE RETAIL SALES FOR 2020−2021 74
5.2.1.3 Rapid setup of charging infrastructure 74
FIGURE 30 NUMBER OF FAST CHARGERS AVAILABLE PUBLICLY 75
FIGURE 31 NUMBER OF SLOW CHARGERS AVAILABLE PUBLICLY 75
5.2.1.4 Rising prices of petroleum 76
FIGURE 32 PRICE OF OIL IN LAST 3 DECADES 77
5.2.1.5 Increased use of electric utility carts and shuttle carts 77
5.2.2 RESTRAINTS 78
5.2.2.1 Lower range compared to ICE counterparts 78
5.2.2.2 Longer charging time than other fuels 78
FIGURE 33 CHARGING TIME REQUIRED TO CHARGE USING DIFFERENT CHARGING POINT TYPES 78
5.2.3 OPPORTUNITIES 79
5.2.3.1 Rising demand in automotive and transportation sectors 79
5.2.3.2 Battery swapping for electric utility vehicles 80
FIGURE 34 BATTERY SWAPPING SYSTEM 80
5.2.4 CHALLENGES 81
5.2.4.1 Higher cost of electric utility vehicles 81
5.2.4.2 Insufficient grid infrastructure globally 81
FIGURE 35 GRID REQUIREMENT FOR EVS IN GERMANY BY 2030 81
TABLE 9 ELECTRIC UTILITY VEHICLE MARKET: IMPACT OF MARKET DYNAMICS 82
5.3 PORTER’S FIVE FORCES 83
FIGURE 36 PORTER’S FIVE FORCES: ELECTRIC UTILITY VEHICLE MARKET 83
TABLE 10 ELECTRIC UTILITY VEHICLE MARKET: IMPACT OF PORTER’S FIVE FORCES 84
5.3.1 THREAT OF SUBSTITUTES 84
5.3.2 THREAT OF NEW ENTRANTS 84
5.3.3 BARGAINING POWER OF BUYERS 84
5.3.4 BARGAINING POWER OF SUPPLIERS 85
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 85
5.4 ELECTRIC UTILITY VEHICLE MARKET ECOSYSTEM 86
FIGURE 37 ELECTRIC UTILITY VEHICLE MARKET: ECOSYSTEM ANALYSIS 86
5.4.1 EV CHARGING PROVIDERS 86
5.4.2 ELECTRIC ATV/UTV MANUFACTURERS 86
5.4.3 ELECTRIC MATERIAL HANDLING VEHICLE MANUFACTURERS 87
5.4.4 ELECTRIC UTILITY CART MANUFACTURERS 87
5.4.5 BATTERY PROVIDERS 87
5.4.6 EUV COMPONENT MANUFACTURERS 87
5.4.7 END USERS 87
TABLE 11 ELECTRIC UTILITY VEHICLE MARKET: ROLE OF COMPANIES IN ECOSYSTEM 87
5.5 SUPPLY CHAIN ANALYSIS 89
FIGURE 38 SUPPLY CHAIN ANALYSIS OF ELECTRIC UTILITY VEHICLE MARKET 90
5.6 ELECTRIC UTILITY VEHICLE PRICING ANALYSIS 91
TABLE 12 ELECTRIC UTILITY VEHICLE MARKET: ELECTRIC INDUSTRIAL/ MATERIAL HANDLING VEHICLES, 2021 91
TABLE 13 ELECTRIC UTILITY VEHICLE MARKET: ELECTRIC UTV, 2021 91
TABLE 14 ELECTRIC UTILITY VEHICLE MARKET: ELECTRIC ATV, 2021 91
TABLE 15 ELECTRIC UTILITY VEHICLE MARKET: REGIONAL PRICING ANALYSIS, 2021 92
TABLE 16 ELECTRIC UTILITY VEHICLE MARKET: REGIONAL PRICING ANALYSIS, 2027 92
5.7 TECHNOLOGY ANALYSIS 93
5.7.1 IOT FOR AUTOMATED MATERIAL HANDLING 93
FIGURE 39 IOT FOR AUTOMATED MATERIAL HANDLING IN WAREHOUSES 93
5.7.2 5G CONNECTIVITY FOR AUTOMATED WAREHOUSES 94
5.7.3 AI FOR MATERIAL HANDLING 94
5.7.4 SMART CHARGING SYSTEM 94
FIGURE 40 SMART EV CHARGING SYSTEM 95
5.7.5 SOLID STATE BATTERY (SSB) 95
5.7.6 INTELLIGENT EUVS 96
5.8 PATENT ANALYSIS 96
5.8.1 INTRODUCTION 96
FIGURE 41 PUBLICATION TRENDS (2010−2022) 96
5.8.2 PATENTS PUBLISHED BY MAJOR COMPANIES IN EV ECOSYSTEM 97
FIGURE 42 ELECTRIC VEHICLE PATENTS, TREND ANALYSIS (2010−2022) 97
TABLE 17 IMPORTANT PATENT REGISTRATIONS RELATED TO ELECTRIC UTILITY VEHICLE MARKET 97
5.9 TRADE ANALYSIS 100
TABLE 18 TRADE ANALYSIS: SPECIALLY DESIGNED FOR TRAVELLING ON SNOW, GOLF CARS, AND SIMILAR VEHICLES (870310) 100
5.10 REGULATORY LANDSCAPE 101
5.10.1 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 101
TABLE 19 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS FOR MATERIAL HANDLING VEHICLES: ELECTRIC UTILITY VEHICLE MARKET 101
5.10.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS: BY COUNTRY 102
TABLE 20 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 102
TABLE 21 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 103
TABLE 22 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 104
TABLE 23 US: UTILITY VEHICLE REGULATIONS 104
TABLE 24 CANADA: UTILITY VEHICLE REGULATIONS 107
TABLE 25 SAFETY STANDARDS FOR MATERIAL HANDLING VEHICLES 107
5.11 KEY CONFERENCES AND EVENTS IN 2022 AND 2023 108
TABLE 26 ELECTRIC UTILITY VEHICLE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 108
5.12 CASE STUDIES 108
5.12.1 THYSSENKRUPP DECIDED ON FLEXIBLE AUTOMATION 108
