Home Automotive and Transportation Electric Utility Vehicle Market Size,Share & Trends by 2032

Electric Utility Vehicle Market Size, Share & Trends Analysis Report By Type of Battery (Acid Lead, Gel Lead, Lithium, Others), By Application (Logistics & Delivery, Public Sector, Recreation & Tourism, Agriculture, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAT224DR
Last Updated : 02,Aug 2024
Author : Straits Research
Starting From
USD 1850
Buy Now

Market Overview

The global electric utility vehicle market size was valued at USD 18.72 billion in 2023 and is projected to reach USD 29.45 billion by 2032 at a CAGR of 5.1% from 2024 to 2032.

Electric utility vehicles are primarily an alternative for utility terrain vehicles that are powered by internal combustion engines. Utility vehicles find application in wineries, parks, floriculture, large estates, farms, logistics, recreational activities, and last-mile deliveries, among others. Electric utility vehicle technology assists in attaining the goal of reducing carbon emission by contributing towards minimizing the impact of global warming.

According to the United States Environmental Protection Agency (EPA), a typical passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. Automobile manufacturers are relying on innovative technologies to reduce their carbon footprint and improve business efficiency and profitability. Transportation electrification presents greater opportunities for utilities to improve better customer engagement. Thus, the rising focus of automobile manufacturers towards curbing growing carbon emissions is projected to drive the demand for electric utility vehicles during the forecast period.


Market Dynamics

Study Period 2020-2032 CAGR 5.1%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 18.72 billion
Forecast Year 2032 Forecast Year Market Size USD 29.45 billion
Largest Market North America Fastest Growing Market Europe
Talk to us
If you have a specific query, feel free to ask our experts.

Regional Analysis

Geographically, the global electric utility vehicle market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).

North America is expected to witness dynamic growth in the electric utility vehicle market on account of the early adoption of technological advancements such as modernization of transportation with advancements and innovation targeting a fuel-efficient economy and the adoption of electric vehicles over conventional vehicles for greener transportation. For instance, the Northwestern University in Evanston, Illinois is on a mission to reduce greenhouse gas emissions by 30% till 2030 with the use of a fleet of 10 Polaris GEM electric vehicles to traverse the university campus.

Europe is expected to witness significant growth in the electric utility vehicle market during the forecast period, backed by the widespread presence of established automobile manufacturers and their growing investments in innovation and electric mobility to attain a collective goal of green and fuel-efficient transportation. For instance, Volkswagen invested USD 10.31 billion in electric mobility to reduce the CO2 emission of its vehicle fleet to zero by 2050. Volvo, a leading automobile manufacturer based in Sweden, aims for 50% of its sales to be fully electric by 2025. Thus, established manufacturers have an opportunity to invest in electric utility vehicles for application in agriculture, tourism, industry & commerce, and the public sector, among others.

Asia Pacific is pegged to be the fastest-growing economy in the electric utility vehicle market with countries such as China, Japan, and India adopting incentive programs or actions to end ICE vehicle sales in the future. For instance, in September 2017, China announced plans to end the production and sales of ICE vehicles by 2040, whereas in the same year, the Indian government announced its ambitious goal of ensuring that all new vehicles after 2030 are electric, which will essentially translate to a ban on the sale of ICE vehicles post 2030. These factors are expected to drive the demand for electric utility vehicles in the region during the coming years.

Latin America is expected to witness healthy growth in the electric utility vehicle market with countries across the region striving to reduce carbon emissions in the transportation sector and improve environmental conditions. Infrastructure development has not only let industrial verticals grow and adapt to new technologies, but also lowered carbon emissions in the region. For instance, according to the European Union Institute for Security Studies (EUISS), Latin American countries account for nearly 9.5% of global GHG emissions with Brazil and Mexico as the region’s largest emitters. This scenario is expected to offer several untapped markets for electric utility vehicles in the region.

The MEA region is expected to witness substantial growth in the electric utility vehicle market with regional governments and agencies taking initiatives towards sustainable development. For instance, the UAE government has introduced national initiatives such as the National Climate Change Plan for 2017–2050 to ensure sustainable development while preserving the environment. Such measures are expected to accelerate the adoption of electric utility vehicles in the region.

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Segmental Analysis

The global electric utility vehicle market can be segmented by type, application,propulsion type and end-user.

By type, the global electric utility vehicle market can be segmented by battery acid lead, gel lead, and lithium.

Lead-acid batteries are one of the oldest and most widely used types of rechargeable batteries. Despite the advent of newer battery technologies, lead-acid batteries remain popular in certain segments of the electric utility vehicle (EUV) market due to their reliability, low cost, and robustness. Lead-acid batteries are highly recyclable, with most of their components being reusable. This environmental benefit is significant in the context of increasing regulatory and consumer pressure for sustainable and eco-friendly solutions.

Gel lead-acid batteries are a type of valve-regulated lead-acid (VRLA) battery where the electrolyte is suspended in a gel form. This modification offers several advantages over traditional flooded lead-acid batteries, making them suitable for various applications, including electric utility vehicles (EUVs). Gel lead-acid batteries are sealed and require no maintenance, such as topping up with water. This will drive the demand for the segment.

Lithium-ion batteries are becoming increasingly popular in the electric utility vehicle (EUV) market due to their superior performance characteristics compared to traditional lead-acid batteries. They offer higher energy density, longer lifespan, and faster charging times. Lithium-ion batteries have a significantly longer cycle life than lead-acid batteries, meaning they can be charged and discharged many more times before their performance degrades. For instance, Airports worldwide are adopting lithium-ion battery-powered ground support equipment, such as baggage tugs and aircraft tow tractors.

By application, the global electric utility vehicle market can be segmented into the logistics & delivery industry, public sector, recreation & tourism, agriculture, and others.

