Electric Utility Vehicle Market Summary
The size of the global market for electric utility vehicles was assessed at USD 20.35 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030, reaching USD 29.07 billion. The market for electric utility vehicles (EUVs) is expanding because of the growing use of UTVs in agriculture, which are being utilized increasingly for jobs including agricultural surveying, towing, and hauling.
Key Market Trends & Insights
- The North American electric utility vehicle market accounted for a significant share, over 33%, of global revenue in 2024.
- The U.S. electric utility vehicle (EUV) market is experiencing robust growth.
- By vehicle type, the electric UTV segment accounted for the largest share of over 34% of the electric utility vehicle market in the year 2024.
- By battery type, the lithium-ion segment accounted for the largest share of over 58.0% of the global electric utility vehicle market in 2024.
Market Size & Forecast
- 2024 Market SizeUSD 20.35 Billion
- 2030 Projected Market SizeUSD 29.07 Billion
- CAGR (2025-2030)6.7%
- North AmericaLargest market in 2024
- Asia PacificFastest growing market
Farmers are increasingly choosing electric UTVs because they have lower operating costs, produce fewer emissions, and operate more quietly compared to conventional gasoline or diesel-powered options. This shift is being further supported by governments in important agricultural regions, such as North America and Europe, through incentives and subsidies meant to encourage sustainable farming methods. As more farmers recognize the long-term financial and environmental benefits of electric utility vehicles, this trend is probably going to continue. The growing use of electric utility vehicles in industrial logistics and warehousing is another significant factor propelling market expansion. Businesses are depending increasingly on electric UTVs and low-speed electric vehicles (LSEVs) for material handling, warehouse operations, and industrial logistics as a result of the quick expansion of e-commerce and automated supply chains. These cars are especially prized for having no emissions, which makes them perfect for indoor use in manufacturing facilities and warehouses. Ports and airports are also increasing demand by using electric utility vehicles for personnel transportation, maintenance, and luggage handling. We anticipate that the logistics efficiency and cost savings associated with electric fleets will sustain this increasing trend.
The demand for electric utility cars is further supported by the rising use of linked vehicle technologies and the widespread use of smartphones and the internet. Manufacturers of electric UTVs increase performance, efficiency, and effectiveness by utilizing connected vehicle technologies to give users a better riding experience. For example, Polaris Inc. launched Ride Command+, a subscription-based connected vehicle service that works with all of its UTV models, in August 2022. Over-the-air (OTA) updates are made possible by this cutting-edge platform, which uses vehicle-to-cellular connectivity to guarantee that cars always have the newest features and performance improvements. One of Ride Command+'s primary features is Vehicle Health, which improves convenience, safety, and overall vehicle management by giving customers remote access to vital data like battery life status and predicted driving range.
Custom-made UTVs are becoming more and more popular among consumers in the quickly expanding electric utility vehicle market because of their capacity to serve particular functions. These days, consumers can have UTVs customized to meet their exact specifications, whether they are for off-road exploration, agricultural or industrial use, or recreational pursuits. Customers may optimize the usefulness and efficiency of their electric UTVs with this degree of personalization, helping to create a more sustainable and greener future. Custom-built UTVs offer a possible route to a cleaner and more adaptable electric utility vehicle industry as the demand for environmentally friendly solutions grows.
Additionally, in response to growing environmental concerns, automakers around the world are focusing on electrifying their vehicles. To lessen their carbon footprints, many of these manufacturers are actively creating and introducing new electric utility cars. For example, American LandMaster declared in July 2022 that its four-seater electric utility vehicle powered by lithium-ion batteries will be available in 2022. The utility vehicle features automotive-grade ball joints and bushings, weather-sealed electrical hookups, and an independent L-ROSS suspension. The suspension system of the electric UTV can tow 1,500 pounds and has a bed capacity of 500 pounds. An HD large steel cargo bed, a 3,000-pound electric winch, and a steel-framed weather enclosure are optional extras.
Vehicle Type Insights
In 2024, the electric utility vehicle market was dominated by the electric UTV segment, which held a market share of more than 34%. Both the business and recreational sectors have high demand, which supports this dominant position. Due to their cheap running costs, zero emissions, and silent operation, electric UTVs are becoming more and more popular in industrial applications for logistics, warehouse operations, and agricultural labor. Fleet operators find them especially appealing because they eliminate fuel expenses and require less maintenance than conventional gas-powered vehicles.