5.12.2 TOYOTA’S AUTOMATED FORKLIFTS SUPPORTED ELM.LEBLANC’S 4.0 JOURNEY 109
5.12.3 INDUCTIVE CHARGING SYSTEM FOR INDUSTRIAL/MATERIAL HANDLING VEHICLES 109
5.12.4 CLUB CAR’S TEMPO 2+2 FOR KETTERING GENERAL HOSPITAL 110
5.12.5 CUTR CASE FOR USE OF SMALL NEVS FOR AGED POPULATION 110
5.13 TRENDS AND DISRUPTIONS 111
FIGURE 43 ELECTRIC UTILITY VEHICLE MARKET: TRENDS AND DISRUPTIONS 111
5.14 ELECTRIC UTILITY VEHICLE MARKET SCENARIOS (2022–2027) 111
5.14.1 MOST LIKELY SCENARIO 111
FIGURE 44 ELECTRIC UTILITY VEHICLE MARKET – FUTURE TRENDS AND SCENARIOS, 2022–2027 (USD MILLION) 112
TABLE 27 ELECTRIC UTILITY VEHICLE MARKET (MOST LIKELY), BY REGION, 2022–2027 (USD MILLION) 112
5.14.2 OPTIMISTIC SCENARIO 112
TABLE 28 ELECTRIC UTILITY VEHICLE MARKET (OPTIMISTIC), BY REGION, 2022–2027 (USD MILLION) 113
5.14.3 PESSIMISTIC SCENARIO 113
TABLE 29 ELECTRIC UTILITY VEHICLE MARKET (PESSIMISTIC), BY REGION, 2022–2027 (USD MILLION) 113
6 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION 114
6.1 INTRODUCTION 115
FIGURE 45 INDUSTRIAL SEGMENT TO BE LARGEST SEGMENT DURING FORECAST PERIOD 115
TABLE 30 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION, 2018–2021 (THOUSAND UNITS) 115
TABLE 31 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION, 2022–2027 (THOUSAND UNITS) 116
TABLE 32 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 116
TABLE 33 ELECTRIC UTILITY VEHICLE MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 116

6.1.1 OPERATIONAL DATA 117
TABLE 34 POPULAR AND UPCOMING EVS WORLDWIDE 117
6.1.2 ASSUMPTIONS 119
TABLE 35 ASSUMPTIONS: BY APPLICATION 119
6.1.3 RESEARCH METHODOLOGY 119
6.2 COMMERCIAL TRANSPORT 120
6.2.1 GROWING DEMAND FOR ELECTRIC MOBILITY IN LOW-SPEED VEHICLES 120
TABLE 36 ELECTRIC UTILITY VEHICLE MARKET FOR COMMERCIAL TRANSPORT, BY REGION, 2018–2021 (THOUSAND UNITS) 120
TABLE 37 ELECTRIC UTILITY VEHICLE MARKET FOR COMMERCIAL TRANSPORT, BY REGION, 2022–2027 (THOUSAND UNITS) 120
TABLE 38 ELECTRIC UTILITY VEHICLE MARKET FOR COMMERCIAL TRANSPORT, BY REGION, 2018–2021 (USD MILLION) 121
TABLE 39 ELECTRIC UTILITY VEHICLE MARKET FOR COMMERCIAL TRANSPORT, BY REGION, 2022–2027 (USD MILLION) 121
6.3 RECREATIONAL 121
6.3.1 GROWING DEMAND FOR OUTDOOR LEISURE AND RECREATIONAL ACTIVITIES 121
TABLE 40 ELECTRIC UTILITY VEHICLE MARKET FOR RECREATIONAL, BY REGION, 2018–2021 (THOUSAND UNITS) 122
TABLE 41 ELECTRIC UTILITY VEHICLE MARKET FOR RECREATIONAL, BY REGION, 2022–2027 (THOUSAND UNITS) 122
TABLE 42 ELECTRIC UTILITY VEHICLE MARKET FOR RECREATIONAL, BY REGION, 2018–2021 (USD MILLION) 122
TABLE 43 ELECTRIC UTILITY VEHICLE MARKET FOR RECREATIONAL, BY REGION, 2022–2027 (USD MILLION) 123
6.4 AGRICULTURE 123
6.4.1 GOVERNMENT PUSH FOR USE OF ELECTRIC VEHICLES FOR AGRICULTURAL ACTIVITIES 123
TABLE 44 ELECTRIC UTILITY VEHICLE MARKET FOR AGRICULTURE, BY REGION, 2018–2021 (THOUSAND UNITS) 123
TABLE 45 ELECTRIC UTILITY VEHICLE MARKET FOR AGRICULTURE, BY REGION, 2022–2027 (THOUSAND UNITS) 124
TABLE 46 ELECTRIC UTILITY VEHICLE MARKET FOR AGRICULTURE, BY REGION, 2018–2021 (USD MILLION) 124
TABLE 47 ELECTRIC UTILITY VEHICLE MARKET FOR AGRICULTURE, BY REGION, 2022–2027 (USD MILLION) 124
6.5 INDUSTRIAL 125
6.5.1 HIGH DEMAND FOR INDUSTRIAL AND MATERIAL HANDLING ELECTRIC VEHICLES 125
TABLE 48 ELECTRIC UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY REGION, 2018–2021 (THOUSAND UNITS) 125
TABLE 49 ELECTRIC UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY REGION, 2022–2027 (THOUSAND UNITS) 125
TABLE 50 ELECTRIC UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY REGION, 2018–2021 (USD MILLION) 126
TABLE 51 ELECTRIC UTILITY VEHICLE MARKET FOR INDUSTRIAL, BY REGION, 2022–2027 (USD MILLION) 126
6.6 OTHERS 126
6.6.1 GROWING USE OF ELECTRIC ATVS/UTVS IN DEFENSE, FORESTRY, HUNTING 126
TABLE 52 ELECTRIC UTILITY VEHICLE MARKET FOR OTHER APPLICATIONS, BY REGION, 2018–2021 (THOUSAND UNITS) 127
TABLE 53 ELECTRIC UTILITY VEHICLE MARKET FOR OTHER APPLICATIONS, BY REGION, 2022–2027 (THOUSAND UNITS) 127
TABLE 54 ELECTRIC UTILITY VEHICLE MARKET FOR OTHER APPLICATIONS, BY REGION, 2018–2021 (USD MILLION) 127
