- Electric utility vehicle market booming: Projected to grow from $18.9B (2022) to $23.9B (2027) at 4.8% CAGR
- Strong demand for eco-friendly options: Electric ATVs, UTVs, utility carts, and more on the rise
- Charging stations and commercial transport: More charging stations, electric shuttles and utility carts driving growth
The electric utility vehicle market is on the rise, and it’s only just beginning
Research by MarketsandMarkets shows a strong 4.8% growth in the electric utility vehicle every year. The young sector has grown in worth from $18.9 billion in 2022 to $23.9 billion by 2027.
What’s driving this impressive surge?
We’ve got different types of electric vehicles in the mix. The research includes electric ATVs, UTVs, utility carts, shuttle carts, and industrial utility vehicles. As companies decarbonise, so does the plethora of utility vehicles. We even have battery-powered forklifts and tow-tractors making an impact.
Charging stations are becoming more and more commonplace. That means it’s easier for people to operate these electric workhorses.
But it’s not just about pure-electric. There’s a dash of hybrid-electric in the mix too. However, these hybrids are playing catch-up, as they’re not as popular. Why? Because hybrids need more space due to their dual drivetrains. Space can be a make-or-break issue in the utility vehicle world.
How are electric utility vehicles being used?
Commercial transport is the main point of growth. Electric shuttle carts are zipping passengers around in cities. Quadricycles and other last-mile delivery solutions are covering short distances in urban areas.
The emerging idea of modular EVs is pushing the market even further. Multiple models of fully customizable electric drivetrains have emerged in recent years, which means operators can build vehicles to their specific requirements.
The electric utility vehicle market is buzzing with growth. With ever-increasing EV options and a growing reliance on emobility, we can expect to see that 4.8% continue to grow. That means year-on-year, more deliveries, shuttles, workplaces, and more, will be fully electric.