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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

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

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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
Global Electric ATV, UTV, and Golf Cart Market Overview

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 growth in the global electric ATV, UTV, and golf cart market is expected to be driven by the low cost of ownership of electric ATVs, UTVs, and golf carts, low noise emission of electric ATVs, UTVs, and golf carts, raising awareness of the need to reduce carbon emissions, and increasing use of ATVs, UTVs, and golf carts in military and recreational activities, among others.

Introduction of Electric ATV, UTV, and Golf Cart

The electric ATV, UTV, and golf cart ecosystem is growing fast, with existing conventional ATV, UTV, and golf cart manufacturers focusing on electric variants of their product offerings and the emergence of new electric ATV, UTV, and golf cart manufacturers. ATVs, UTVs, and golf carts are becoming more common in a variety of applications globally. The vehicles' versatility in terms of terrain operation and quick movement within the neighborhood has boosted their appeal. In the past, riders of ATVs, UTVs, and golf carts have used them for sports and recreation, riding through numerous natural parks and hiking trails. Additionally, it is beneficial in a variety of settings, such as warehouses, freight yards, and agriculture. Furthermore, as vehicle technology has advanced, more ATVs, UTVs, and golf carts are using electric drivetrains.

Market Introduction

The global electric ATV, UTV, and golf cart market is in a growth phase, wherein the number of companies offering electric variants of ATVs, UTVs, and golf carts is increasing rapidly. Latest technological advancements in battery technologies and electric drivetrain are boosting the adoption of electric ATVs, UTVs, and golf carts across the major markets. Moreover, the ATV, UTV, and golf cart manufacturers are increasingly focusing on vehicle electrification strategy, owing to benefits associated with electric ATVs, UTVs, and golf carts, such as low cost of ownership, low noise emission levels, and reduction in carbon emissions. In major markets, such as North America and Europe, electric ATVs, UTVs, and golf carts have become popular and are increasingly being used for recreational and utility activities/operations. With significant demand for electric ATVs, UTVs, and golf carts being anticipated over the coming years during the forecast period, primarily from markets such as North America, Europe, Asia-Pacific, and Japan, the market competition is expected to grow considerably among established and emerging electric ATV, UTV, and golf cart providers in the electric ATV, UTV, and golf cart industry.

Industrial Impact

The global electric ATV, UTV, and golf cart market is driven by several factors, such as rising demand for vehicles with low noise and carbon emission levels, advanced vehicle electrification technologies, and growing usage of these vehicles as a means of transport in and around the neighborhood.

The ATV, UTV, and golf cart market is being shaped by the growing demand for electric ATVs, UTVs, and golf carts. The number of manufacturers manufacturing electric ATVs, UTVs, and golf carts is continuously on the rise to meet the increasing consumer demand for ATVs, UTVs, and golf carts with low emission and noise levels. Besides these factors, improving battery technologies and the growing usage of these vehicles for recreational, agriculture, and utility activities are also driving the demand for electric ATVs, UTVs, and golf carts. Moreover, these vehicles are gaining popularity owing to their applications in areas such as agriculture, freight yards, and warehouses. Additionally, more ATVs, UTVs, and golf carts are employing electric drivetrains as vehicle technology has evolved. Owing to their low noise and emission levels and improved performance, these vehicles are also used in a variety of applications, such as hotels, golf courses, and other leisure areas. As vehicle battery technology progresses to boost the range and charging efficiency of electric ATVs, UTVs, and golf carts, these vehicles are likely to find their applications in other areas, including agriculture, military, and defense.

Market Segmentation:

Segmentation 1: by ApplicationProfessional SportsRecreationalAgriculture and UtilityMilitary and DefenseOthersRecreational Applications to Dominate Global Electric ATV, UTV, and Golf Cart Market (by Application)

Professional sports, recreational, agriculture and utility, and military and defense are among the most common applications for electric ATVs, UTVs, and golf carts. Electric ATVs and UTVs are vehicles that are made to meet the off-road requirements of users in challenging terrains, such as sandy areas, meadows, and mountain trails. Recreational ATVs and UTVs, which are mostly used for camping, off-roading, hunting, and fishing, are growing in popularity for leisure, recreation, and tourism applications. The use of electric ATVs, UTVs, and golf carts is expected to rise as battery technology develops and EV range and load capacity increase.