TABLE 55 ELECTRIC UTILITY VEHICLE MARKET FOR OTHER APPLICATIONS, BY REGION, 2022–2027 (USD MILLION) 128
6.7 KEY PRIMARY INSIGHTS 128
7 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE 129
7.1 INTRODUCTION 130
FIGURE 46 ELECTRIC UTILITY CART SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD (2022–2027) 130
TABLE 56 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (THOUSAND UNITS) 131
TABLE 57 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (THOUSAND UNITS) 131
TABLE 58 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 131
TABLE 59 ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 132
7.1.1 OPERATIONAL DATA 132
TABLE 60 POPULAR EUVS BY VEHICLE TYPE 132
7.1.2 ASSUMPTIONS 134
TABLE 61 ASSUMPTIONS: BY VEHICLE TYPE 134
7.1.3 RESEARCH METHODOLOGY 134
7.2 ELECTRIC ATV 135
7.2.1 INCREASED RECREATIONAL AND AGRICULTURAL ACTIVITIES TO DRIVE MARKET 135
TABLE 62 ELECTRIC ATV MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 135
TABLE 63 ELECTRIC ATV MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 135
TABLE 64 ELECTRIC ATV MARKET, BY REGION, 2018–2021 (USD MILLION) 136
TABLE 65 ELECTRIC ATV MARKET, BY REGION, 2022–2027 (USD MILLION) 136
7.3 ELECTRIC UTV 136
7.3.1 INCREASED HUNTING, AGRICULTURE, RECREATION, AND FORESTRY ACTIVITIES 136
TABLE 66 ELECTRIC UTV MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 137
TABLE 67 ELECTRIC UTV MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 137
TABLE 68 ELECTRIC UTV MARKET, BY REGION, 2018–2021 (USD MILLION) 137
TABLE 69 ELECTRIC UTV MARKET, BY REGION, 2022–2027 (USD MILLION) 138

7.4 ELECTRIC INDUSTRIAL VEHICLE 138
7.4.1 CONSISTENT GROWTH IN WAREHOUSING AND E-COMMERCE 138
TABLE 70 ELECTRIC INDUSTRIAL VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 139
TABLE 71 ELECTRIC INDUSTRIAL VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 139
TABLE 72 ELECTRIC INDUSTRIAL VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 139
TABLE 73 ELECTRIC INDUSTRIAL VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 139
7.5 ELECTRIC UTILITY CART 140
7.5.1 GROWTH IN DEMAND FOR LOW-EMISSION TRANSPORT 140
TABLE 74 ELECTRIC UTILITY CART MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 140
TABLE 75 ELECTRIC UTILITY CART MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 141
TABLE 76 ELECTRIC UTILITY CART MARKET, BY REGION, 2018–2021 (USD MILLION) 141
TABLE 77 ELECTRIC UTILITY CART MARKET, BY REGION, 2022–2027 (USD MILLION) 141
7.6 ELECTRIC SHUTTLE CART 142
7.6.1 DEMAND FOR LOW-EMISSION PASSENGER TRANSPORT FOR RECREATIONAL ACTIVITIES AND TOURISM 142
TABLE 78 ELECTRIC SHUTTLE CART MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 142
TABLE 79 ELECTRIC SHUTTLE CART MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 142
TABLE 80 ELECTRIC SHUTTLE CART MARKET, BY REGION, 2018–2021 (USD MILLION) 143
TABLE 81 ELECTRIC SHUTTLE CART MARKET, BY REGION, 2022–2027 (USD MILLION) 143
7.7 KEY PRIMARY INSIGHTS 143
8 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE 144
8.1 INTRODUCTION 145
FIGURE 47 EV BATTERY TYPE COMPARISON 145
FIGURE 48 LITHIUM-ION BATTERIES SEGMENT TO REGISTER LARGEST MARKET SIZE DURING FORECAST PERIOD (2022–2027) 146
TABLE 82 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE, 2018–2021 (THOUSAND UNITS) 146
TABLE 83 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE, 2022–2027 (THOUSAND UNITS) 146
TABLE 84 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 146
TABLE 85 ELECTRIC UTILITY VEHICLE MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 147
8.1.1 OPERATIONAL DATA 147
TABLE 86 POPULAR ELECTRIC UTILITY VEHICLES AND THEIR BATTERIES 147

8.1.2 ASSUMPTIONS 149
TABLE 87 ASSUMPTIONS: BY BATTERY TYPE 149
8.1.3 RESEARCH METHODOLOGY 149
8.2 LEAD-ACID 149
8.2.1 LOW COST AND EASY AVAILABILITY 149
TABLE 88 LEAD-ACID BATTERY SPECIFICATIONS 150
TABLE 89 LEAD-ACID BATTERY MARKET, BY REGION, 2018-2021 (THOUSAND UNITS) 150
TABLE 90 LEAD-ACID BATTERY MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 151
TABLE 91 LEAD ACID BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 151