Over the course of the projected period, the electric shuttle category is anticipated to rise at a significant CAGR. The segment's growth is propelled by the global push for sustainable urban mobility, the emergence of smart city projects, and the growing demand for zero-emission public transit options. Around the world, governments and local governments are enforcing more stringent emissions laws and providing financial incentives to promote the use of electric shuttles, especially for last-mile connection, campus mobility, and urban transit systems.
Report Coverage & Deliverables
The PDF report & online dashboard will help you understand
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
Battery Type Insights
With more than 58.0% of the global market for electric utility vehicles in 2024, the lithium-ion sector held the greatest share. This market segment's expansion is ascribed to the rising need for their affordability and application-specificity, which propels their use in particular EUV market sectors. In automotive applications such as lighting, starting, and ignition, there is a growing need for this area.
Over the course of the projected period, the other section is anticipated to grow at a notable CAGR. Higher energy density, quicker charging, increased safety, and a decreased dependency on conventional lithium-ion chemistries—which struggle with issues like thermal instability and raw material scarcity—are the main drivers of this rise. Adoption is also being accelerated by support for next-generation battery development from the public and business sectors. To improve energy security and diversify supply chains, the U.S., Europe, and China are prioritizing R&D grants and subsidies for alternate battery technologies.
Drive Type Insights
With more than 49% of the global market for electric utility vehicles in 2024, the rear-wheel-drive sector held the highest share. Rear-wheel drive's benefits, which include better fuel economy and a balanced vehicle weight distribution that improves stability on difficult terrains, are responsible for the segment's rise. Additionally, buyers find rear-wheel drive to be a cost-effective option because of the engine's capacity to deliver additional vehicle mileage and the drivetrain's reduced maintenance costs, both of which are factors in the segment's growth.
Over the course of the projected period, the all-wheel drive segment is anticipated to develop at the quickest CAGR. There is an increasing demand for all-wheel drive systems in electric utility vehicles, as they efficiently distribute power to all four corners of the vehicle, which results in enhanced grip capacity, improved acceleration, and smooth handling. This superior traction capability eliminates the risk of utility vehicle slippage on icy, wet, and uneven roads, making all-wheel drive with an electric powertrain a highly favored choice.
Propulsion Type Insights
The battery electric vehicle segment accounted for the largest share of over 76% of the global electric utility vehicle market in 2024. The growth of the segment is owing to the growing adoption of electric vehicles. Several utility vehicle manufacturers are offering electric utility vehicle models. Some key players offer electric utility vehicles, such as Polaris Inc., CLUB CAR, Marshell Green Power, and Star EV Corporation. Moreover, advancements in the technology of electric utility vehicles offer impressive torque and acceleration, providing better performance than traditional gasoline- or diesel-powered utility vehicles. This has led to increased adoption of electric utility vehicles among users that need value, efficiency, and responsiveness, contributing to the growth of this segment.
Over the forecast period, we expect the battery electric vehicle segment to grow at a considerable CAGR. The growth of this market segment is increasing significantly due to the growing demand for this type of vehicle throughout developing countries due to their fragile charging infrastructure. The charging infrastructure among developing and underdeveloped countries can support fully electric vehicles, bolstering the growth of this market segment.
Seating Capacity Insights
The more than 2-seater segment accounted for the largest share of over 51.0% of the global electric utility vehicle market in 2024. The growth is attributed to the rising popularity of family adventure activities, which is driven by an increase in global disposable income. As more people have the financial means to indulge in such activities, the demand for products in this segment has significantly expanded, bolstering its overall growth.
The 2-seater segment is expected to grow with a significant CAGR over the forecast period. The growth of last-mile delivery services has created vast demand for compact electric vehicles that can efficiently transport small cargo loads while minimizing operating expenses. Food delivery platforms, micro-fulfillment centers, and urban logistics providers are increasingly adopting 2-seater EVs to replace traditional gas-powered vehicles and even motorcycles.
Application Insights
The commercial transport segment accounted for the largest share of 36.5% of the global electric utility vehicle market in 2024. The segment growth is attributed to rising demand for electric shuttles for passenger Commercial Transport in urban areas and utility carts for slightly longer last-mile travel in both rural and urban settings are on the rise. Major manufacturers like Columbia Vehicle, CLUB CAR, Electric Last Mile Solutions, and Ari Motors manufacture electric utility carts catering to commercial transport needs. These vehicles offer efficient and eco-friendly mobility solutions for various applications in different locations.
