Global Electric All-Terrain Vehicle and Utility-Terrain Vehicle Market Report to 2031 - Development of Amphibious Terrain Vehicles & Focus on Lithium Iron Phosphate Batteries Presents Opportunities
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Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market
Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market
The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market was estimated to be at $680.4 million in 2021, which is expected to grow with a CAGR of 21.4% and reach $4,746.4 million by 2031. The growth in the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is expected to be driven by the low cost of ownership of electric ATVs and UTVs, increasing ATV and UTV use in military and recreational activities, and rising global awareness to reduce greenhouse gas emissions.
Market Lifecycle Stage
All-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs) are becoming increasingly popular in various applications around the world. The vehicles' capacity to operate through a variety of terrains has increased their popularity. ATVs and UTVs have conventionally been used for sports and recreation, with riders riding through various natural parks and hiking trails. These vehicles are also useful in various areas, including agriculture, shipping yards, and warehouses.
Moreover, electric drivetrain utilization in ATVs and UTVs has increased with the progress in-vehicle technology. Electric drivetrains were first used in low-speed vehicles, which were then used in various applications such as golf courses, hotels, and other recreational areas. The adoption of the electric drivetrain in additional applications of ATVs and UTVs, such as sports, utility, and military, will expand as vehicle battery technology improves to boost the vehicle's range and charging efficiency.
Impact of Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market
An increase in EV safety requirements, increased demand for a better driving experience, and the low cost of maintenance for EVs contribute to the growing application areas for electric ATVs and UTVs. Furthermore, governments and federal agencies are making significant investments in subsidies and infrastructure development to promote electric vehicles to reduce carbon dioxide emissions, fuelling the growth of electric ATV and UTV sales.
Recent Developments in the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market
In December 2021, Tesla introduced its all-electric ATV quadbike called Cyberquad in partnership with Radio Flyer.
In February 2022, American Landmaster joined the electric UTV fray to provide electric-powered UTVs with a towing capacity of 1,200LBS in 2-door and 4-door versions in 4X2 driving mode.
In February 2022, Segway Powersports expanded the availability of Fugleman side-by-side to over 40 dealerships across the U.S.
Demand - Drivers and Limitations
Following are the demand drivers for the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market:
Low Cost of Ownership of Electric ATVs and UTVs
Low Noise Emissions from Electric ATVs and UTVs Improve their Applicability
Increasing Global Awareness to Reduce Greenhouse Gas Emissions
Increasing ATV and UTV Use in Military and Recreational Activities
Shifting Focus Toward Electric Variants
Following are the challenges for the global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market:
Higher Retail Prices than Internal Combustion Engine ATVs and UTVs
Range Anxiety and Impact of High Battery Weight on Vehicle Performance
Impact of High Battery Weight on Vehicle's Performance
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Electric All-Terrain Vehicle Manufacturers
CFMOTO
Eco Charger
DRR U.S.A.
Tesla, Inc.
Electric Utility-Terrain Vehicle Manufacturers
Artic Cat, Inc.
HISUN Motors Corporation
Honda Motor Co., Ltd.
John Deere
American LandMaster
Intimidator UTV
Polaris Industries Inc.
Club Car LLC
Electric All-Terrain Vehicle and Utility-Terrain Vehicle Manufacturers
Bombardier Recreational Products Inc. (BRP)
LINHAI Group Co., Ltd.
Segway Technology Co., Ltd.
Key Topics Covered:
1 Markets 1.1 Industry Outlook 1.1.1 Trends and Factors Impacting the Global All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market 1.1.2 Trends: Industry Dynamics Defining the Future Trends of Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market 1.1.3 Timeline for the Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) 1.1.4 Supply Chain Network/MAP 1.1.4.1 Manufacturers 1.1.4.2 Distributors 1.1.4.3 Tier-1 Suppliers 1.1.5 Role of Conventional ATV and UTV Manufacturers 1.1.6 Industry Attractiveness: Porter's Five Forces Analysis 1.1.6.1 Threat of New Entrants 1.1.6.2 Bargaining Power of Buyers 1.1.6.3 Bargaining Power of Suppliers 1.1.6.4 Threat from Substitutes 1.1.6.5 Intensity of Competitive Rivalry 1.1.7 Ecosystem/Ongoing Programs 1.1.7.1 Consortiums, Associations, and Regulatory Bodies 1.1.7.2 Government Programs 1.2 Business Dynamics 1.2.1 Business Drivers 1.2.1.1 Low Cost of Ownership of Electric ATVs and UTVs 1.2.1.2 Low Noise Emissions from Electric ATVs and UTVs Improve their