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

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

Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market: Industry Overview



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.

Market Segmentation:



Segmentation 1: by Application Type

Professional Sports
Recreational
Agriculture and Utility
Military and Defense
Others

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by recreation application. Electric ATVs and UTVs used for recreational purposes are vehicles that are designed while keeping off-road-specific requirements of users in rough terrains, including sandy areas, grasslands, and mountain trails. Primarily used for camping, off-roading, hunting, and fishing, recreational ATVs and UTVs are becoming increasingly popular for leisure, recreation, and tourism applications. In such areas, various internal combustion engine ATVs and UTVs are used. However, as battery technology advances and EV range and load capacity improve, the use of electric ATVs and UTVs would increase.

Segmentation 2: by Propulsion Type

Battery Electric ATVs and UTVs
Hybrid Electric ATVs and UTVs

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by battery-electric ATVs and UTVs (BEVs). As BEVs are powered solely by the vehicle's battery systems, advancements in battery technology, combined with government mandates for better vehicle efficiency, have increased their adoption. Due to the falling cost of pure EVs and the development of EV infrastructure in many nations, BEV sales are expected to increase compared to HEV sales.

Segmentation 3: by Drivetrain Type

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by Four-Wheel Drive (4WD). Four-wheel drive (4WD) is in high demand based on drivetrain type in different parts of the world. 4WDs are higher in demand than their counterparts and have a wide range of application usage. Four-wheel-drive vehicles can easily tackle rocky terrain, steep hills, and deep water compared to a 2WD vehicle. 4WD vehicles are better for driving on slippery winter streets, through mud, and on loose surfaces such as sand.

Segmentation 4: by Engine Type

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by 400 to 800 CC engine types. As ATVs and UTVs are robust vehicles, the most popular versions with widespread use have engines ranging from 400 to 800 cubic centimeters.

Segmentation 5: by Battery Capacity

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by 48V to 72V battery capacity as battery packs between 48V and 72V are developed for smaller electric vehicles such as low-speed vehicles.

Segmentation 6: by Number of Wheels

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by four-wheeled ATVs and UTVs, as most commercially available electric ATVs and UTVs use a four-wheel setup. A four-wheeled drive vehicle is generally utilized for everyday recreational activities and racing events. They can also be utilized for light vehicle towing and people and cargo transportation.

Segmentation 7: by Seating Capacity

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by two-seater ATVs and UTVs. UTVs with two seats are the most popular type of UTVs in this segment. They are explicitly designed to carry more than one person. Therefore, the structure of the vehicle is made extremely lightweight to compensate for the increase in the weight of the vehicle.

Segmentation 8: by Region

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

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is dominated by North America. Government regulations, technological advancements, significant investments in dedicated R&D facilities, a variety of natural parks and hikes, a variety of ATV and UTV racing competitions, and the presence of major electric ATV and UTV manufacturing OEMs and Tier 1 companies are some of the major drivers propelling the market's growth in North America.

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.

Demand – Drivers and Limitations

Following are the demand drivers for the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market:

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

Following are the challenges for the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market:

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

How Can This Report Add Value?

Product/Innovation Strategy: The product segment helps the readers understand the different electric all-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs). Also, the study provides the readers with a detailed understanding of the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market by application and product.

Growth/Marketing Strategy: To improve the capabilities of their product offerings, players in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market are developing unique products. The readers will be able to comprehend the revenue-generating tactics used by players in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market by looking at the growth/marketing strategies. Other market participants' tactics, such as go-to-market plans, will also assist readers in making strategic judgments.

Competitive Strategy: Players analyzed and profiled in the study include the global electric all-terrain vehicle (ATV), and the utility-terrain vehicle (UTV) market are vehicle manufacturers that capture the maximum share in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market. Moreover, a detailed competitive benchmarking of the players operating in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market has been done to help the readers understand how players compete against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.

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.

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