In 2021, the electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market was worth around USD 707.6 million, and it is projected to advance at a 20.7% CAGR from 2022 to 2030, hitting USD 3,845.3 million in 2030, according to P&S Intelligence.
This development can be ascribed to the increasing popularity of entertaining and adventurous activities and sports, fewer noise emissions, and low price of possession, and the increasing usage of such vehicles for military drives.
Two-seater types of quad bikes are the most commonly used kind of UTVs, holding approximately 50% industry share in 2021, this category will grow with a CAGR of 20.5% in the coming few years. Two-seaters are generally bought due to their adaptability and excessive value. These automobiles provide tandem and solo riding choices and can be utilized for fun riding, carrying passengers and cargo, and towing.
Because of their capability to transport payload and goods, also direct complex terrain, UTVs are gaining more traction among hunters, farmers, and ranchers.
In 2021, the Outdoor recreational applications category had the electric ATV and UTV market share, of approximately 50%, and it is projected to advance at a CARG of 20.1% during the forecast period. This can be credited to the growth in ATV riding happenings as a form of outdoor recreation, mainly in advanced regions, like Europe and North America.
North American contributed the highest revenue, approximately, USD 457.9 million. This can be credited to the acceptance of adventure sports and the existence of key firms that market and manufacture quad bikes.
Hence, the increasing popularity of entertaining and adventurous activities and sports, fewer noise emissions, and low price of possession, and the increasing usage of such vehicles for military drives, such factors will drive the electric ATV and UTV industry.
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