According to a report by TechSci Research titled “Electric All-Terrain Vehicle MarketĀ – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Application (Sports, Adventure and Entertainment, Agriculture, Military & Defense, others), By Drive Type (2WD, 4WD, AWD) and By Region,” the global electric all-terrain vehicle market is projected to experience steady growth with a CAGR during the forecast period of 2022-2026. The increasing awareness of reducing greenhouse emissions and the depletion of fossil fuel sources worldwide are driving the demand for electric vehicles. The growing need for fuel-efficient vehicles like hybrid electric vehicles and battery electric vehicles is fueling the demand for the global electric all-terrain vehicle market. Electric all-terrain vehicles offer advantages such as reducing air pollution, providing solid off-road capabilities, and handling higher weights compared to traditional vehicles. These vehicles find applications in agriculture, including material transportation, field ploughing, and weed control, providing cost-effective solutions for farmers. Electric all-terrain vehicles are less complex and lighter than conventional vehicles, resulting in lower maintenance costs due to fewer moving parts.
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Market players are introducing electric all-terrain vehicles in various colors and models to attract a wider customer base. Expansion of the distribution channels by these players is contributing to market growth. The incorporation of attractive features such as anti-lock braking systems, comfortable seating, LED taillights, and GPS displays to enhance the riding experience is expected to drive sales of electric all-terrain vehicles. Additionally, efforts to improve vehicle performance, including smooth handling, enhanced maneuverability, and increased battery utilization for longer distances, are anticipated to boost the demand for electric all-terrain vehicles globally. However, challenges such as the lack of appropriate charging infrastructure, initial high costs, and the impact of heavy batteries on vehicle performance may restrain the growth of the global electric all-terrain vehicle market during the forecast period.
The global electric all-terrain vehicle market is segmented based on application, drive type, regional distribution, and companies. In terms of application, the market is divided into sports, adventure and entertainment, agriculture, military & defense, and others. The sports segment is expected to hold a significant market share during the forecast period from 2022 to 2026. Increasing disposable income and the growing demand for recreational and sports activities drive the need for electric all-terrain vehicles in the sports segment. Additionally, the flourishing tourism and travel industry worldwide is propelling the demand for sports electric all-terrain vehicles.
Based on drive type, the market is categorized into 2WD, 4WD, and AWD. The 2WD segment is projected to dominate the market for the next five years. The introduction of electric quad bikes, which offer higher speeds, low maintenance requirements, and cost-effectiveness, is driving the demand for 2WD vehicles. These vehicles help alleviate traffic congestion and are preferred for short-distance travel.
Leading players operating in the global electric all-terrain vehicle market include Kawasaki Motors Corp., ZHEJIANG CFMOTO POWER CO., LTD, Corretto Global Recruit, Polaris Inc., and DRR USA. Manufacturers are increasingly focusing on research and development to drive higher growth in the market.
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āThe rise in the adoption of electric all-terrain vehicles for micromobility purposes covering short distances and the efforts to introduce vehicles dedicated to micromobility is expected to fuel the market demand for the forecast period. The high demand for two-wheeled electric vehicles that can easily navigate through the dense traffic and less environmental impact is expected to influence the global electric all-terrain vehicle market growth. The market players are launching electric all-terrain vehicles equipped with automation technology to enhance the consumer experience and comfort while driving coupled with high-end investments for technological advancement is expected to propel the global electric all-terrain vehicle market growth till 2026ā said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
āElectric All-Terrain Vehicle Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026,Ā Segmented By Application (Sports, Adventure and Entertainment, Agriculture, Military & Defense, others), By Drive Type (2WD, 4WD, AWD) and By RegionāĀ has evaluated the future growth potential of global electric all-terrain vehicle market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global electric all-terrain vehicle market.
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