Electric All-Terrain Vehicle and Utility-Terrain Vehicle Market
North America to be the Largest Region in Global Electric ATV and UTV Market All-terrain vehicle (ATV) and utility-terrain vehicle (UTV) are gaining wider significance in various applications across the world. The vehicles’ ability to travel in various terrains with ease has led to their increasing popularity. The global electric ATV and UTV market encompasses two major types of electric vehicles - hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs). The sales of BEVs is anticipated to increase as compared to the sales of HEVs due to the decreasing cost of pure EVs and the development of EV infrastructure in various countries North America is currently the largest region in the global electric ATV and UTV market. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, various natural parks and hikes, various ATV and UTV racing competitions and the presence of major electric ATV and UTV manufacturing OEMs and Tier 1 companies are some of the major drivers that are propelling the growth of the market in the region. Figur e 1 :
Figur e: Global Electr ic All- Terrain Vehicle ( ATV) and Utility - Terrain Vehicle ( UTV) Market ( by Region), $Million, 2019 - 2030
Europe Total Market: $70.9 Million North America Total Market: $357.9 Million
United Kingdom Total Market: $15.2 Million
China Total Market: $2.9 Million
Total Global Market: $468.9 Million
South America Total Market: $1.3 Million
Middle East & Africa Total Market: $534.4 Thousand
Asia Pacific & Japan Total Market: $20.2 Million
Source: Expert Interviews and BIS Research Analysis
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