TABLE 92 LEAD ACID BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 151
8.3 LITHIUM-ION 152
8.3.1 HIGHER RANGE AND LOWER WEIGHT 152
TABLE 93 LITHIUM-ION BATTERY SPECIFICATIONS 152
TABLE 94 LITHIUM-ION BATTERY MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 153
TABLE 95 LITHIUM-ION BATTERY MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 153
TABLE 96 LITHIUM-ION BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 153
TABLE 97 LITHIUM-ION BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 153
8.4 OTHERS 154
8.4.1 DEVELOPMENT IN NEW BATTERY TECHNOLOGIES TO DRIVE DEMAND 154
TABLE 98 HYBRID NICKEL-METAL (NIMH) BATTERY SPECIFICATIONS 154
TABLE 99 OTHER BATTERY MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 155
TABLE 100 OTHER BATTERY MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 155
TABLE 101 OTHER BATTERY MARKET, BY REGION, 2018–2021 (USD MILLION) 155
TABLE 102 OTHER BATTERY MARKET, BY REGION, 2022–2027 (USD MILLION) 155
8.5 KEY PRIMARY INSIGHTS 156
9 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE 157
9.1 INTRODUCTION 158
FIGURE 49 4WD SEGMENT TO REGISTER HIGHER CAGR FROM 2022 TO 2027 158
TABLE 103 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE, 2018–2021 (THOUSAND UNITS) 158
TABLE 104 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE, 2022–2027 (THOUSAND UNITS) 158
TABLE 105 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE, 2018–2021 (USD MILLION) 159
TABLE 106 ELECTRIC UTILITY VEHICLE MARKET, BY DRIVE TYPE, 2022–2027 (USD MILLION) 159
9.1.1 OPERATIONAL DATA 159
TABLE 107 EUVS AND THEIR DRIVE TYPE COMPARISON 159
9.1.2 ASSUMPTIONS 161
TABLE 108 ASSUMPTIONS: BY DRIVE TYPE 161
9.1.3 RESEARCH METHODOLOGY 161

9.2 2WD 162
9.2.1 CONVENIENT OPERATION AND LOWER PRICES 162
TABLE 109 2WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 162
TABLE 110 2WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 162
TABLE 111 2WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 162
TABLE 112 2WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 163
9.3 4WD 163
9.3.1 BETTER TRACTION AND ABILITY TO SWITCH TO 2WD 163
TABLE 113 4WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 163
TABLE 114 4WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 164
TABLE 115 4WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 164
TABLE 116 4WD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 164
9.4 AWD 165
9.4.1 DEMAND FOR HIGHER CARRYING AND TOWING CAPACITY FOR OFF-ROADS 165
TABLE 117 AWD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 165
TABLE 118 AWD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 165
TABLE 119 AWD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 166
TABLE 120 AWD ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 166
9.5 KEY PRIMARY INSIGHTS 166
10 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY 167
10.1 INTRODUCTION 168
FIGURE 50 >2 SEATER SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD (2022–2027) 168
TABLE 121 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY, 2018–2021 (THOUSAND UNITS) 168
TABLE 122 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY, 2022–2027 (THOUSAND UNITS) 169
TABLE 123 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY, 2018–2021 (USD MILLION) 169
TABLE 124 ELECTRIC UTILITY VEHICLE MARKET, BY SEATING CAPACITY, 2022–2027 (USD MILLION) 169
10.1.1 OPERATIONAL DATA 170
TABLE 125 EUVS AND THEIR SEATING CAPACITY 170

10.1.2 ASSUMPTIONS 172
TABLE 126 ASSUMPTIONS: BY SEATING CAPACITY 172
10.1.3 RESEARCH METHODOLOGY 172
10.2 1 SEATER 172
10.2.1 DEMAND FOR ELECTRIC INDUSTRIAL VEHICLES AND ATVS TO BOOST DEMAND 172
TABLE 127 1 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 173
TABLE 128 1 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 173
TABLE 129 1 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 173
TABLE 130 1 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 174
10.3 2 SEATER 174
10.3.1 INCREASED USE OF ELECTRIC UTVS AND CARTS TO FUEL GROWTH 174
