DUBLIN–(BUSINESS WIRE)–The “Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market – A Global and Regional Analysis: Focus on Product, Application, and Country – Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The global electric ATV, UTV, and golf cart market is projected to reach $6.81 billion by 2032 from $1.23 billion in 2022, growing at a CAGR of 18.65% during the forecast period 2023-2032
The global electric ATV, UTV, and golf cart market is currently experiencing robust growth, with a surge in companies offering electric versions of these vehicles. Recent advancements in battery technology and electric drivetrains are driving the adoption of electric ATVs, UTVs, and golf carts worldwide.
This market’s expansion is primarily fueled by several factors, including the cost-effectiveness of electric models, their low noise emissions, growing environmental consciousness favoring reduced carbon footprints, and their increasing utilization in both military and recreational applications.
Furthermore, ATV, UTV, and golf cart manufacturers are increasingly prioritizing vehicle electrification strategies, attracted by the advantages of electric variants, such as lower ownership costs, reduced noise pollution, and environmental benefits through reduced carbon emissions. Notably, North America and Europe have witnessed a surge in the popularity of electric ATVs, UTVs, and golf carts for various recreational and utility purposes.
As the demand for electric ATVs, UTVs, and golf carts is poised to soar in the coming years, particularly in markets like North America, Europe, Asia-Pacific, and Japan, competition among established and emerging electric vehicle providers in this industry is expected to intensify.
Additionally, the ongoing improvement in battery technology and the expanding usage of these vehicles across sectors such as agriculture, freight transportation, and warehouse operations are further propelling the demand for electric variants.
The global electric ATV, UTV, and golf cart market is poised for significant growth in the near future, with substantial contributions expected from North America, Europe, and the Asia-Pacific and Japan regions.
North America, in particular, stands out as a key region in this market due to its rapid adoption of electric ATVs, UTVs, and golf carts and the increasing number of manufacturers in the region. Factors such as government regulations, technological advancements, significant investments in specialized research and development facilities, the presence of numerous natural parks and hiking trails, and a thriving ATV and UTV racing scene all contribute to the market’s growth in North America.
However, Europe, Asia-Pacific, and Japan are also expected to experience substantial growth in the coming years, driven by increasing consumer demand, environmental concerns, and a shift towards electric mobility. The European region is anticipated to witness the fastest growth in the forecast period (2023-2032), reflecting a rising preference for electric ATVs, UTVs, and golf carts and growing awareness regarding vehicle emissions.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Out of all the manufacturers operating in the electric all-terrain vehicles (ATV), utility-terrain vehicle (UTV), and golf cart market, the top 4 manufacturers operating in the global electric ATV, UTV, and golf cart market accounted for around 60% of the market share in 2022, while the remaining companies operating in the market captured around 40% of the market share.
Market Segmentation Highlights
- Recreational Applications to Dominate Global Electric ATV, UTV, and Golf Cart Market (by Application)
- Electric ATVs, UTVs, and Golf Carts Equipped with Lithium-Ion Batteries Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Battery Type)
- Battery Electric Vehicles to Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Propulsion Type)
- Four-Wheel Drive (4WD) Drivetrain Type to be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Drivetrain Type)
- 400 to 800 cc Engine Size to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (By Engine Size)
- 48 V to 72 V Battery Capacity to Dominate Global Electric ATV, UTV, and Golf Cart Market (by Battery Capacity)
- Four-Wheeled ATVs, UTVs, and Golf Carts to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Number of Wheels)
- Two-Seater ATVs, UTVs, and Golf Carts to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Seating Capacity)
