The global electric utility vehicle (EUV) market size was estimated at USD 20.35 billion in 2024, and it is projected to reach USD 29.07 billion by 2030, registering a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030. The market's growth trajectory is being primarily propelled by the increasing adoption of electric utility task vehicles (UTVs) in the agricultural sector, where they are being widely utilized for various operational tasks, including towing equipment, transporting loads, and surveying farmlands.

A major reason for this shift toward electric UTVs is the economic and environmental efficiency they offer. Compared to conventional internal combustion engine vehicles that run on gasoline or diesel, electric UTVs have lower operational and maintenance costs, produce zero direct emissions, and offer quieter performance, which is particularly beneficial in rural and ecologically sensitive areas. This makes them an ideal solution for modern, sustainable farming practices.

Governments in key agricultural economies such as those in North America and Europe are actively supporting this transition. They are providing financial incentives, subsidies, and policy support to farmers and agricultural businesses to encourage the adoption of electric-powered machinery. These efforts align with broader national strategies aimed at reducing carbon footprints and promoting clean energy solutions. As more farmers begin to recognize the long-term cost savings and environmental benefits, the market for electric utility vehicles in agriculture is expected to expand further.

Key Market Trends & Insights:

• North America held a significant revenue share of over 33% in the global electric utility vehicle market in 2024, making it one of the most mature and established markets. The strong presence of advanced agricultural practices, warehousing infrastructure, and government initiatives in the region support continued growth.
• The Asia Pacific region is anticipated to become one of the most lucrative markets in terms of revenue during the forecast period, backed by increasing industrialization, expanding logistics sectors, and government focus on clean energy. The region is expected to grow at a significant CAGR from 2025 to 2030.
• Among the different vehicle types, the electric utility task vehicle (UTV) segment accounted for the largest share of over 34% of the global market in 2024. The electric shuttle segment is expected to register considerable growth, particularly in hospitality, airports, and tourism sectors where eco-friendly passenger transport is in demand.
• In terms of battery type, the lithium-ion segment dominated the market with a share of over 58.0% in 2024. Lithium-ion batteries are preferred due to their high energy density, longer lifecycle, and faster charging capabilities compared to traditional lead-acid batteries.
• The rear-wheel drive (RWD) configuration accounted for the largest market share of over 49% in 2024. RWD vehicles offer better traction and towing capacity, making them suitable for utility purposes. Meanwhile, the all-wheel drive (AWD) segment is projected to grow at the fastest CAGR, owing to its superior off-road and all-terrain performance.
• Based on propulsion technology, battery electric vehicles (BEVs) captured the largest market share of over 76% in 2024, and this segment is expected to grow at a considerable CAGR throughout the forecast period.
• In terms of seating configuration, vehicles with more than 2 seats represented the largest share of over 51.0% in 2024. The 2-seater segment is also projected to grow at a significant CAGR, largely driven by applications in agriculture, security patrols, and recreational use.
• When analyzed by application, the commercial transport segment led the market with a share of 36.5% in 2024. Meanwhile, the recreation segment is expected to experience considerable growth, supported by rising interest in eco-friendly off-road adventures and electric all-terrain vehicles.

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Market Size & Forecast:

• 2024 Market Size: USD 20.35 Billion
• 2030 Projected Market Size: USD 29.07 Billion
• CAGR (2025-2030): 6.7%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

The electric utility vehicle market is highly fragmented, characterized by the presence of numerous global and regional players. Companies are focusing on product innovation, R&D investments, and strategic partnerships to strengthen their position and expand their footprint in emerging markets.

Some of the key players operating in the industry include:

• Addax Motors: Based in Deerlijk, Belgium, Addax Motors specializes in 100% electric utility vehicles. The company focuses on applications such as urban logistics, facility management, municipal operations, and last-mile delivery. Their compact, customizable vehicles are designed for professional use and are known for being emission-free and city-friendly.
• Alke: Known for its wide range of electric vehicles tailored for both industrial and commercial purposes.
• American Landmaster: Headquartered in Jonesboro, Arkansas (USA), this manufacturer produces utility terrain vehicles (UTVs) for both work and recreational use. The company’s lineup includes gas-powered and electric models, featuring cargo beds, towing capabilities, and configurations optimized for different terrains and workloads.
• CLUB CAR: A globally recognized brand offering electric vehicles for golf, commercial, and industrial uses.

These companies are also actively pursuing strategies such as new product launches, collaborations, acquisitions, and contractual agreements to expand their offerings and remain competitive in the evolving EUV market.

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Conclusion:

In conclusion, the global electric utility vehicle market is set for steady growth, driven by rising adoption in agriculture, logistics, and industrial sectors. Supportive government policies, advances in battery technology, and growing demand for sustainable transportation solutions are fueling this trend. With strong regional growth and increasing investments by key players, the market is expected to continue expanding through 2030.