Applicability 1.2.1.3 Increasing Global Awareness to Reduce Greenhouse Gas Emissions 1.2.1.4 Increasing ATV and UTV Use in Military and Recreational Activities 1.2.1.5 Shifting Focus Toward Electric Variants 1.2.2 Business Challenges 1.2.2.1 Higher Retail Prices than Internal Combustion Engine ATVs and UTVs 1.2.2.2 Range Anxiety and Impact of High Battery Weight on Vehicle Performance 1.2.2.3 Impact of High Battery Weight on Vehicle's Performance 1.2.3 Business Strategies 1.2.3.1 Product Development 1.2.3.2 Market Development 1.2.4 Corporate Strategies 1.2.4.1 Mergers and Acquisitions 1.2.4.2 Partnerships, Collaborations, and Joint Ventures 1.2.5 Business Opportunities 1.2.5.1 Development of Amphibious Terrain Vehicles 1.2.5.2 Development of Autonomous ATVs and UTVs 1.2.5.3 Capitalizing on the Micro Mobility Trend 1.2.5.4 Focus on Lithium Iron Phosphate Batteries 1.3 Case Study of Global Electric ATV and UTV Market 1.3.1 Business Model Analysis 1.3.2 Identifying the Best Site to Manufacture Product within the U.S. 1.4 Perval Scale Analysis for Consumer Perception of Electric ATV and UTV 1.5 Key Applications Where Electric ATVs and UTVs Find a Serviceable Market 1.6 Start-Up Landscape 1.6.1 Key Start-Ups in the Ecosystem 1.6.2 Top Innovations 1.6.2.1 Innovation Opportunities
2 Application 2.1 Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market - Applications and Specifications 2.1.1 Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application) 2.1.1.1 Professional Sports 2.1.1.2 Recreational 2.1.1.3 Agriculture and Utility 2.1.1.4 Military and Defense 2.1.1.5 Others 2.2 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) - Applications and Specifications 2.2.1 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application) 2.2.1.1 Professional Sports 2.2.1.2 Recreational 2.2.1.3 Agriculture 2.2.1.4 Military and Defense 2.2.1.5 Others 2.3 Demand Analysis of the Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application) 2.3.1 Demand Analysis of the Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application), $Million and Thousand Unit, 2021-2031 2.3.1.1 Professional Sports 2.3.1.2 Recreation 2.3.1.3 Agriculture and Utility 2.3.1.4 Military and Defense 2.3.1.5 Others 2.4 Demand Analysis of the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application) 2.4.1 Demand Analysis of the Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Application), $Million and Thousand Unit 2.4.1.1 Professional Sports 2.4.1.2 Recreation 2.4.1.3 Agriculture and Utility 2.4.1.4 Military and Defense 2.4.1.5 Others 2.5 Analyst's PoV and Recommendation
3 Products 3.1 Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market - Products and Specifications 3.1.1 Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Product) 3.1.1.1 All-Terrain Vehicle (ATV) 3.1.1.2 Utility-Terrain Vehicles (UTV) 3.2 Demand Analysis of the Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Product) 3.2.1 Demand Analysis of the Global Conventional All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Product) 3.2.1.1 All-Terrain Vehicle (ATV) 3.2.1.2 Utility-Terrain Vehicle (UTV) 3.3 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market - Products and Specifications 3.3.1 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Propulsion Type) 3.3.1.1 Battery Electric ATVs and UTVs 3.3.1.2 Hybrid Electric ATVs and UTVs 3.4 Demand Analysis of Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Product) 3.4.1 Demand Analysis of Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Propulsion Type), $Million and Thousand Unit 3.4.1.1 Battery Electric ATVs and UTVs 3.4.1.2 Hybrid Electric ATVs and UTVs 3.4.2 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Drivetrain Type) 3.4.2.1 Two-Wheel Drive (2WD) 3.4.2.2 Four-Wheel Drive (4WD) 3.4.2.3 All-Wheel Drive (AWD) 3.4.3 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Engine Size) 3.4.3.1 Less than 400 CC 3.4.3.2 400 CC to 800 CC 3.4.3.3 More than 800 CC 3.4.4 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Battery Capacity) 3.4.4.1 Up to 48V 3.4.4.2 48V to 72V 3.4.4.3 More than 72V 3.4.5 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Number of Wheels) 3.4.5.1 Four-Wheeled ATVs and UTVs 3.4.5.2 More than Four-Wheeled ATVs and UTVs 3.4.6 Global Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV) Market (by Seating Capacity) 3.4.6.1 One-Seater ATVs and UTVs 3.4.6.2 Two-Seater ATVs and UTVs 3.4.6.3 More than Two-Seater ATVs and UTVs 3.5 Product Benchmarking: Growth Rate - Market Share Matrix 3.5.1 Opportunity Matrix (by Region) 3.5.2 Opportunity Matrix (by Application) 3.6 Key Patents 3.7 Global Pricing Analysis 3.8 Technology Roadmap 3.9 Comparative Analysis of All-Terrain Vehicles (ATVs) and Utility-Terrain Vehicles (UTVs): Electric vs. Internal Combustion Engine 3.1 Analyst's PoV and Recommendation
4 Region
5 Markets - Competitive Benchmarking & Company Profiles 5.1 Competitive Benchmarking 5.1.1 Competitive Position Matrix 5.1.1.1 ATVs and UTVs 5.1.1.2 Electric ATVs and UTVs 5.1.2 Market Share Analysis 5.1.2.1 ATVs and UTVs 5.1.2.2 Electric ATVs and UTVs 5.2 Product Matrix 5.3 Company Profiles
