Global Electric ATV and UTV Market: Trends for 2024-2032

As per Triton Market Research, the Global Electric ATV and UTV Market report is segmented by Vehicle Type (ATV, UTV), Displacement (≤ 400 (cc), 400-800(cc), ≥ 800 (cc)), Propulsion (Battery Electric, Hybrid), Battery Capacity (Up To 48V, 48V To 72V, Above 72V), End-User (Recreational, Sports, Agriculture & Utility, Military & Defense, Other End-Users), and Regional Outlook (Asia-Pacific, North America, Middle East and Africa, Europe, Latin America).

The report highlights the Market Summary, Industry Outlook, Porter’s Five Forces Analysis, Key Buying Impact Analysis, Key Market Strategies, Market Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology and scope, Global Market Size, Forecasts & Analysis (2024-2032).

As per Triton’s research report, the global electric ATV and UTV market is anticipated to rise with a CAGR of 12.05% over the forecasting years 2024-2032.

All-terrain vehicles (ATVs), also known as ‘quad’ are meant for a single rider on high terrain. Utility-terrain vehicles (UTVs) allow for side-by-side riding that can operate through a variety of terrains. Both are becoming increasingly popular in various applications beyond hiking trails.

Since electric quad bikes provide better mobility for tactical operations, military tasks such as troop transportation and driving on rough terrain are carried out efficiently. This feature enables the military to move nine fully armed soldiers from different battlefields. Thus, the increasing demand for these vehicles in the military sector is a major factor that drives its market growth.

Additionally, more initiatives are being taken to reduce carbon dioxide emissions from vehicles. A shifting focus towards environment-friendly alternatives and the use of EVs results in a positive growth of the global electric ATV and UTV market. The government bodies also formulated plans to stimulate the demand for electric variants and infrastructure required for the production of electric quad bikes.

Moreover, there is a need to develop amphibious quad bikes for their various applications in mud removal, excavation, environment cleanups, maintenance of water bodies, etc. Thus, for easy navigation on both land and water, manufacturers of electric ATVs and UTVs explore options for making them waterproof.

Asia-Pacific is the fastest-growing region in the global electric ATVs and UTVs market. Several farming sites in India and Pakistan are situated in mountainous areas that require easy access. In this regard, electric ATVs and UTVs find a wide sense of application in agricultural operations, which can drive their demand in countries like Thailand, Indonesia, and Bangladesh, especially for step farming. 

The major companies in the electric ATV and UTV market are BRP Inc, Cfmoto, Deere and Company, Hisun Motors Corporation USA, Honda Motor Company Ltd, Kawasaki Heavy Industries Ltd, Polaris Inc, Suzuki Motors Corporation, Textron Inc (Artic Cat), Yamaha Motor Co Ltd, and DRR USA.

However, integrating battery systems and installing a high number of sensors in electric quad bikes makes them expensive. For instance, the price of the ‘Polaris Sportsman 450 H.O.’, manufactured by Polaris Industries Inc, is $6,999. In comparison, the price of an electric quad bike named ‘Ranger’ manufactured by the same company is $14,699. Thus, the higher retail price slows down the growth of the global electric ATV and UTV market.