Segmentation 2: by Battery TypeLead-Acid BatteriesLithium-Ion BatteriesElectric ATVs, UTVs, and Golf Carts Equipped with Lithium-Ion Batteries Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Battery Type)

On the basis of battery type, the global electric ATV, UTV, and golf cart market has been categorized into lead-acid batteries and lithium-ion batteries. Of the two battery types, the lithium-ion battery segment is expected to have the fastest growth during the forecast period. Manufacturers of electric ATVs, UTVs, and golf carts increasingly prefer lithium-ion batteries over lead-acid batteries for their product offerings, including electric ATVs, UTVs, and golf carts. Much of this can be attributed to the benefits that lithium-ion batteries have to offer, such as better performance and higher efficiency. Moreover, lithium-ion batteries also offer a longer battery life span, lighter weight, and faster charging time. Besides the aforementioned benefits, lithium-ion batteries require lesser maintenance, which saves both time and money for the end users of lithium-ion battery-powered electric ATVs, UTVs, and golf carts.

Segmentation 3: by Propulsion TypeBattery Electric ATVs, UTVs, and Golf CartsHybrid Electric ATVs, UTVs, and Golf CartsBattery Electric Vehicles to Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Propulsion Type)

Hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) are the two subsegments of the global electric ATVs, UTVs, and golf cart market (by propulsion type). BEV usage has expanded as a result of developments in battery technology, government regulations requiring more fuel-efficient vehicles, and the fact that BEVs are entirely powered by their battery systems. BEVs with either lead-acid or lithium-ion batteries have been introduced by a number of well-known electric ATVs, UTVs, and golf cart manufacturers. BEV sales are anticipated to rise in comparison to HEV sales, which are predicted to restrain market growth as a result of the declining cost of pure EVs and the development of EV infrastructure in many countries.

Segmentation 4: by Drivetrain TypeTwo-Wheel Drive (2WD)Four-Wheel Drive (4WD)All-Wheel Drive (AWD)Four-Wheel Drive (4WD) Drivetrain Type to be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Drivetrain Type)

Two-wheel drive (2WD), four-wheel drive (4WD), and all-wheel drive (AWD) are the three most common drivetrain configurations for electric ATVs, UTVs, and golf carts. According to powertrain type, four-wheel drive (4WD) is highly sought after globally. 4WDs have a wider range of application usage than their counterparts and are typically in higher demand. Compared to a 2WD vehicle, 4WD vehicles can traverse rugged terrain, steep hills, and deep water with ease. Driving on slick winter roads, through mud, and on loose surfaces such as sand is better suited for 4WD vehicles.

Segmentation 5: by Engine SizeLess than 400 cc400 cc to 800 cc More than 800 cc400 to 800 cc Engine Size to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (By Engine Size)

Engine sizes in hybrid electric ATVs, UTVs, and golf carts are divided into three categories, namely, less than 400 cc, 400 cc to 800 cc, and more than 800 cc. As ATVs and UTVs are robust vehicles, the most popular versions with widespread use have engines ranging from 400 to 800 cc. As hybrid electric ATVs and UTVs comprise the majority of the hybrid electric ATV, UTV, and golf cart market, the 400 cc to 800 cc engine size category is likely to be dominant in the electric ATV, UTV, and golf cart market in the coming years during the forecast period.

Segmentation 6: by Battery CapacityUp to 48 V48 V to 72 VMore than 72 V48 V to 72 V Battery Capacity to Dominate Global Electric ATV, UTV, and Golf Cart Market (by Battery Capacity)

According to battery capacity, the global market for electric ATVs, UTVs, and golf carts is split into three groups, namely, up to 48V, 48V to 72V, and more than 72V. The global market for electric ATVs, UTVs, and golf carts is projected to be dominated by battery packs between 48V and 72V as they are being developed for smaller electric vehicles such as e-bikes and low-speed vehicles.

Segmentation 7: by Number of WheelsFour-Wheeled ATVs, UTVs, and Golf CartsMore than Four-Wheeled ATVs, UTVs, and Golf CartsFour-Wheeled ATVs, UTVs, and Golf Carts to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Number of Wheels)

Four-wheeled ATVs, UTVs, and golf carts and more than four-wheeled ATVs, UTVs, and golf carts are two categories of electric ATVs, UTVs, and golf carts based on the number of wheels. The majority of electric ATVs, UTVs, and golf carts in the market today have four wheels. A four-wheeled vehicle is typically used for both regular recreational activities and racing competitions. They can be used to transport passengers as well as goods and light vehicles. They are highly sought after by clients due to their many applications.

