Electric Off-Road Vehicles Market: Leading Players, Growth Potential Analysis and Forecasts Report 2027
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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In this context, General Motors was in news in April 2021 for unveiling its new Hummer electric SUV. The company has raised claims that the vehicle would stand out to be the most attractive and capable supertrucks ever and showcased it in a commercial video during the NCAA Four finals. Similar developments are slated to push the demand for electric off road cars through the coming years.
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 market growth.
The availability of numerous innovative models coupled with a variety of attractive features and color combinations is expected to drive the growth of the electric ATV segment in the electric off-road vehicles market.
The surging emphasis of electric ATV manufacturers on the expansion of their distribution channels is likely to contribute to the expanding segment revenue. The industry landscape is also impelled by the rising adoption of electric ATVs for numerous utility applications comprising the transport of forestry and 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.
APAC electric off-road vehicles market will record lucrative growth led by Japan, China, and India as the major contributors. 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.
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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