The global electric utility vehicle market is projected to grow from USD 18.9 billion in 2022 to USD 23.9 billion by 2027, registering a CAGR of 4.8%. Electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles were mapped as part of this research. Factors such as increased demand for zero-emission vehicles and strong government support have caused leading original equipment manufacturers (OEMs) to invest in R&D for electric utility vehicles. The rising petroleum prices globally will also cater to increased demand for electric utility vehicles in almost every sector. With advances in EV batteries, the efficiency of these batteries is likely to grow. A prompt charging infrastructure set up in many countries will make electric utility vehicle users charge their vehicles easily (or swap them via battery swapping) and travel long distances.
Electric utility vehicle technology has become a high-growth sector in the past decade; technological developments have increased the demand for these vehicles. Key technologies such as the internet of things (IoT), 5G connected vehicles, artificial intelligence (AI), and smart charging systems are under development to make electric utility vehicles more efficient. By leveraging these technologies, the efficiency of electric utility vehicles can be increased manifold. IoT is a computing system network that enables data transfer. Industries adopt this technology to send and receive files via a single network. Likewise, smart warehouses that use automated guided vehicles (AGVs) need real-time connectivity—and 5G meets this demand. 5G is the fifth generation of wireless technology, which can make smart warehouses operate more efficiently. For instance, Toyota Material Handling has been working on four AI development projects since May 2018.
Polaris is a US-based automobile manufacturer specializing in designing and manufacturing snowmobiles, ATVs, and other electric vehicles. It primarily operates in the US and Canada. While it has 10 manufacturing facilities and two R&D centers in the US, it has 20 manufacturing facilities and 30 distribution centers, including third-party distributors worldwide. As of 2021, it employed more than 15,000 employees worldwide. It provides various UTVs models such as RZR, Ranger, General, Sportsman, Polaris Commercial, Polaris Government, and Defense brands. Goupil is an automobile company acquired by Polaris, which designs, manufactures, and sells electric utility vehicles. It provides solutions for local authorities, industrial sites, hospitality industry, among others. Goupil vehicles are sold in over forty countries, including Germany, Israel, Russia, the UK, and others. Currently, the company manufactures vehicle models, including G2, G4, and G6. In September 2020, Polaris and Zero Motorcycles announced a 10-year partnership. This partnership will leverage the scale and leadership of the Polaris Powersports industry and Zero Motorcycle’s expertise in electric motorcycle powertrains to deliver best-in-class off-road and snowmobile vehicles. RANGER XP Kinetic is the first product of this partnership. It is an all-electric UTV, available in two models: Ultimate and Premium.
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Club Car is a US-based manufacturer of electric and gas-powered golf and utility vehicles. It also offers accessories such as seat covers, windshields, storage, brush guards, and toolboxes. Club Car got acquired by Ingersoll Rand in 1995. Then again, in 2021, it was acquired by Platinum Equity. It has a network of over 350 distributors and dealers around the globe. Garia is a subsidiary of Club Car, engaged in designing and manufacturing electric vehicles, CUVs, accessories, and others. It sells its electric utility vehicles through three series: utility park, utility city, and utility urban. In May 2019, Club Car announced a strategic partnership with AYRO INC. This partnership will bring all-electric utility vehicle opportunities for both companies. AYRO’s expertise in manufacturing and designing high-quality electric vehicles and Club Car’s widespread dealership network of electric vehicles will benefit both companies.
Toyota Industries Corporation is a Japan-based OEM incorporated in 1926. Toyota Material Handling (TMH) is a subsidiary of Toyota Industries Corporation. TMH specializes in material handling equipment, and its products are sold under the Toyota, BT, and Raymond brands. It offers a broad spectrum of forklift trucks, warehouse equipment, and logistic solutions, which are marketed worldwide, including Asia, Latin America, Oceania, Middle East, and Africa. In August 2022, TMH and VIA Technologies announced a strategic partnership. Both companies will jointly promote the VIA Mobile360, a safety system featuring AI, through this partnership.
John Deere (US), Textron (US), BYD (China), KION Group (Germany), Columbia Vehicle Group (US), Marshell (China), and Ari Motors (Germany) are some other top providers in this market. They have worked with other companies in the electric utility vehicle ecosystem. For instance, in June 2022, John Deere launched its AutoTrac assisted steering system for its Gator Utility Vehicle, TE 4x2 Electric. This will make precision agriculture more accessible and work on smaller fields easier. Similarly, in May 2022, BYD revealed its all-new forklift, the ECB 70/80. It is equipped with an advanced charging system, which provides an operational time of up to 9 hours on a single charge.
Further, in January 2022, Toyota Material Handling announced the launch of 22 new electric industrial utility vehicles across all applications and environments. Out of these, 12 new reach truck models are cast with 24V, 36V, and 48V power options. Similarly, in June 2021, Club Car revealed its current EVI, an electric utility truck available in three different configurations: pickup, flatbed, and van box. This vehicle is ideal for low-speed logistics and cargo services.
Electric Utility Vehicle Market by Vehicle Type, Application, Battery Type (Lead Acid, Lithium-Ion), Drive Type (2WD, 4WD, AWD), Propulsion (Pure Electric, Hybrid Electric), Seating Capacity (1-Seater, 2-Seater, >2-Seater) Region - Global Forecast to 2027
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