Segmentation 8: by Seating CapacityOne-Seater ATVs and UTVsTwo-Seater ATVs, UTVs, and Golf CartsMore than Two-Seater ATVs, UTVs, and Golf CartsTwo-Seater ATVs, UTVs, and Golf Carts to Be Dominant in Global Electric ATV, UTV, and Golf Cart Market (by Seating Capacity)

Based on the number of seats, electric ATVs, UTVs, and golf carts can be divided into three categories, namely, one-seater, two-seater, and more than two-seater. Two-seater category vehicles are the most prevalent type on the market. They are designed specifically to carry more than one person. The vehicle's construction has been made to be exceedingly light in order to compensate for the increase in vehicle weight.

Segmentation 9: by Engine TypeAir-CooledLiquid-CooledAir-Cooled Engines to Dominate the Global Electric ATV, UTV, and Golf Cart Market (by Engine Type)

Based on the engine type, electric ATVs, UTVs, and golf carts can be divided into two categories, namely, air-cooled and liquid-cooled. The air-cooled engine is the most prevalent type on the market. They are predominantly used in ATV, UTV, and golf cart engines up to 500 cc. The demand for air-cooled engines is expected to continue growing over the coming years during the forecast period (2023-2032), accounting for the majority of revenues in the global electric ATV, UTV, and golf cart market.

Segmentation 10: by RegionNorth America: U.S., Canada, and MexicoSouth AmericaEurope: Germany, France, and Rest-of-EuropeU.K.Middle East and AfricaChinaAsia-Pacific and Japan: Japan, South Korea, and Rest-of-Asia-Pacific and JapanNorth America to Hold the Largest Share in Global Electric ATV, UTV, and Golf Cart Market (by Region)

The global electric ATV, UTV, and golf cart market is expected to witness significant growth in the coming years, with major contributions from North America, Europe, and Asia-Pacific and Japan regional markets. In terms of revenue generation, the North America market is one of the key regions in the global electric ATV, UTV, and golf cart market. Much of this can be attributed to comparatively faster adoption of electric ATVs, UTVs, and golf carts and the growing number of electric ATVs, UTVs, and golf cart manufacturers in the region. The presence of significant electric ATV, UTV, and golf cart manufacturing OEMs and tier 1 companies, as well as government regulations, technological advancements, sizeable investments in specialized research and development (R&D) facilities, a variety of natural parks and hiking trails, and a variety of ATV and UTV racing competitions, are some of the key factors boosting the market's growth in the region.

However, Europe and Asia-Pacific and Japan regions are likely to be among the regions with the highest growth in the coming years during the review period. The Europe region is likely to be the fastest growing market for electric ATVs, UTVs, and golf carts during the forecast period (2023-2032), owing to increasing consumer demand for electric ATVs, UTVs, and golf carts and growing concern for vehicular emission levels.

Recent Developments in the Global Electric ATV, UTV, and Golf Cart MarketIn June 2023, Deere & Company announced a new partnership with EGO. Deere & Company was able to sell EGO-branded battery products through Deere & Company dealers as a result of the collaboration. The companies will work together on future product development.In May 2023, Polaris Inc. launched RZR Pro R4 Ultimate UTV in the Indian market.In March 2023, Club Car LLC launched a small-wheel, zero-emissions electric vehicle, Club Car LLCCRU. It is a new street-legal vehicle suitable for consumers who are looking for short travel.In January 2023, Club Car LLC renewed and extended its partnership with PGA of America.In April 2022, Club Car LLC announced that it signed a definitive agreement to acquire electric low-speed vehicle manufacturer Garia A/S.Demand – Drivers, Challenges, and Opportunities

Market Demand Drivers: Low Cost of Ownership of Electric ATVs, UTVs, and Golf Carts

Low Cost of Ownership of Electric ATVs, UTVs, and Golf Carts: Growing environmental concerns and growing fuel prices are the main factors driving the demand for fuel-efficient vehicles. Due to the high cost of ownership connected with fuel prices and vehicle maintenance, people are becoming more interested in fuel-efficient vehicles as petrol prices in many areas of the U.S. surpass $4 per gallon. The growing applications of electric ATVs, UTVs, and golf carts is a result of rising electric vehicle (EV) safety standards, rising consumer demand for a better driving experience, and EVs' low ownership and maintenance costs. The market demand for electric UTVs and ATVs is being driven by their lower operating costs for moving items over short distances and their ability to operate effectively in challenging conditions.