TABLE 131 2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 174
TABLE 132 2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 175
TABLE 133 2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 175
TABLE 134 2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 175
10.4 >2 SEATER 176
10.4.1 INCREASED DEMAND DUE TO COMMERCIAL AND PASSENGER-CARRYING ELECTRIC VEHICLES 176
TABLE 135 >2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 176
TABLE 136 >2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 176
TABLE 137 >2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 177
TABLE 138 >2 SEATER ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 177
10.5 KEY PRIMARY INSIGHTS 177
11 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION 178
11.1 INTRODUCTION 179
FIGURE 51 HYBRID ELECTRIC SEGMENT PROJECTED TO GROW AT HIGHER CAGR (2022–2027) 179
TABLE 139 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION, 2018–2021 (THOUSAND UNITS) 179
TABLE 140 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION, 2022–2027 (THOUSAND UNITS) 179
TABLE 141 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION, 2018–2021 (USD MILLION) 180
TABLE 142 ELECTRIC UTILITY VEHICLE MARKET, BY PROPULSION, 2022–2027 (USD MILLION) 180
11.1.1 OPERATIONAL DATA 180
TABLE 143 POPULAR EUVS COMPARISON BY PROPULSION TYPE 180
11.1.2 ASSUMPTIONS 183
TABLE 144 ASSUMPTIONS: BY PROPULSION 183
11.1.3 RESEARCH METHODOLOGY 183
11.2 PURE ELECTRIC 183
11.2.1 DECREASE IN EV BATTERY PRICE TO REDUCE COST AND INCREASE DEMAND 183
TABLE 145 PURE ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 184
TABLE 146 PURE ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 184
TABLE 147 PURE ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 184
TABLE 148 PURE ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 184
11.3 HYBRID ELECTRIC 185
11.3.1 DEMAND FOR MULTIPLE FUEL SOURCES FOR ENHANCED PERFORMANCE 185
TABLE 149 HYBRID ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 185
TABLE 150 HYBRID ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 185
TABLE 151 HYBRID ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 186
TABLE 152 HYBRID ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 186
11.4 KEY PRIMARY INSIGHTS 186
12 ELECTRIC UTILITY VEHICLE MARKET, BY REGION 187
12.1 INTRODUCTION 188
FIGURE 52 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 188
TABLE 153 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (THOUSAND UNITS) 188
TABLE 154 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (THOUSAND UNITS) 189
TABLE 155 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2018–2021 (USD MILLION) 189
TABLE 156 ELECTRIC UTILITY VEHICLE MARKET, BY REGION, 2022–2027 (USD MILLION) 189
12.2 ASIA PACIFIC 189
FIGURE 53 ASIA PACIFIC: ELECTRIC UTILITY VEHICLE MARKET SNAPSHOT 190
TABLE 157 ASIA PACIFIC: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (THOUSAND UNITS) 191
TABLE 158 ASIA PACIFIC: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (THOUSAND UNITS) 191
TABLE 159 ASIA PACIFIC: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 191
TABLE 160 ASIA PACIFIC: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 192
12.2.1 CHINA 192
12.2.1.1 High demand for electric industrial vehicles 192
TABLE 161 CHINA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 193
TABLE 162 CHINA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 193
TABLE 163 CHINA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 193
TABLE 164 CHINA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 194
12.2.2 JAPAN 194
12.2.2.1 Growing popularity of electric utility and shuttle carts 194
TABLE 165 JAPAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 195
TABLE 166 JAPAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 195
TABLE 167 JAPAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 195
TABLE 168 JAPAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 196
12.2.3 INDIA 196
12.2.3.1 Rapid industrialization and growth in recreational activities 196
TABLE 169 INDIA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 197
