The electric off-road vehicle market will reach USD 2,234 million

New Delhi, May 03, 2022 (GLOBE NEWSWIRE) — The growth of the global electric off-road vehicle market can be mainly attributed to the increasing demand for environmentally friendly and noise-free automobiles, stringent government regulations regarding emissions associated with increased participation in off-road recreational activities by youth

A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Electric off-road vehicle market was worth USD 724 Million in 2021 and is projected to reach USD 2,234 Million by 2028, growing at a CAGR of 18.9% over the analysis period 2022-2028. This can be attributed to the growing demand for environmentally friendly and noise-free automobiles, stringent government emissions regulations coupled with the growing participation of young people in off-road leisure activities. These factors are driving the off-road electric vehicle market during the forecast period 2022-2028.

Rising demand for off-road electric vehicles to prevent air pollution driving market growth
Air pollution has become a major concern around the world in recent years, and the automotive industry is a major contributor to air pollution. The European Environment Agency (EEA) has estimated that air pollution is responsible for more than 400,000 premature deaths each year in Europe. Air pollution is responsible for heart disease and stroke, which have become the most common causes of premature death, followed by lung cancer and lung disease It is well known that gasoline and diesel automobiles do not will not be available in the foreseeable future, and electric cars/hybrid vehicles offer a promising answer to the aforementioned dilemma. Hence, the demand for minimized equipment emissions is increasing, which is contributing to the overall growth of the electric off-road vehicle market over the forecast years 2022-2028.


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The sports segment is expected to grow at a higher growth rate during the forecast period

Sports enthusiasts and tourists showed a strong inclination towards off-road vehicle trails such as UTVs and ATVs and associated activities for recreational and sporting purposes. Many recreational activity organizers and tourist boards advertise activities related to UTVs and ATVs by building tracks and sports facilities for these vehicles to attract and retain visitors. In addition, many countries hold annual championships, which are gradually gaining popularity at an exceptional rate, because anyone who can ride ATVs can participate in these races. Hence, an increase in the trend of these adventure sports attracts tourists and pushes the demand for ATVs and UTVs, which, in turn, contributes to the growth of the off-road vehicle market.

Impact of COVID-19 on the global electric off-road vehicle market

As a result of the COVID-19 pandemic, the world has experienced one of the worst recessions since World War II. The global electric off-road vehicle market has also been brutally impacted by the emergence of the COVID-19 pandemic. During the first quarter of 2020, global electric vehicle sales in major markets, including the United States and Europe, declined significantly. Disruptions in upstream and downstream supply chains, declining consumer demand as well as strict government guidelines have led to production curtailments and suspensions at major automotive OEMs as well as battery manufacturers. Additionally, declining demand from the consumer side due to movement restrictions has also hampered the electric off-road vehicle market during the pandemic. Although in the long term, the growth rate of the market is expected to stabilize and trend upwards as the economy returns to normal.

Please find the press release of the Global electric off-road vehicle market: https://www.blueweaveconsulting.com/press-release/electric-off-road-vehicle-market-to-reach-usd-2-234-million-by-2028

European Region to Grow at Highest CAGR
In terms of regional analysis, the global electric off-road vehicle market has been categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amid segmentation, the European market is expected to grow at the fastest rate over the forecast period. Electric vehicles are gaining popularity because they are cleaner and more energy efficient than conventional vehicles. Noise pollution is still prevalent throughout Europe, with vehicle traffic being the main source of noise pollution in the region. According to the European Environment Agency, long-term exposure to sound levels of at least 55 dB from day-evening-night traffic affects around 113 million Europeans.

Competitive landscape
The global electric off-road vehicle market is a semi-consolidated market. The major players operating in the global electric off-road vehicle market are Polaris, Inc., KTM AG, Intimidator, Inc., Zero Motorcycles, Alke Srl, Daymak, Inc., Massimo Motors, HISUN Motors, DRR USA, Ecocharger Quad Bikes. , TACITA Srl, Deere & Co., Electric Motion, Jiangsu Linhai, Power Machinery Group Corp., Ford Motor Company and other leading players.

These players are creating new concepts of electrified, connected, autonomous and shared mobility and accelerating the pace of automotive technological innovation. Companies and start-ups are trying to electrify mobility, connect automobiles and develop self-driving technologies. These technological advances will help reduce the costs of electric vehicles and make shared electric mobility a viable alternative to owning a car. For example, Ford is investing $22 billion in electrification through 2025 as part of its strategy to lead electrification in areas where it has a competitive advantage. Ford intends to bring the benefits of electric vehicles to consumers through more affordability, increased productivity and lower total cost of ownership.

Don’t miss the business opportunity of the global off-road electric vehicle market. Consult our analysts to gain crucial insights and facilitate the growth of your business.

The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Electric Off-road Vehicles market. It also highlights the factors driving the forecast of the total market size. The report promises to provide recent technology trends in the global Electric Off-Road Vehicle market along with industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.

RECENT DEVELOPMENTS:

  • March 2022: Polaris, a Minnesota-based powersports vehicle market leader, showcased several electric test vehicles at an event. These test vehicles include an electric UTV for the adult and youth market, an electric RZR and an electric snowmobile at an investor presentation. These vehicles are expected to significantly expand Polaris’ electric focus from purely utility vehicles to more dual-purpose vehicles and recreational vehicles.
  • January 2022: Emotive, a UK-based company that developed the world’s first zero-emission off-road electric mountain bike, has announced the launch of a new all-terrain vehicle. This ATV is called Scarab, which is supposed to perform various functions in off-road activities such as fire rescue, agriculture, adventure tourism and forestry. The vehicle’s technology would be built around an advanced powertrain that delivers modulated pure electric propulsion to the wheels individually through a unique intelligent power distribution system. This vehicle will have a major application in the agricultural sector.

Report Scope:

Attribute Details
Years considered Historical data – 2018-2021
Base year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in millions of dollars
Market coverage United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa
Product/service segmentation By vehicle type, by application and by region.
Key players Key players operating in the global Electric Off-Road Vehicle Market Polaris, Inc., KTM AG, Intimidator, Inc., Zero Motorcycles, Alke Srl, Daymak, Inc., Massimo Motors, HISUN Motors, DRR USA, Ecocharger Quad Bikes , TACITA Srl, Deere & Co., Electric Motion, Jiangsu Linhai, Power Machinery Group Corp., Ford Motor Company and other leading players.

By type of vehicle

  • All-terrain vehicle (ATV)
  • Special Service Vehicles/All-Terrain Utility Vehicles (SSV/UTV)
  • Off-road motorcycles

By app

  • Utility
  • Sports
  • Recreation
  • Military

By region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Blue Weave Consulting provides comprehensive Market Intelligence (MI) solutions to businesses regarding various online and offline products and services. We offer comprehensive market research reports by analyzing qualitative and quantitative data to improve the performance of your business solution. BWC has built its reputation from the ground up by providing quality inputs and building lasting relationships with its customers. We are an up-and-coming MI digital solutions company providing agile support to make your business efforts a success.

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About Frances R. Smith

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