Electric Off-Road Vehicle Market Trends, 2022-2028

1. Global Electric Off-Road Vehicle Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2022-2028

2. Global Electric Off-Road Vehicle Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the GlobalElectric Off-Road Vehicle Market was worth USD 724 million in 2021 and is projected to reach USD 2,234 million by the year 2028, growing at a CAGR of 18.9% over the analysis period of 2022-2028. This can be attributed to the growing demand for eco-friendly and noise free automobiles, strict government regulations regarding emissions coupled with rising participation in off-road leisure actions by youngsters. These factors are driving the electric off-road vehicles market during the forecast period 2022-2028.

3. Growth Drivers  Large Scale New Product Launches by The Key Market Players Several market leaders are increasing their focus on launching new models of electric off-road vehicles to gain a competitive market share. For instance, in December 2021, Vanderhall USA launched the Brawley Electric 4x4 off-road vehicle. The Brawley is the first-ever fully enclosed all-electric side by side. It is claimed to provide an off-roading experience owing to its smooth handling, unibody chassis, and massive tires. It comes equipped with a 404 horsepower motor with 480 torque and can travel up to 200+ miles with just one charge. It comprises four individually controlled electric motors empowering eCrab, eTank, eCrawl, and eSteervoff-road modes. Apart from being fully enclosed, the Brawley features see-through doors that are quite appealing for off-road fanatics and casual adventurers.

4. Restraints High Accident and Fatality Rates Associated with Off-Roading Although electric off-road vehicles such as ATVs add up to the thrill and adventure quotient, the major risk factor associated with them cannot be neglected. There is a serious accident and death rate associated with the use of these vehicles. According to the Consumer Product Safety Commission (CPSC), riding an all-terrain vehicle, a heavy-duty self-propelled vehicle envisioned for off-road use, has the highest risk of hospitalization among 33 sports activities. Such factors may hamper the growth of the electric off-road vehicles market in the coming years.

5. Regional Insights In terms of the regional analysis, the global Electric Off-Road Vehicles market is segmented into five regions— North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, North America garnered more than half of the market share in 2021. The growth of the region can be attributed to the high regional market share. Additionally with the existence of various established market players including Polaris, Inc., Deere & Company, Zero Motorcycles, and KTM AG. The market statistics are also influenced by the emergence of new players in the electric off-road vehicles category. For example, in October 2020, VolconePowersports launched its business operations with its plans to introduce two- and four wheeled electric off-road vehicles.

6. Competitive Landscape The Global Electric Off-Road Vehicle market is characterized by the presence of many local, regional, and global vendors. The key players operating in the Global Electric Off-Road Vehicle market are Polaris, Inc., KTM AG, Intimidator, Inc., Zero Motorcycles, AlkeS.r.l, Daymak, Inc., Massimo Motors, HISUN Motors, DRR USA, Ecocharger Quad Bikes, TACITA S.r.l., Deere & Co., Electric Motion, Jiangsu Linhai, Power Machinery Group Corp., Ford Motor Company and other prominent players.Sample Copy: https://www.blueweaveconsulting.com/report/electric-off-road-vehicle-market/report-sample

7. Recent Developments • March 2022: Polaris, a Minnesota-based market leader in powersports vehicles presented several electric test vehicles at an event. These test vehicles include an electric UTVs for both adult and youth market, an electric RZR and an electric snowmobile at an investor presentation. These vehicles are expected to expand the electric focus of Polaris substantially from purely utility vehicles to more dual-use vehicles and recreational vehicles. • January 2022: Emotive, a UK-based company that developed the world’s first zero-emission off-highway electric ATV announced the launch of a new all-terrain vehicle. This ATV is named Scarab which is claimed to serve a variety of functions in off-highway activities such as fire rescue, agriculture, adventure tourism, and forestry.

8. Key Players • The key players operating in the Global Electric Off-Road Vehicle market Polaris, Inc., KTM AG, Intimidator, Inc., Zero Motorcycles, AlkeS.r.l, Daymak, Inc., Massimo Motors, HISUN Motors, DRR USA, Ecocharger Quad Bikes, TACITA S.r.l., Deere & Co., Electric Motion, Jiangsu Linhai, Power Machinery Group Corp., Ford Motor Company and Other prominent players.

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