With time, the logistics and delivery segment is expected to boom in the electric utility vehicle market since there is an increased demand for effective and eco-friendly modes of transportation. Electric utility vehicles generally have lower operating costs compared to their internal combustion engine counterparts.

The public sector segment of the electric utility vehicle (EUV) market encompasses the use of electric vehicles by government agencies and public institutions for various operational needs. This segment includes electric utility vehicles used by municipal services, public transportation, and governmental agencies for tasks such as street maintenance, public transportation, waste collection, and facility management. For instance in India government adopted the EV bus transportation.

The recreational and tourism sectors in the electric utility vehicle market deal with using electric vehicles to enhance leisure and touring experiences. Electric utility vehicles provide a quiet, smooth, and comfortable ride, which can enhance the overall experience for tourists and recreational users. The reduced noise and vibration levels contribute to a more pleasant environment, particularly in scenic or natural settings.

This segment includes electric utility vehicles such as tractors, utility carts, and ATVs designed to support tasks such as transporting equipment, managing livestock, and handling crops. John Deere, a leading agricultural equipment manufacturer, has been investing in electric tractor technology.

By Propulsion Type, the global electric utility vehicle market can be segmented by Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs).

The Battery Electric Vehicles (BEVs) segment in the electric utility vehicle (EUV) market involves vehicles powered entirely by electricity stored in batteries. These vehicles do not have an internal combustion engine and rely solely on electric motors for propulsion. BEVs produce zero tailpipe emissions, significantly reducing greenhouse gas emissions and air pollution. They help in meeting environmental regulations and corporate sustainability goals. For instance, Cities like Pune in India and Los Angeles in the USA have integrated electric buses into their public transit systems. These BEVs help reduce urban air pollution and provide a quieter, more comfortable ride for passengers.

The Hybrid Electric Vehicles (HEVs) segment in the electric utility vehicle (EUV) market encompasses vehicles that combine an internal combustion engine (ICE) with an electric motor and battery. HEVs offer improved fuel efficiency by utilizing electric power during low-speed, stop-and-go conditions and relying on the ICE for higher speeds and longer distances.

By End-User, the global electric utility vehicle market can be segmented by Individual Consumers, Commercial Organizations and Government Agencies.

In this segment, these vehicles are used for a variety of purposes, including recreational activities, personal transport, and property maintenance. Lower operating costs compared to traditional internal combustion engine (ICE) vehicles, including savings on fuel and maintenance. Improvements in battery technology have increased the range and performance of EUVs, making them more practical for everyday use. For instance, in India Ola, Ather lunch e-bikes, and people adopt it very fast.

The Commercial Organizations segment in the electric utility vehicle (EUV) market includes businesses and enterprises that adopt electric utility vehicles for various operational needs. These organizations use EUVs for logistics, transportation, property maintenance, and other business activities. For instance, Amazon has partnered with EV maker Rivian to have at least 100,000 electric delivery vans on the road by 2030.

The Government Agencies segment in the electric utility vehicle (EUV) market includes federal, state, and local government bodies that adopt electric vehicles for various public services. These vehicles are used for tasks such as maintenance, law enforcement, public transportation, and utility services. For instance, in India, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provides incentives for the purchase of electric vehicles and the development of charging infrastructure in the government sector prominently.

Market Size By Type of Battery

Market Size By Type of Battery
  • Acid Lead
  • Gel Lead
  • Lithium
  • Others

  • Impact of covid-19

    The pandemic led to a temporary lockdown of the nations, which on a wide scale hindered the verticals of businesses and the industry. The automobile industry, which primarily involves outdoor jobs, has been poorly exposed to the challenges that have contributed to a dramatic decrease in car sales. Furthermore, the instability of the supply chain market mainly due to the closing of national and foreign borders and the adherence to the decision not to use Chinese produced products hampered the growth of the market. However, the considerable spike seen in the sale of the automotive vehicle to limit the usage of public and crowded places may positively affect the growth of the market in the upcoming years.


    List of key players in Electric Utility Vehicle Market

    1. Addax Motors
    2. Alke
    3. Club Car (Ingersoll Rand Inc.)
    4. EsagonoGastone (ESAGONO ENERGIA S.R.L)
    5. E-Z-GO (Textron Specialized Vehicles Inc.)
    6. Garia Utility
    7. GoupilIndustrie Inc.
    8. Guangdong Lvtong
    9. Ligier Group
    10. Marshell Green Power
    11. Melex Ltd.
    12. Polaris Industries Inc.
    13. Star EV (JH Global Services, Inc.)

    Electric Utility Vehicle Market Share of Key Players

    Electric Utility Vehicle Market Share of Key Players

    Recent Developments


    Electric Utility Vehicle Market Segmentations

    By Type of Battery (2020-2032)

    • Acid Lead
    • Gel Lead
    • Lithium
    • Others

    By Application (2020-2032)

    • Logistics & Delivery
    • Public Sector
    • Recreation & Tourism
    • Agriculture
    • Others

    Frequently Asked Questions (FAQs)

    How big is the electric utility vehicle market?
    The global electric utility vehicle market size was valued at USD 18.72 billion in 2023 and is projected to reach USD 29.45 billion by 2032 at a CAGR of 5.1%.
    North America region has the largest market share in the electric utility vehicle market.
    The key players in the global electric utility vehicle market include Addax Motors, Alke, Club Car (Ingersoll Rand Inc.), EsagonoGastone (ESAGONO, ENERGIA S.R.L), E-Z-GO (Textron Specialized Vehicles Inc.), Garia Utility, GoupilIndustrie Inc.
    The global electric utility vehicle market can be segmented by type, application, and region.
    Electric utility vehicles are primarily an alternative for utility terrain vehicles that are powered by internal combustion engines.


    We are featured on :