Electric Utility Vehicle Market Outlook - 2027

In past few years, the use of alternative for fossil fuel vehicles have enlarged owing to climate change and environmental sustainability. An electric utility vehicle is an alternative to conventional utility vehicle which gets power from battery instead of internal combustion engines. Moreover, electric utility vehicle is designed to carry out a specific task with more efficiency than a passenger vehicle. Besides, electric utility vehicle is quiet and green alternative to conventional utility vehicle. Electric utility vehicles are used in farms, logistics, parks, or carrying any other utilities.

Market scope and structure analysis:

 COVID-19 scenario analysis:

• The eruption of coronavirus has decelerated the production of automotive sector and electric vehicle industry has been no exception.
• Despite the impacts of COVID-19 on the workforce and factory operation, the electric utility vehicle market is expected to grow in the near future.
• Governments are focusing towards cleaner technologies. Moreover, the government relief packages during the economic crisis for adoption of electric utility vehicle is expected to propel the market.
• However, governments would tighten their expenditure on electric vehicle infrastructure, which, in turn would affect the growth in countries with underdeveloped infrastructure. Further, the sales of EV are anticipated to rise in countries with proper infrastructure.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Stringent government rules and regulations towards vehicle emissions and increase in fuel cost is driving the market of electric utility market. Additionally, increasing investment by governments in developing the infrastructure for electric vehicles is favoring the market. Besides, rise in pollution and decrease in fossil fuel reserves is bolstering the market growth. However, high cost and low operating range linked with electric utility vehicles is hampering the market growth. Furthermore, technological advancements in electric vehicle and heavy investment by manufacturers in R&D activities is expected to proliferate the market. 

The electric utility vehiclemarket trends are as follows:

Delivery fleet to boost the market demand

While e-commerce has grown significantly globally in recent years, there is a huge potential for penetration of online sales in near future. Factors like growth of rural consumption, growing income, increased online spending and rising use of internet and smartphones are fueling the e-commerce platforms. However, commercial delivery vehicle which run on fossil fuels aren’t cost-effective as frequent stops and idling waste lots of petrol. To resolve this problem, many companies are focusing towards electric utility vehicles for delivering products. For instance, Amazon has procured Mercedes-Benz electric utility vehicle to dispatch goods from its fulfilment center in Munich.

Rise in number of public charging to foster the market growth

OEMs have shifted their focus toward zero-emission vehicles in order to reduce the global warming caused by gasoline engines. Governments are supporting the initiative by providing infrastructure required for the growth of electric vehicles. Moreover, companies are associating to develop electric charging solution. For instance, in 2020, MG Motors joined hands with TATA power to setup superfast chargers for electric vehicles and provide end to end solution. With this association, the companies focus to expand the market for electric vehicles.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the Electric Utility Vehicleindustry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the Electric Utility Vehiclemarket growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the electric utility vehicle market research report:

• Which are the leading market players active in the electric utility vehicle market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?