The electric off-road vehicle market size is projected to reach US$ 1,852.9 billion by 2031 from US$ 759.1 billion in 2023. The market is expected to register a CAGR of 11.8% during 2023–2031. The rise in the adoption of battery-powered electric off-road vehicles and increasing focus on minimizing carbon emissions from the automotive industry are among the key trends driving the electric off-road vehicle market.
Electric Off-Road Vehicle Market Analysis
The electric off-road vehicle market is expected to experience considerable growth during the analyzed timeframe owing to the rising demand for off-road vehicles from applications including sports events, agriculture, tourism, and others. In addition, the rise in demand for off-road vehicles owing to the increasing popularity of the off-road sports and tourism sector is anticipated to drive market growth in the coming years. Moreover, the rise in investment towards research and development of off-road electric vehicles to fulfill the goal of minimizing carbon emissions is expected to propel the market growth from 2023 to 2031.
Electric Off-Road Vehicle Market Overview
An increase in recreational activities and adventure sports and rising penetration of 4-wheel drive and all-wheel drive vehicles are anticipated to propel the demand for off-road vehicles, which in turn is expected to boost the market growth during the analyzed timeframe. In addition, the rise in investment towards the design and development of battery power off-road vehicles is further designed to boost the market growth from 2023 to 2031. Moreover, the growing adoption of off-road vehicles in military and agriculture applications is expected to propel the market growth during the forecast period.
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Electric Off-Road Vehicle Market: Strategic Insights
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Electric Off-Road Vehicle Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Electric Off-Road Vehicle Market Drivers and Opportunities
Rise in Spending towards Recreational Activities with Increase in Disposable Income to Favor Market
Rising consumer spending on outdoor recreational activities with increasing disposable income around the globe is a major driving factor for the electric off-road vehicle market. Rising consumer spending in the mobility sector with the rapid evolution in terms of technologies in the automotive sector drives the market growth. Hence, to meet the consumers' changing demands, the key players are launching a cost-effective and fuel-efficient transportation system. For instance, in March 2021, Polaris, Inc. launched an electric RANGER utility task vehicle. This off-road vehicle was developed by partnering with Zero Motorcycles. Such increased demand for off-road electric vehicles with government support and funding is expected to create ample opportunity for market growth. For instance, the US Department of Transportation launched the Federal Highway Administration NEVI Formula Program to provide the funding to deploy electric vehicle charging stations.
Technological Advancement of Off-Road Electric Vehicles
The electric vehicle (EV) revolution across the globe is reshaping the automotive, off-road, and recreational vehicle (RV) sectors. More manufacturers are developing electric versions of their popular off-road and recreational vehicles, such as ATVs, UTVs, dirt bikes, snowmobiles, and personal watercraft. These electric vehicles offer many advantages over their internal combustion engine (ICE) counterparts, including lower emissions, lower noise, lower maintenance, and higher performance. For example, in September 2022, Corvus launched a fully electric utility task vehicle named Terrain EX4, designed for agriculture, construction, and sports events. Such a launch of advanced electric vehicles for off-road applications is anticipated to create an opportunity for key players operating in this market.
Electric Off-Road Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electric off-road vehicle market analysis are vehicle type and application.
- Based on vehicle type, the electric off-road vehicle market has been divided into all-terrain vehicles, utility task vehicles, and snowmobiles. The utility task vehicle segment held a larger market share in 2023.
- Based on the fuel type, the electric off-road vehicle market has been categorized into gasoline, diesel, and electric. The diesel segment held a larger market share in 2023.
- On the basis of application, the market has been segmented into sports, agriculture, recreational, military, and others. The recreational segment dominated the market in 2023.
Electric Off-Road Vehicle Market Share Analysis by Geography
The geographic scope of the electric off-road vehicle market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the electric off-road vehicle market in 2023. The North America region includes the US, Canada, and Mexico. The rapid growth of off-road sports events, the tourism industry, outdoor adventures, and others is expected to fuel the demand for off-road vehicles, which in turn is expected to propel the market growth from 2023 to 2031. In addition, the rise in demand for off-road vehicles in applications including trail riding, transporting items, campsite, hauling firewood, and others is anticipated to propel the growth of the electric off-road vehicle market in the coming years.
Electric Off-Road Vehicle Market Regional Insights
The regional trends and factors influencing the Electric Off-Road Vehicle Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Off-Road Vehicle Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Electric Off-Road Vehicle Market
Electric Off-Road Vehicle Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 759.1 Billion |
| Market Size by 2031 | US$ 1,852.9 Billion |
| Global CAGR (2023 - 2031) | 11.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Vehicle Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Electric Off-Road Vehicle Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electric Off-Road Vehicle Market are:
- Deere & Company
- Hisun Motors Corp. Ltd.
- Honda Motor Co., Ltd.
- Kubota Corporation
- Polaris Industries, Inc.
- Evolet
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Electric Off-Road Vehicle Market top key players overview
Electric Off-Road Vehicle Market News and Recent Developments
The electric off-road vehicle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric off-road vehicle market are listed below:
- Polaris, Inc. launched a new electric utility vehicle named Pro XD Kinetic vehicle for applications in construction, equipment rental and industrial. (Source: Polaris, Inc., Press Release, February 2024)
- Club Car launched a street-legal electric utility vehicle named the Club Car Urban LSV and XR, which are available through the commercial distributor network in North America. (Source: Club Car, Press Release, March 2023)
Electric Off-Road Vehicle Market Report Coverage and Deliverables
The “Electric Off-Road Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Electric off-road vehicle market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Electric off-road vehicle market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Electric off-road vehicle market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electric off-road vehicle market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America dominated the electric off-road vehicle market in 2023.
Technological advancements in electric off-road vehicles are the future trend of the electric off-road vehicle market
Deere & Company, Hisun Motors Corp. Ltd., Honda Motor Co., Ltd., Kubota Corporation, Polaris Industries, Inc., Evolet, Textron, Inc., American LandMaster, Volcon, DRR USA, and LeeBoy are some of the leading players in the electric off-road vehicle market.
US$ 1.85 billion estimated value of the electric off-road vehicle market by 2031.
11.8% is the expected CAGR of the electric off-road vehicle market.
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