- Air-Cooled Engines to Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Engine Type)
Business Dynamics
Industry Outlook
Trends and Factors Impacting the Global Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market
- Trends: Industry Dynamics Defining the Future Trends of Global Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market
- Timeline for the Electric All-Terrain Vehicle (ATV) and Utility-Terrain Vehicle (UTV)
- Timeline for the Electric Golf Carts
Supply Chain Network/MAP
- Tier-1 Suppliers
- Manufacturers
- Distributors
Business Drivers for Global Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market
- Low Cost of Ownership of Electric ATVs, UTVs, and Golf Carts
- Low Noise Emission of Electric ATVs, UTVs, and Golf Carts
- Rising Awareness of the Need to Reduce Carbon Emissions
- Increasing Use of ATVs, UTVs, and Golf Carts in Military and Recreational Activities
- Shifting Focus toward Electric Variants
- Improving Technology in Electric ATVs, UTVs, and Golf Carts
- Increased Use of Golf Carts as Utility Vehicles
- Technological Advancement in the Golf Cart Industry
Business Challenges for Global Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market
- Higher Initial Cost of Electric ATVs, UTVs, and Golf Carts
- Range Anxiety and Impact of High Battery Weight on Vehicle Performance
- Limitations Associated with Charging Infrastructure
- High Maintenance Cost of Electric Golf Carts
Business Opportunities for Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Market
- Development of Amphibious All-Terrain Vehicles
- Development of Autonomous ATVs, UTVs, and Golf Carts
- Capitalizing on the Micro-Mobility Trend
- Focus on Lithium Iron Phosphate Batteries
- Improved Golf Cart Quality and Introduction of Modern Golf Cart Designs Such as Golf Boards
Case Study of Global Electric ATV and UTV Market
- Business Model Analysis
- Identifying the Best Site for Product Manufacturing in the U.S.
Start-Up Landscape
- Key Start-Ups in the Ecosystem
- Top Innovations
- Innovation Opportunities
Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
Trends: Current and Future Trends in Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
Business Model Analysis
- Emerging Technologies and Top Innovations in Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
- Electric ATV, UTV, and Golf Cart Aftermarket: Analyst’s PoV
- Supply Chain Analysis
- Manufacturers
- Distributors
- Work Shops
- End Users/Customers
Business Drivers for Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
- Rising Demand for Vehicle Customization and Personalization
- Expansion of OEMs into Aftermarket Industry
- Impact of Big Data and Advanced Analytics on the Supply Chain Optimization
- Increase in the Demand for Mobility as a Service (MaaS) and Fleet Industry
Business Challenges for Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
- Emergence of Next-Generation of Vehicles – Electrification and ADAS Technology Shrinking the Profit Margins
- Inventory Collection and Shipping Problems Affecting the Supply Chain
- Counterfeiting of Auto Components
Business Opportunities for Electric All-Terrain Vehicle (ATV), Utility-Terrain Vehicle (UTV), and Golf Cart Aftermarket
- Cross-Sectoral Integration with the Emergence of New Players
- Digitization of Channels and Interfaces
- Increase in Vehicle Average Life Expectancy
Key Companies Profiled:
Electric ATV Manufacturers
- CFMOTO
- Eco Charger
- DRR USA
Electric UTV Manufacturers
- Deere & Company
- American LandMaster
- Intimidator UTV
- Polaris Inc.
- HuntVe
- Powerland
- Cenntro Electric Group Limited
- Volcon
- SSR Motorsports
Electric ATV and UTV Manufacturers
- LINHAI Group Co., Ltd.
- Segway Technology Co., Ltd.
Golf Cart Manufacturers
- HDK
- Autopower
- Star EV Corporation, USA
- Bintelli Electric Vehicles
Electric ATV, UTV, and Golf Cart Manufacturers
- HISUN Motors Corporation
- Club Car LLC
- Yamaha Motor Co., Ltd.
Component Manufacturers
- Demon Powersports
- DNK Power Company Limited
- Trojan Battery Company LLC
- Huizhou JB Battery Technology Limited
- Pro Armor
- Tianjin Wanda Tyre Group Co., Ltd.
- The Carlstar Group, LLC
- Race-Driven
- DP Brakes
- Raceline Wheels
- EPI
- U.S. Battery Mfg. Co.
- Microtex Energy Private Limited
- Navitas Vehicle Systems Ltd.
- Kenda Rubber Industrial Company, LTD
- Hi Performance Electric Vehicle Systems
- SuperATV, LLC
- STEELENG Golf Carts
- Embragatges i Derivats S.A. (EIDE)
- Toyo Tire Corporation
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