TABLE 170 INDIA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 197
TABLE 171 INDIA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 197
TABLE 172 INDIA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 198
12.2.4 SOUTH KOREA 198
12.2.4.1 Growth of e-commerce and tourism industries to increase demand for electric utility vehicles 198
TABLE 173 SOUTH KOREA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 199
TABLE 174 SOUTH KOREA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 199
TABLE 175 SOUTH KOREA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 199
TABLE 176 SOUTH KOREA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 200
12.3 EUROPE 200
FIGURE 54 EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 201
TABLE 177 EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (THOUSAND UNITS) 201
TABLE 178 EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (THOUSAND UNITS) 201
TABLE 179 EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 202
TABLE 180 EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 202
12.3.1 FRANCE 202
12.3.1.1 Growing e-commerce and logistics sectors to increase demand for electric utility vehicles 202
TABLE 181 FRANCE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 203
TABLE 182 FRANCE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 203
TABLE 183 FRANCE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 203
TABLE 184 FRANCE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 204
12.3.2 GERMANY 204
12.3.2.1 Hike in petroleum prices to drive demand for electric utility vehicles 204
TABLE 185 GERMANY: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 205
TABLE 186 GERMANY: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 205
TABLE 187 GERMANY: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 205
TABLE 188 GERMANY: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 206
12.3.3 SPAIN 206
12.3.3.1 Growth of warehouse and e-commerce industries to drive demand for electric utility vehicles 206
TABLE 189 SPAIN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 206
TABLE 190 SPAIN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 207
TABLE 191 SPAIN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 207
TABLE 192 SPAIN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 207
12.3.4 UK 208
12.3.4.1 Demand for eco-friendly passenger and commercial transport to drive market 208
TABLE 193 UK: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 208
TABLE 194 UK: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 208
TABLE 195 UK: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 209
TABLE 196 UK: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 209
12.3.5 REST OF EUROPE 209
12.3.5.1 Rise in manufacturing facilities and tourism 209
TABLE 197 REST OF EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 210
TABLE 198 REST OF EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 210
TABLE 199 REST OF EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 210
TABLE 200 REST OF EUROPE: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 211
12.4 NORTH AMERICA 211
FIGURE 55 NORTH AMERICA: ELECTRIC UTILITY VEHICLE MARKET, SNAPSHOT 212
TABLE 201 NORTH AMERICA: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (THOUSAND UNITS) 212
TABLE 202 NORTH AMERICA: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (THOUSAND UNITS) 213
TABLE 203 NORTH AMERICA: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 213
TABLE 204 NORTH AMERICA: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 213
12.4.1 US 214
12.4.1.1 High demand for recreational activities and government push for electric propulsion 214
TABLE 205 US: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 214
TABLE 206 US: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 215
TABLE 207 US: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 215
TABLE 208 US: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 215
12.4.2 CANADA 216
12.4.2.1 Growing popularity of off-road racing events and export infrastructure 216
