Electric Off-Road Vehicles Market 2027: Regional Trends, Industry Growth And Top Company Profiles

By Ronak Bora

The size of electric off-road vehicles market was registered at USD 115 million in the year 2020 and is anticipated to cross USD 250 million by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 10%.
Recent electric off-road vehicles market trends are driven by the surging emphasis of major industry participants towards the development of battery management as well as advanced powertrain technologies. Market players are taking a keen interest in numerous product development and launch initiatives, escalating the market share through an estimated time span.
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Over the years, electric ATV has gained considerable demand due to the availability of various innovative models coupled with attractive combinations and features. The growing emphasis of electric ATV producers on the expansion of their distribution channels will contribute to the market growth. The increasing use of electric ATVs for utility applications and transportation of goods and forestry is supplementing electric off-road industry growth.
Electric UTVs in particular have showcased a high adoption rate due to their versatile application scope. The North America UTV segment held 60% of the total market share in the year 2020. They find use in forestry, agriculture, and to facilitate the transfer of goods.
Electric UTVs provide reduced cost of operation for transportation of goods over a short distance and have the capability to work even in adverse environments. Many regulatory borders are also offering training courses to forest service employees with an aim to ensure safe and secured driving. Additionally, innovations like electronic braking distribution as well as regenerative braking will support the electric off-road vehicle market growth.
The COVID-19 pandemic has been instrumental in shifting the preference of consumers towards spending leisure time with their family and friends in outdoor locations. The growth of the electric off-road vehicles market share is also attributed to the positive outlook of the powersports sector.
An upsurge in consumer spending capacity in Europe and North America will be responsible for augmenting sales of electric off-road vehicles in the continents through the forecasted period. The electric off-road vehicles market value accounted for a constant growth over the last two quarters of 2020.
The Asia Pacific region is characterized by an increase in the launch of new electric models of UTVs and ATVs. The region also observed a stellar rise in spending capability which is the result of surging disposable income. On that account, the APAC electric off-road vehicles industry will record lucrative growth led by Japan, China, and India as the major contributors.
Various regional electric off road vehicle manufacturers, comprising KTM AG and Polaris, are also focusing on the expansion of their distribution channels for capturing market share.
Key participants in the electric off-road vehicles market comprise HISUN Motors, LINHAI, Ecocharger Quad Bikes, Zero Motorcycles, Alke S.r.l., DRR USA, TACITA S.r.l., Daymak Inc., Polaris, Inc., Massimo Motors, Electric Motion, KTM AG, and others.
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Some Point from Table of Contents:
Chapter 5   Electric Off-Road Vehicles Market, By Vehicle
5.1    Key trends, by vehicle
5.2    ATV
5.2.1    Market estimates and forecast, 2017 – 2027
5.3    SSV/UTV
5.3.1    Market estimates and forecast, 2017 – 2027
5.4    Off-road motorcycles
5.4.1    Market estimates and forecast, 2017 – 2027
Chapter 6   Electric Off-Road Vehicles Market, By Application
6.1    Key trends, by application
6.2    Utility
6.2.1    Market estimates and forecast, 2017 - 2027
6.3    Sports
6.3.1    Market estimates and forecast, 2017 – 2027
6.4    Recreation
6.4.1    Market estimates and forecast, 2017 - 2027
6.5    Military
6.5.1    Market estimates and forecast, 2017 – 2027
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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