The global electric utility vehicles market is anticipated to grow at a CAGR of 14.3 % during the forecast period (2022-2028). An electric car is one of the most commonly used cars that get battery power instead of internal combustion engines. In addition, an electric car is designed to perform a specific task with greater efficiency than a passenger car. Other than that, the electric car is quiet and green instead of the normal car. Electric vehicles are used on farms, in goods, in parks, or to carry any other equipment. Electric vehicles are powered by a power collection system from charging stations or can be charged with self-charging devices such as renewable brake systems, turbochargers, and more. The electric car replaces the green local cars driven by internal combustion engines. Furthermore, rising industrial field costs, renewal, and replacement of old technologies, increasing focus from car manufacturers and growing carbon emissions are major driving forces in the global market. In addition, government rebates and subsidies for the use of electric vehicles are likely to create more opportunities during the forecast period.
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In addition, E-commerce has grown exponentially across the globe in recent years, with great potential for internet retail shortly. Factors such as rising rural use, rising incomes, increasing internet usage, and growing internet usage and smartphones are encouraging e-commerce platforms are expected to have a positive impact on the market growth during the forecast period. However, a commercial vehicle that uses mineral fuel is less expensive as it stops and wastes a lot of fuel. Owing to this, many companies are focusing on electric vehicles to deliver products. The average price of the product has declined over the past few years due to technological advances; the average price will continue to trend in the next few years due to the increase in mature production technology and lower material costs. In addition, an electric car is expensive, improves grid durability, improves power flexibility, and therefore promotes the demand for an electric car globally. Additionally, the battery-electric vehicles mainly include private delivery vehicles, industrial vehicles, and public transport.
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Technological advances have reduced the cost of EVs. Manufacturers of EV batteries are focused on providing larger batteries and lowering battery prices to ensure that all car costs fall within the budget range. Government regulations to eliminate fuel-efficient vehicles increased concerns raised by the environmental impact of conventional vehicles, improved battery capacity, and support government policies and regulations to promote market growth during the forecast period.
Some major players in the market include Tesla, Tropos Motor, Columbia Vehicle, Marshell, and Club Car, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance,
- In February 2022, Ford Motor Co. revealed that itis stepping up plans to extensively electrify its Lincoln brand in North America, as it prepares to introduce at least five new battery-powered Lincoln sport utility vehicles through 2026, three people familiar with the plans told Reuters.
- In November 2021, Mahindra to launch 16 EV models by 2 Four of the new electric SUVs are expected in 2025-27. In the LCV segment, there will also be eight EVs out of 17 new product launches planned by 2027
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Tesla, Tropos Motor, Columbia Vehicle, Marshell, and Club Car, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Utility Vehicles Market Report by Segment
By Type
- Acid Lead Type
- Gel Lead Type
- Lithium-Ion Type
By Application
- Commercial Use
- Industrial Use
- Private Use
- Others
Global Electric Utility Vehicles Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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