TABLE 209 CANADA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 216
TABLE 210 CANADA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 217
TABLE 211 CANADA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 217
TABLE 212 CANADA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 217
12.4.3 MEXICO 218
12.4.3.1 Strategic hub for electric utility vehicle manufacturers 218
TABLE 213 MEXICO: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 218
TABLE 214 MEXICO: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 219
TABLE 215 MEXICO: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 219
TABLE 216 MEXICO: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 219
12.5 REST OF THE WORLD (ROW) 220
FIGURE 56 REST OF THE WORLD: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 220
TABLE 217 REST OF THE WORLD: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (THOUSAND UNITS) 220
TABLE 218 REST OF THE WORLD: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (THOUSAND UNITS) 220
TABLE 219 REST OF THE WORLD: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 221
TABLE 220 REST OF THE WORLD: ELECTRIC UTILITY VEHICLE MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 221
12.5.1 BRAZIL 221
12.5.1.1 Increasing penetration of utility vehicles in forest departments and shift to electric industrial vehicles 221
TABLE 221 BRAZIL: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 222
TABLE 222 BRAZIL: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 222
TABLE 223 BRAZIL: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 222
TABLE 224 BRAZIL: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 223
12.5.2 SOUTH AFRICA 223
12.5.2.1 Difficult terrain and expansion of warehouses 223
TABLE 225 SOUTH AFRICA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (UNITS) 224
TABLE 226 SOUTH AFRICA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (UNITS) 224
TABLE 227 SOUTH AFRICA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION) 224
TABLE 228 SOUTH AFRICA: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION) 225
13 COMPETITIVE LANDSCAPE 226
13.1 OVERVIEW 226
13.2 MARKET RANKING ANALYSIS 226
FIGURE 57 MARKET RANKING OF MAJOR PLAYERS IN ELECTRIC UTILITY VEHICLE MARKET, 2021 226
13.3 COMPETITIVE SCENARIO 228
13.3.1 DEALS, 2019–2022 228
TABLE 229 DEALS, 2019–2022 228
13.3.2 NEW PRODUCT LAUNCHES, 2019–2022 229
TABLE 230 NEW PRODUCT LAUNCHES, 2019–2022 229
13.4 COMPANY EVALUATION QUADRANT: KEY PLAYERS 230
13.4.1 STARS 230
13.4.2 EMERGING LEADERS 230
13.4.3 PERVASIVE PLAYERS 230
13.4.4 PARTICIPANTS 231
FIGURE 58 ELECTRIC UTILITY VEHICLE MARKET: COMPANY EVALUATION QUADRANT, 2021 231
TABLE 231 ELECTRIC UTILITY VEHICLE MARKET: COMPANY FOOTPRINT, 2021 232
TABLE 232 ELECTRIC UTILITY VEHICLE MARKET: APPLICATION FOOTPRINT, 2021 232
TABLE 233 ELECTRIC UTILITY VEHICLE MARKET: REGIONAL FOOTPRINT, 2021 233

13.5 COMPETITIVE EVALUATION QUADRANT: OTHER KEY PLAYERS AND STARTUPS 234
13.5.1 PROGRESSIVE COMPANIES 234
13.5.2 RESPONSIVE COMPANIES 234
13.5.3 DYNAMIC COMPANIES 234
13.5.4 STARTING BLOCKS 234
FIGURE 59 ELECTRIC UTILITY VEHICLE MARKET: COMPETITIVE LEADERSHIP MAPPING OTHER KEY PLAYERS, 2021 235
FIGURE 60 ELECTRIC UTILITY VEHICLE MARKET: COMPETITIVE LEADERSHIP MAPPING KEY STARTUPS, 2021 236
TABLE 234 ELECTRIC UTILITY VEHICLE MARKET: DETAILED LIST OF KEY STARTUPS 237
14 COMPANY PROFILES 238
14.1 KEY PLAYERS 238
(Business Overview, Products Offered, Recent Developments, and MnM View)*
14.1.1 POLARIS 238
TABLE 235 POLARIS: BUSINESS OVERVIEW 238
FIGURE 61 POLARIS: COMPANY SNAPSHOT 239
FIGURE 62 POLARIS: MARKET OPPORTUNITY 239
FIGURE 63 POLARIS: OFF-ROAD SEGMENT GROWTH RESULTS 240
TABLE 236 POLARIS: PRODUCTS OFFERED 240
TABLE 237 POLARIS: NEW PRODUCT DEVELOPMENTS 241
TABLE 238 POLARIS: DEALS 241
14.1.2 CLUB CAR 243
TABLE 239 CLUB CAR: BUSINESS OVERVIEW 243
TABLE 240 CLUB CAR: PRODUCTS OFFERED 243
TABLE 241 CLUB CAR: NEW PRODUCT DEVELOPMENTS 244
TABLE 242 CLUB CAR: DEALS 244
14.1.3 TOYOTA INDUSTRIES CORPORATION 246
