Electric Off-Road Vehicles Market Opportunity Assessment to Reveal profitable Avenues for Players

Electric off-road vehicles include all-terrain vehicles (ATV), side-by-side/utility vehicles (SSV/UTV), and off-road motorcycles that are fully battery operated.


Abhishek Verma

6 months ago | 2 min read

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.

In this context, General Motors was in news in April 2021 for unveiling its new Hummer electric SUV. The company has raised claims that the vehicle would stand out to be the most attractive and capable supertrucks ever and showcased it in a commercial video during the NCAA Four finals.

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Similar developments are slated to push the demand for electric off road cars through the coming years. Owing to these factors, recent study by Global Market Insights, Inc., claims that the electric off-road vehicles market share is expected to surpass a value of USD 250 million through 2027.

Some major trends boosting electric off-road vehicles industry outlook are as follows:

Rising consumer spending capacity in Europe and North America 

An upsurge in consumer spending capacity in Europe and North America will be responsible for augmenting sales of electric off-road vehicles in the continents through the forecasted period. The electric off-road vehicles market value accounted for a constant growth over the last two quarters of 2020.

The COVID-19 pandemic has been instrumental in shifting the preference of consumers towards spending leisure time with their family and friends in outdoor locations. The growth of the electric off-road vehicles market share is also attributed to the positive outlook of the powersports sector.

Surging demand in the Asia Pacific

The Asia Pacific region is characterized by an increase in the launch of new electric models of UTVs and ATVs. The region also observed a stellar rise in spending capability which is the result of surging disposable income. On that account, the APAC electric off-road vehicles industry will record lucrative growth led by Japan, China, and India as the major contributors.

Various regional electric off road vehicle manufacturers, comprising KTM AG and Polaris, are also focusing on the expansion of their distribution channels for capturing market share.

Increasing popularity of electric ATVs 

The availability of numerous innovative models coupled with a variety of attractive features and color combinations is expected to drive the growth of the electric ATV segment in the electric off-road vehicles industry.

The surging emphasis of electric ATV manufacturers on the expansion of their distribution channels is likely to contribute to the expanding segment revenue. The industry landscape is also impelled by the rising adoption of electric ATVs for numerous utility applications comprising the transport of forestry and goods.

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Escalating corporate strategies of major industry players

Key participants in the electric off-road vehicles market comprise HISUN Motors, LINHAI, Ecocharger Quad Bikes, Zero Motorcycles, Alke S.r.l., DRR USA, TACITA S.r.l., Daymak Inc., Polaris, Inc., Massimo Motors, Electric Motion, KTM AG, and others.

These electric off road vehicle manufacturers are focusing on implementing various collaborative strategies such as acquisitions, mergers, and partnerships for the development of new electric off road cars and other vehicles. Speaking of an instance, in September 2020, Zero Motorcycles and Polaris Inc., entered into a 10-year long partnership agreement for the development of electric models of off-road vehicles.

On the whole, a rise in the demand for innovative models of electric UTVs, ATVs, as well as off-road vehicles in sports and recreational activities will stimulate electric off-road vehicles market size through the analysis period.

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Abhishek Verma







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