North America is predicted to dominate the market due to due to rapid adoption of electric vehicles, increased emphasis and research on improving fuel efficiency and lowering carbon emissions, and increased use of electric vehicles for logistics and last-mile deliveries.
Europe is predicted to account for significant revenue growth throughout the projection period due to increased investment to expedite advances in electric mobility, a growing move towards green transportation, and the region’s strong presence of important vehicle manufacturers.
Asia Pacific is predicted to have the highest revenue CAGR due to increased manufacturing of electric vehicles in APAC nations like as China and India, as well as significant government initiatives to electrify transportation in the future years.
COVID-19 had a detrimental impact on the market for electric utility vehicles. Though the sales growth of electric vehicles were temporarily hindered by the pandemic, the industry is expected to fully recover with a relatively high growth rate than the previous year, due to the ongoing rise in fuel prices and increasing concerns about environmental pollution as well as subsidies provided by various governments.
Major players operating in global electric utility vehicle market include Tesla Inc., Tropos Motors, Columbia Vehicle Group Inc., Marshell Green Power, Polaris Inc., Club Car, Star EV Corporation, Neuron EV, Bollinger Motors, Mahindra Electric Mobility Limited, Ford Motor Company, The General Motors Company, Toyota Motor Corporation, and Hyundai Motor Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.