Electric Off-Road Vehicles Market Report 2021| Regional Outlook & Growth Forecast to 2027

Global electric off-road vehicles market is anticipated to depict a CAGR of 10% through 2027, having recorded a valuation of USD 115 million in 2020. By 2027, the market is expected to hit a remuneration of USD 250 billion.

The global electric-off road vehicle market size has witnessed unprecedented growth over the years led by the presence of many leading companies that are actively investing in R&D to offer advanced, innovative solutions. Few of the many leading market players include Yamaha, Polaris, Inc., and BRP Group.

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Electric off-road vehicles have gained immense popularity in developed regions like Europe and North America due to the high consumer spending ability. Changing consumer preference towards spending leisure time with family and friends outdoors has also supplemented the sale of these vehicles.

Emerging regions like Asia Pacific have also witnessed a rise in the adoption of these vehicles due to the improving economic conditions of the people along with the emergence of nations like India, China, South Korea, and Japan as the manufacturing hub due to the availability of cheap labor and raw materials.

Recent electric off-road vehicles market trends are driven by the surging emphasis of major industry participants towards the development of battery management as well as advanced powertrain technologies. Market players are taking a keen interest in numerous product development and launch initiatives, escalating the market share through an estimated time span. The increasing disposable income of the people, urbanization, and changing consumer tastes have supported the sale of vehicles.

Over the years, electric ATV has gained considerable demand due to the availability of various innovative models coupled with attractive combinations and features. The growing emphasis of electric ATV producers on the expansion of their distribution channels will contribute to the market growth. The increasing use of electric ATVs for utility applications and transportation of goods and forestry is supplementing electric off-road market growth.

Electric UTVs in particular have showcased a high adoption rate due to their versatile application scope. The North America UTV segment held 60% of the total market share in the year 2020. They find use in forestry, agriculture, and to facilitate the transfer of goods.

Electric UTVs provide reduced cost of operation for transportation of goods over a short distance and have the capability to work even in adverse environments. Many regulatory borders are also offering training courses to forest service employees with an aim to ensure safe and secured driving. Additionally, innovations like electronic braking distribution as well as regenerative braking will support the electric off-road vehicles market growth.

Recently in March 2021, America’s Polaris had partnered with Zero motorcycles Inc. to design a new all-electric ranger UTV. The global electric off-road vehicles market is endowed with many leading manufacturers that are entering into strategic alliances, partnerships, and acquiring to increase their global presence and achieve a competitive edge. In September 2020, Polaris, Inc. and Zero Motorcycles had entered into a 10-year agreement for the development of electric off-road automobiles.

Some of the other leading electric off-road vehicle producers include HISUN Motors, TACITA S.r.l., DRR USA, Daymark, and Ecocharger Quad Bikes, among various others. The frequent developments by market players along with the emergence of luxury sports is supporting the adoption of electric-off road vehicles worldwide.

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Some Point from Table of Contents:

Chapter 5   Electric Off-Road Vehicles Market, By Vehicle

5.1    Key trends, by vehicle

5.2    ATV

5.2.1    Market estimates and forecast, 2017 – 2027

5.3    SSV/UTV

5.3.1    Market estimates and forecast, 2017 – 2027

5.4    Off-road motorcycles

5.4.1    Market estimates and forecast, 2017 – 2027

Chapter 6   Electric Off-Road Vehicles Market, By Application

6.1    Key trends, by application

6.2    Utility

6.2.1    Market estimates and forecast, 2017 - 2027

6.3    Sports

6.3.1    Market estimates and forecast, 2017 – 2027

6.4    Recreation

6.4.1    Market estimates and forecast, 2017 - 2027

6.5    Military

6.5.1    Market estimates and forecast, 2017 – 2027

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