The recreation segment is expected to witness considerable growth over the forecast period. The rise in electric vehicle adoption as part of eco-friendly initiatives has led to this segment's growth. Moreover, the rapid adoption of autonomous ATVs in activities like excavating land, reclaiming land, clearing mud, and maintaining reservoirs, ponds, riverbeds, and swamps is expected to impact the segment's growth positively.
Regional Insights
The North American electric utility vehicle market accounted for a significant share, over 33%, of global revenue in 2024. Several key factors, including a robust e-commerce sector and a mature industrial and manufacturing ecosystem, drive this strong market position. Additionally, the surge in recreational activities, such as hunting, camping, and off-road forest excursions, during the pandemic has further accelerated regional demand for electric UTVs. Market leadership in the region is held by prominent players such as Polaris Inc., Textron Specialized Vehicles Inc., and Deere & Company. These companies have been instrumental in shaping the competitive landscape and addressing the increasing demand for electric UTVs across diverse applications.
U.S. Electric Utility Vehicle Market Trends
The U.S. electric utility vehicle (EUV) market is experiencing robust growth, driven by a convergence of environmental, economic, and technological factors. A primary catalyst is the increasing focus on sustainability across both public and private sectors, with stringent emissions regulations pushing fleet operators toward electrification. The Biden administration's infrastructure plan and Inflation Reduction Act have accelerated this transition through substantial incentives, including tax credits for commercial EV purchases and funding for charging infrastructure development.
Asia Pacific Electric Utility Vehicle Market Trends
Asia Pacific is projected to emerge as one of the most lucrative regions for the market in terms of revenue during the forecast period, growing at a significant CAGR. The region's dominance can be attributed to various factors, such as the rapid economic development in some Asia Pacific countries that has led to an increase in commercial activities, logistics, and industrial operations, and investment by the government in the development of the charging infrastructure for electric vehicles, including utility vehicles.
As the world’s largest EV market, China has been aggressively promoting new energy vehicles (NEVs), including electric utility vehicles, through subsidies, tax incentives, and stringent emissions regulations. The Dual Carbon goals (peaking emissions by 2030 and achieving carbon neutrality by 2060) have accelerated the shift away from fossil fuel-powered utility vehicles, particularly in logistics, construction, and municipal services.
The Indian electric utility vehicle market is experiencing growth due to the Indian government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme, along with state-level subsidies that have been instrumental in promoting electric mobility for utility vehicles used in logistics, agriculture, and public services. Policies like production-linked incentives (PLIs) for advanced battery manufacturing and lower GST rates on EVs (5% vs. 28% for ICE vehicles) are making electric utility vehicles more affordable for businesses and fleet operators.
Europe Electric Utility Vehicle Market Trends
The European electric utility vehicle (EUV) market is experiencing robust growth, primarily driven by stringent environmental regulations and ambitious decarbonization goals. The European Green Deal and the Fit for 55 package have set aggressive targets for reducing transport emissions, pushing industries and municipalities to transition from fossil fuel-powered utility vehicles to zero-emission alternatives.
The UK electric utility vehicle market is experiencing growth due to the UK government’s 2030 ban on new petrol and diesel vehicle sales—extended to 2035 for hybrids—which has created a clear roadmap for fleet electrification, accelerating demand for electric vans, trucks, and specialized utility vehicles. Policies like the Plug-in Van Grant (PIVG), which offers up to 5,000 for large electric vans and £2,500 for small models, along with reduced benefit-in-kind (BIK) taxes for electric company vehicles, are making EUVs financially attractive for businesses.
Key Electric Utility Vehicle Company
Some of the key players operating in the electric utility vehicle market include Addax Motors, Alke, American Landmaster, and CLUB CAR. The electric utility vehicle market is considerably fragmented, with numerous large and medium-sized players in the market. Prominent market players are making investments in research and development (R&D) to expand their offerings, thereby fostering further growth in the electric utility vehicle market. These market players also pursue diverse strategic initiatives to enhance their global presence, such as launching new products, entering into contractual agreements, engaging in mergers and acquisitions, ramping up investments, exploring market developments, and forging collaborations with other organizations.
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Addax Motors is a Belgian manufacturer specializing in 100% electric utility vehicles designed for professional applications such as urban logistics, municipal services, facility management, and last-mile delivery. Established in 2015 and headquartered in Deerlijk, Belgium, the company focuses on producing compact, emission-free vehicles that are fully customizable to meet diverse operational needs.