TABLE 243 TOYOTA INDUSTRIES CORPORATION: BUSINESS OVERVIEW 246
FIGURE 64 TOYOTA INDUSTRIES CORPORATION: COMPANY SNAPSHOT 246
FIGURE 65 TOYOTA INDUSTRIES CORPORATION: SEGMENT-WISE GROWTH 247
TABLE 244 TOYOTA INDUSTRIES CORPORATION: PRODUCTS OFFERED 247
TABLE 245 TOYOTA INDUSTRIES CORPORATION: NEW PRODUCT DEVELOPMENTS 248
TABLE 246 TOYOTA INDUSTRIES CORPORATION: DEALS 248
14.1.4 JOHN DEERE 250
TABLE 247 JOHN DEERE: BUSINESS OVERVIEW 250
FIGURE 66 JOHN DEERE: COMPANY SNAPSHOT 250
TABLE 248 JOHN DEERE: PRODUCTS OFFERED 251
TABLE 249 JOHN DEERE: NEW PRODUCT DEVELOPMENTS 251
TABLE 250 JOHN DEERE: DEALS 251
TABLE 251 JOHN DEERE: OTHERS 252
14.1.5 TEXTRON 253
TABLE 252 TEXTRON: BUSINESS OVERVIEW 253
FIGURE 67 TEXTRON: COMPANY SNAPSHOT 254
FIGURE 68 TEXTRON: COMPARISON OF E-Z-GO WITH OTHER ELECTRIC GOLF CARTS 255
TABLE 253 TEXTRON: PRODUCTS OFFERED 255
TABLE 254 TEXTRON: NEW PRODUCT DEVELOPMENTS 256
TABLE 255 TEXTRON: OTHERS 256
14.1.6 KION GROUP 258
TABLE 256 KION GROUP: BUSINESS OVERVIEW 258
FIGURE 69 KION GROUP: COMPANY SNAPSHOT 258
FIGURE 70 KION GROUP: INDUSTRY PERFORMANCE, 2021 259
TABLE 257 KION GROUP: PRODUCTS OFFERED 259
TABLE 258 KION GROUP: NEW PRODUCT DEVELOPMENTS 260
TABLE 259 KION GROUP: DEALS 260
14.1.7 BYD 262
TABLE 260 BYD: BUSINESS OVERVIEW 262
FIGURE 71 BYD: COMPANY SNAPSHOT 263
FIGURE 72 BYD: RANGE OF ELECTRIC FORKLIFTS 263
TABLE 261 BYD: PRODUCTS OFFERED 264
TABLE 262 BYD: NEW PRODUCT DEVELOPMENTS 264
TABLE 263 BYD: DEALS 265
14.1.8 ARI MOTORS 266
TABLE 264 ARI MOTORS: BUSINESS OVERVIEW 266
TABLE 265 ARI MOTORS: PRODUCTS OFFERED 266
TABLE 266 ARI MOTORS: NEW PRODUCT DEVELOPMENTS 266
TABLE 267 ARI MOTORS: DEALS 267
14.1.9 WAEV 268
TABLE 268 WAEV: BUSINESS OVERVIEW 268
TABLE 269 WAEV: PRODUCTS OFFERED 268
TABLE 270 WAEV: NEW PRODUCT DEVELOPMENTS 269
TABLE 271 WAEV: DEALS 269
14.1.10 COLUMBIA VEHICLE GROUP 270
TABLE 272 COLUMBIA VEHICLE GROUP: BUSINESS OVERVIEW 270
TABLE 273 COLUMBIA VEHICLE GROUP: PRODUCTS OFFERED 270
TABLE 274 COLUMBIA VEHICLE GROUP: NEW PRODUCT DEVELOPMENTS 271
TABLE 275 COLUMBIA VEHICLE GROUP: DEALS 271
14.1.11 YAMAHA MOTOR COMPANY 272
TABLE 276 YAMAHA MOTOR COMPANY: BUSINESS OVERVIEW 272
FIGURE 73 YAMAHA MOTOR COMPANY: COMPANY SNAPSHOT 272
TABLE 277 YAMAHA MOTOR COMPANY: PRODUCTS OFFERED 273
TABLE 278 YAMAHA MOTOR COMPANY: NEW PRODUCT DEVELOPMENTS 273
14.1.12 GODREJ MATERIAL HANDLING 274
TABLE 279 GODREJ MATERIAL HANDLING: BUSINESS OVERVIEW 274
TABLE 280 GODREJ MATERIAL HANDLING: PRODUCTS OFFERED 274
TABLE 281 GODREJ MATERIAL HANDLING: NEW PRODUCT DEVELOPMENTS 275
TABLE 282 GODREJ MATERIAL HANDLING: DEALS 275
14.1.13 ADDAX MOTORS 276
TABLE 283 ADDAX MOTORS: BUSINESS OVERVIEW 276
TABLE 284 ADDAX MOTORS: PRODUCTS OFFERED 276
TABLE 285 ADDAX MOTORS: NEW PRODUCT DEVELOPMENTS 277
TABLE 286 ADDAX MOTORS: DEALS 277
14.1.14 MARSHELL 278
TABLE 287 MARSHELL: BUSINESS OVERVIEW 278
TABLE 288 MARSHELL: PRODUCTS OFFERED 278
* Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.
14.2 OTHER KEY PLAYERS 279
14.2.1 HISUN MOTORS 279
14.2.2 EVUM MOTORS 279
14.2.3 ALKE 280
14.2.4 CFMOTO 280
14.2.5 PILOTCARS ELECTRIC VEHICLES 281
14.2.6 BALKANCAR RECORD 281
14.2.7 DRR USA 282
14.2.8 LINHAI 282
14.2.9 NEBULA AUTOMOTIVE 283
14.2.10 AMERICAN LANDMASTER 283
14.2.11 ECO CHARGER 284
14.2.12 EXCAR 284
14.2.13 SUZHOU EAGLE ELECTRIC VEHICLE 285
14.2.14 POWERLAND AGRO TRACTOR VEHICLES 285
14.2.15 CROSSFIRE MOTORCYCLES 286
14.2.16 VOLCON 286
14.2.17 TESLA 287

14.2.18 AUTO RENNEN INDIA 287
14.2.19 SMARTCART 288
14.2.20 EDGO CARTS 288
15 RECOMMENDATIONS BY MARKETSANDMARKETS 289
15.1 ELECTRIC UTILITY VEHICLES TO HAVE GREAT GROWTH POTENTIAL IN COMMERCIAL TRANSPORT SEGMENT 289
15.2 NORTH AMERICA TO BE KEY FOCUS AREA FOR ELECTRIC UTILITY VEHICLE MARKET 289
15.3 CONCLUSION 290
16 APPENDIX 291
16.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 291
16.2 DISCUSSION GUIDE 292
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 294
16.4 CUSTOMIZATION OPTIONS 296
16.5 RELATED REPORTS 296
16.6 AUTHOR DETAILS 297


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