Global Electric Utility Vehicles Market is Estimated to Attain a Healthy Revenue of US$ 38.55 Bn by 2033 and Likely to Raise at a Sturdy CAGR of 15.4% | Data Analysis by Future Market Insights, Inc. Team

December 31, 2022

NEWARK, Del, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023-2033. There has been an increasing awareness regarding the impact of harmful emissions on the environment. Owing to this, the governments have been taking proactive steps to tackle pollution. This has led to governments incentivizing people who make use of electric utility vehicles. Initially, the cost of the battery used in electric utility vehicles was more than US$ 1000. But with the advancements in technology, the cost has come down to US$ 100. This might increase the demand for electric utility vehicles during the forecast period. Request a Sample of this Report: Furthermore, the electric utility vehicles market has witnessed a number of buyers in the agricultural sector. This is because of the fact that there were a number of cases of crops getting spoiled due to vehicular emissions. This might well increase the sales of electric utility vehicles during the forecast period. Moreover, the users are of the view that the application of electric utility vehicles offers high convenience as these are easy to charge. This might as well surge the market growth during the forecast period. Moreover, the cost associated with charging electric vehicles is much less as compared to the usage of fuels. However, the growth of E-commerce market represents massive opportunity for the market of electric utility vehicles. This is owing to the fact that the electric utility vehicles seamlessly carry out the task of logistics. Thus, based on the insights provided by FMI researchers, it can be inferred that “initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.” Key Takeaways: The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.The market is expected to reach a valuation of US$ 38,550.2 million by 2033.The market is anticipated to grow at a CAGR of 15.4% during the forecast period.Based on the regional analysis, North America is the largest market.Based on the country analysis, USA is the largest market, having a share of 26.8%.The Germany market has a share of 13.7%.The Japan market has a share of 1.4%.The Australia market has a share of 0.6%The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.The India market is expected to grow at a CAGR of 14.5% during the forecast period.The UK market is expected to grow at a CAGR of 10.5% during the forecast period.On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.On the basis of application, the commercial segment has the largest market share.On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market. Request for Customization: Competitive Landscape The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market. Some of the recent developments in the electric utility vehicles market are: In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.In September 2022, Tesla announced Joe Gebbia as new independent director. Key Companies Profiled TeslaHyundai Motor GroupGeneral Motor CompanyMahindra Electric MobilityColumbia Vehicle GroupStar EV CorporationNeuron EVBollinger MotorsFord Motor CompanyToyota Motor Corporation Electric Utility Vehicles Market Segmentation By Type: Electric ATVsElectric UTVsElectric Utility CartsElectric Shuttle Carts By Battery Type: Lead AcidLithium-ion By Drive Type: By Application: Commercial TransportRecreationAgricultureIndustrialOthers By Seating Capacity: 1-seater2-seater>2-seater By Propulsion: Pure ElectricHybrid Electric By Region: North AmericaLatin AmericaAsia PacificMEAEurope For more Information: Table of Content 1. Executive Summary     1.1. Global Market Outlook     1.2. Demand-side Trends     1.3. Supply-side Trends     1.4. Technology Roadmap Analysis     1.5. Analysis and Recommendations 2. Market Overview     2.1. Market Coverage / Taxonomy     2.2. Market Definition / Scope / Limitations 3. Market Background     3.1. Market Dynamics         3.1.1. Drivers         3.1.2. Restraints         3.1.3. Opportunity         3.1.4. Trends     3.2. Scenario Forecast         3.2.1. Demand in Optimistic Scenario         3.2.2. Demand in Likely Scenario         3.2.3. Demand in Conservative Scenario     3.3. Opportunity Map Analysis Buy Now: Explore Wide-ranging Coverage of FMI’s Automotive Landscape Adaptive Front Lighting Market Size : is projected to reach a valuation of around US$ 669.5 Mn in 2022. Demand in slated to increase at a CAGR of 13.3%, with the market size reaching US$ 2.3 Bn by 2032.  Adaptive Cruise Control Market Share : is expected to reach US$ 3,829.6 Mn by 2022, exhibiting growth at a CAGR of 12.7% and surpassing US$ 12,712 Mn by the end of 2032.  Automatic Emergency Braking Market Growth : is expected to register a CAGR of 8% by garnering a market value of US$ 63,591.7 Million. Driver Monitoring System Market Demand : at US$ 4,246.6 Mn in 2022 and has estimated the market to grow at a CAGR of 7.5% to reach US$ 8,770.9 Mn by 2032. Automotive ADAS (Advanced Driver Assistance Systems) Market Outlook : has a valuation of US$ 31.78 billion as of 2022. The market is expected to grow at a CAGR of 9.6% during the forecast period and is anticipated to reach a valuation of US$ 131 billion by 2032. About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. 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