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American Landmaster is a U.S.-based manufacturer specializing in utility terrain vehicles (UTVs) for both work and recreational applications. The company operates from its production facility in Jonesboro, Arkansas, where it assembles a range of gas-powered and electric models. Its product lineup includes work-oriented vehicles with cargo beds and towing capabilities alongside recreational models designed for off-road use, with available configurations accommodating different terrain and load requirements.
Key Electric Utility Vehicle Companies
The following are the leading companies in the electric utility vehicle market. These companies collectively hold the largest market share and dictate industry trends.
- Addax Motors
- Alke
- American Landmaster
- CLUB CAR
- Columbia Vehicle Group Inc.
- HISUN
- Marshell Green Power
- Polaris Inc.
- Star EV Corporation
- Textron Specialized Vehicles Inc.
Recent Developments
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In February 2025, American Landmaster announced the release of 16 new classic utility vehicle models as part of its 2025 lineup. These models are designed to offer enhanced performance, durability, and customization options, catering to a wide range of applications, including agriculture, property maintenance, and recreational use. The introduction of these vehicles underscores the company's commitment to providing versatile and reliable American-made UTVs that meet the evolving needs of their customer base.
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In January 2024, Addax Motors announced a strategic partnership with Australia's EcoPower Equipment to distribute its electric light commercial vehicles across the Australian market. This collaboration marks Addax Motors' first distribution agreement outside Europe, expanding its network to 21 countries.
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In July 2023, ZeroNox Inc. announced its partnership with E-LIX Elektromobile GmbH, a German-based company, and Chateaux Des Langues, a French-based company. This partnership aims to distribute ZeroNox Inc.’s Tuatara electric utility terrain vehicles (UTVs) to their offerings for off-highway vehicle customers across Europe. Companies are involved in developing source components such as powertrains, batteries, and electric connectors.
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In April 2023, Sypris Technologies, Inc., a U.S.-based supplier and manufacturer of drivetrain and vehicle components for commercial vehicles, received a program authorization to provide drivetrain components for UTVs in the American market. Consequently, the company entered into a multi-year agreement with a major player in the UTV market to ensure compliance with production demands starting in 2024.
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In August 2022, Volcon announced a partnership with General Motors to power Volcon electric UTVs with General Motors' electric propulsion system. The companies are also working on improving their sales channel strategies to attract more consumers to their products.
Electric Utility Vehicle Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2025 |
USD 21.05 billion |
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Revenue forecast in 2030 |
USD 29.07 billion |
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Growth rate |
CAGR of 6.7% from 2025 to 2030 |
|
Base year for estimation |
2024 |
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Historical data |
2018-2024 |
|
Forecast period |
2025-2030 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2025 to 2030 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Vehicle type, battery type, drive type, propulsion type, seating capacity, application, region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
U.S.; Canada; Mexico; UK; Germany; France; China; India; Japan; Australia; South Korea; Brazil; UAE; Saudi Arabia; South Africa |
|
Key companies profiled |
Addax Motors; Alke; American Landmaster; CLUB CAR; Columbia Vehicle Group Inc.; HISUN; Marshell Green Power; Polaris Inc.; Star EV Corporation; Textron Specialized Vehicles Inc. |
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Customization scope |
We offer free report customization, equivalent to up to 8 analysts' working days, when you make a purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail yourself of customized purchase options to meet your exact research needs. Explore purchase options |
Global Electric Utility Vehicle Market Report Segmentation
This report forecasts revenue and volume growth and provides an analysis of the latest industry trends from 2018 to 2030 in each of the subsegments. For this study, MIR has segmented the global report on the electric utility vehicle market based on vehicle type, battery type, drive type, propulsion type, seating capacity, application, and region
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Vehicle Type Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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Electric ATV
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Electric UTV
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Electric Utility Carts
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Electric Shuttle
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Industrial Electric Utility
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Battery Type Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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Lead-acid
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Lithium-Ion
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Others
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Drive Type Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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Front Wheel Drive
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Rear Wheel Drive
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All Wheel Drive
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Propulsion Type Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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Battery Electric Vehicle
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Hybrid Electric
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Others
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Seating Capacity Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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1-Seater
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2-Seater
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More than 2-Seater
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Application Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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Commercial Transport
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Industrial
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Recreation
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Agriculture
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Others
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Regional Outlook (Revenue, USD Million; Volume, Units, 2018-2030)
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North America
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U.S.
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Asia Pacific
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China
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India
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Japan
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South Korea
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Australia
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Latin America
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Brazil
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Middle East & Africa
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KSA
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UAE
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South Africa
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