Globally, government initiatives promoting cleaner and energy-efficient vehicles drive the growth of the global electric utility vehicle market. For instance, the Global Fuel Economy Initiative (GFEI) promotes cleaner and more energy-efficient vehicles with the target of improving the average fuel economy of light-duty vehicles by 2030.
Furthermore, according to the Center for Climate Protection (CCP), 16 countries, including Austria, Britain, China, India, Costa Rica, Denmark, and France have taken various initiatives to phase out Internal Combustion Engine (ICE) vehicles and promote electric vehicles (EVs). For instance, in April 2018, Costa Rica initiated plans to ensure the complete phase-out of ICE vehicles by 2021; in April 2017, the Indian government announced plans to ban the sale of new ICE vehicles after 2030. These factors offer an opportunistic outlook for the growth of the electric vehicle utility market.
The global electric utility vehicle market can be segmented by type, application, and region.
By type, the global electric utility vehicle market can be segmented into battery acid lead, gel lead, and lithium. The lithium segment is expected to witness the most prominent growth in the global electric utility vehicle market on account of innovation in Li-ion and other battery technologies to deliver relatively higher specific energy and lower costs.
By application, the global electric utility vehicle market can be segmented into logistics & delivery, industry, public sector, recreation & tourism, agriculture, and others. The logistics and delivery industry is expected to drive the demand for electric utility vehicles on account of the increasing need for supply chain management and logistics with a clean and green transportation perspective.
Geographically, the global electric utility vehicle market share has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
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North America is expected to witness dynamic growth in the electric utility market during the forecast period, due to rapid technological advancements in the automobile industry and growing demand for electric vehicles over ICE vehicles to work towards a more fuel-efficient economy.
Europe is expected to witness significant growth in the electric utility market on account of the presence of well-established automobile manufacturers and ongoing developments for smarter and cleaner delivery services in the region. For instance, in 2018, United Parcel Service (UPS) announced the launch of an electric vehicle (EV) charging system for its delivery fleet in London with an aim to offer smarter and cleaner delivery services.
Asia Pacific is pegged to be the fastest growing market for electric utility vehicles with the transformation of the mobility paradigm, wherein the liability of travel and transportation is reduced by fuel-efficient and cleaner fuel vehicles.
The LAMEA region is expected to witness healthy growth in the electric utility vehicle market with technological advancements across the transportation sector of the region’s emerging and developing economies.
Some of the major players in the global electric utility vehicle market are Addax Motors, Alke, Club Car (Ingersoll Rand Inc.), Esagono Gastone (ESAGONO ENERGIA S.R.L), E-Z-GO (Textron Specialized Vehicles Inc.), and Garia Utility.
In May 2019, Club Car announced a partnership with AEV Technologies to expand its All-Electric Utility Vehicle Innovation for the commercial vehicles market to offer cost-effective, clean-energy fleet alternatives, optimizing budgets and increasing efficiencies.
Electric Utility Vehicle Market Segmentation
By Type of Battery
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* Customer Behaviour Analysis
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