Market Challenges: Range Anxiety and Impact of High Battery Weight on Vehicle Performance

Range Anxiety and Impact of High Battery Weight on Vehicle Performance: Range anxiety is typically related to electric vehicles. Range anxiety is the worry that the electric vehicle’s battery or gas will run out before an individual gets to a station for charging or filling. Thus, the range must be taken into account for an electric vehicle before the purchase. Battery technology has its limits and does not permit indefinite driving. Electric ATVs, UTVs, and golf carts have an extremely long charging period that makes them less appealing to consumers. ATVs, UTVs, and golf carts are also thought of as lightweight automobiles that can readily go over a variety of terrains. As large batteries are needed for energy storage in electric vehicles, the weight of the batteries has a significant impact on how well electricity is converted into travel distance. In EV mode, as well as in EV ATV, UTV, and golf cart mode, additional battery weight reduces the attainable efficiency in miles per kilowatt-hours (KWh) and miles per gallon.

Market Opportunities: Focus on Lithium Iron Phosphate Batteries

Focus on Lithium Iron Phosphate Batteries: Lithium iron phosphate (LFP) batteries have been around for years but have only been utilized for minor solutions in the EV market. LFP batteries are less dense than other lithium-ion chemistries and are also heavier. Higher voltage LFP batteries have been adopted in the EV market as they offer better performance and lower costs. Similarly, electric ATV, UTV, and golf cart manufacturers have begun utilizing these batteries as it solves numerous issues, including the absence of the highly demanded element phosphate. This offers further opportunities for innovation and development in the global electric ATV, UTV, and golf cart market.

How can this report add value to an organization?

Product/Innovation Strategy: Globally, the leading ATV, UTV, and golf cart manufacturers are continuously working to manufacture and sell ATVs, UTVs, and golf carts that deliver improved performance and are environment-friendly, producing less noise and emission. The growing need for affordable and high-performing electric ATVs, UTVs, and golf carts is one of the major factors for the growth of the global electric ATV, UTV, and golf cart market. The market is more on the consolidated side at present, where global ATV, UTV, and golf cart providers have been successful to a certain extent in strengthening their market position in the global market. However, with the rise of local electric ATV, UTV, and golf cart manufacturers, the existing established players are expected to face stiff competition in the local markets, primarily in developing economies. Moreover, partnerships and collaborations are expected to play a crucial role in strengthening market position over the coming years, with the companies focusing on bolstering their technological capabilities and gaining a dominant market share in the electric ATV, UTV, and golf cart industry.

Growth/Marketing Strategy: The global electric ATV, UTV, and golf cart market has been growing at a considerable pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include partnerships, agreements, and collaborations.

Competitive Strategy: The key players in the global electric ATV, UTV, and golf cart market analyzed and profiled in the study include electric ATV, UTV, and golf cart providers that manufacture and sell electric ATVs, UTVs, and golf carts. Moreover, a detailed competitive benchmarking of the players operating in the global electric ATV, UTV, and golf cart market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

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.

Key Companies Profiled:

Electric ATV ManufacturersCFMOTOEco ChargerDRR USAElectric UTV ManufacturersDeere & CompanyAmerican LandMasterIntimidator UTVPolaris Inc.HuntVePowerlandCenntro Electric Group LimitedVolconSSR MotorsportsElectric ATV and UTV ManufacturersLINHAI Group Co., Ltd.Segway Technology Co., Ltd.Golf Cart ManufacturersHDKAutopowerStar EV Corporation, USABintelli Electric VehiclesElectric ATV, UTV, and Golf Cart ManufacturersHISUN Motors CorporationClub Car LLCYamaha Motor Co., Ltd.Component ManufacturersDemon PowersportsDNK Power Company LimitedTrojan Battery Company LLCHuizhou JB Battery Technology LimitedPro ArmorTianjin Wanda Tyre Group Co., Ltd.The Carlstar Group, LLCRace-DrivenDP BrakesRaceline WheelsEPIU.S. Battery Mfg. Co.Microtex Energy Private LimitedNavitas Vehicle Systems Ltd.Kenda Rubber Industrial Company, LTDHi Performance Electric Vehicle SystemsSuperATV, LLCSTEELENG Golf CartsEmbragatges i Derivats S.A. (EIDE)Toyo Tire Corporation

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