Electric Off-Road Vehicle Market Report (2021-2031)
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
Market Size Value in US$ 724.1 Million in 2021 Market Size Value by US$ 2,234.0 Million by 2028 Growth rate CAGR of 18.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Electric Off-Road Vehicle Market: Strategic Insights
| Market Size Value in | US$ 724.1 Million in 2021 |
| Market Size Value by | US$ 2,234.0 Million by 2028 |
| Growth rate | CAGR of 18.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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 Report Scope
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
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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