The Electric All-Terrain Vehicle and Utility-Terrain Vehicle Market to Reach $4.74 Bn by 2031: BIS Research

The global electric all-terrain vehicle (ATV) and utility-terrain vehicle (UTV) market is projected to reach $4.74 billion in terms of revenue by 2031, at a CAGR of 21.4%, suggests the premium market intelligence study by BIS Research.

All-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs) are becoming increasingly popular in various applications around the world. The vehicles' capacity to operate through a variety of terrains has increased their popularity.

An increase in EV safety requirements, increased demand for a better driving experience, and the low cost of maintenance for EVs contribute to the growing application areas for electric ATVs and UTVs.

Furthermore, governments and federal agencies are making significant investments in subsidies and infrastructure development to promote electric vehicles to reduce carbon dioxide emissions, fuelling the growth of electric ATV and UTV sales.

According to Dhrubajyoti Narayan, Lead Analyst, BIS Research, "According to the American National Standards Institute, an ATV is a vehicle with operator straddled seats and steering wheel handlebars that run on low-pressure tires and is designed for climbing a wider range of terrain than most other commercially available vehicles. Several major electric ATV and UTV manufacturers have released electric variants of their products. The market for electric ATVs and UTVs is expected to grow as governments worldwide begin implementing strategies to increase EV sales and phase out IC engine vehicles in their countries."