The electric utility vehicle market is expected to grow from US$ 19.12 billion in 2022 to US$ 28.39 billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2022 to 2030.
The electric utility vehicle market has witnessed noteworthy growth in recent years, driven by rising government spending on the development of the electric charging infrastructure and increasing government incentive scheme for the consumer who buys electric vehicles around the globe. EU countries’ government’s spending on providing incentives and subsidies for electric vehicles reached around US$ 30 billion in 2021 and is growing at a rapid pace. Also, an increasing number of countries’ norms to phase out conventional internal combustion engine-based vehicles are driving the market growth. Meanwhile, automotive manufacturers have planned to electrify their existing fleets to meet government policies. Rising demand for electrification transportation around the globe is driving the market growth. In Europe, more than 180 Electric vehicle models were launched as of 2021. These vehicles are being provided with government incentives and funding to promote electric vehicle sales in the EU countries. Favorable government policies to reduce consumer barriers with growing awareness among individuals about clean transportation are expected to create ample opportunity in the future. Rising investment by the local and state authorities for the development of all-electric mobilities to adopt clean and zero-emission vehicles drives the electric utility vehicle market.
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Top Key Major Players:-
1. American LandMaster
2. Bintelli Electric Vehicles
3. Deere and Company
4. Ingersoll-Rand plc
5. Marshell Green Power Co. Ltd
6. Polaris Inc.
7. Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
8. Textron Inc.
9. The Toro Company
10. Yamaha Motor Co., Ltd.