Electric Utility Vehicle Market By Battery Type (Lead-acid, Lithium-ion, Others), By Vehicle Type (Sport Utility Vehicle, Multi Utility Vehicle, Utility Terrain Vehicle, Others), By Application (Passenger Commute, Industrial, Agricultural, Sports, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Electric utility vehicle is a zero emission vehicle, which utilizes electric motor to carry out a specific task. In addition, these vehicles are utilized in farms, parks, logistics, or carrying any other utilities. Airports, warehouses, and industrial facilities use specialized electric utility vehicles. Moreover, electric utility vehicle also find application in recreational activities and last mile deliveries.
The popularity of lithium-ion batteries is on an exponential increase, as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. Lead-acid batteries have drawbacks, such as high self-discharging rates and relatively low charge/discharge cycles, which makes them less suitable for energy storage applications. Due to these drawbacks, manufacturers are utilizing lithium-ion batteries in electric utility vehicles.
In addition, several manufacturers are innovating in lithium-ion batteries to provide fast charging in upcoming electric vehicles as well as electric utility vehicles. For instance, in March 2020, General Motors introduced Ultium batteries. Ultium battery work upon a new type of lithium-ion chemistry being developed by GM and LG Chem under the Ultium brand name. GM’s new Ultium batteries can be stacked vertically or horizontally inside the battery pack. It also aids in providing estimated range up to 400 miles. Moreover, Ultium-powered electric vehicles are expected to have Level 2 and DC fast charging.
The growth of the global electric utility vehicle market has propelled, due to launch of new and improved electric utility vehicle, stringent government rules & regulations toward vehicular emission, and increase in fuel costs. However, lack of charging infrastructure and limited driving range of electric vehicle are the factors hampering the growth of the market. Furthermore, technological advancements and proactive government initiatives are the factors expected to offer growth opportunities during the forecast period.
The electric utility vehicle market is segmented on the basis of battery type, vehicle type, application, and region. By battery type, it is segmented into lithium-ion, lead-acid, and others. By vehicle type, it is classified into sport utility vehicle, multi utility vehicle, utility terrain vehicle, and others. By application, it is fragmented into passenger commute, industrial, agricultural, sports, and others. Moreover, it analyzes the current market trends of electric utility vehicle across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric utility vehicle market analysis from 2021 to 2031 to identify the prevailing electric utility vehicle market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electric utility vehicle market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electric utility vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Vehicle Type
Sport Utility Vehicle
Multi Utility Vehicle
Utility Terrain Vehicle
Others
By Application
Passenger Commute
Industrial
Agricultural
Sports
Others
By Battery Type
Lithium-ion
Others
Lead-acid
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Tesla, Inc.
Alkè
Tropos Motors
Columbia Vehicle Group Inc.
Marshell Green Power
Polaris Inc.
Club Car
Star EV Corporation
Neuron EV
Bollinger Motors
Mahindra Electric Mobility Limited
Ford Motor Company
The General Motors Company
Toyota Motor Corporation
Hyundai Motor Company
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