Electric All-Terrain Vehicle Market to be dominated by Asia-pacific region till 2026
Increasing demand for low-emission commuting and
reduction in cost of electric vehicle batteries are expected to drive the
demand of the global electric all-terrain vehicle market for the forecast
period.
According to TechSci Research report, “ElectricAll-Terrain Vehicle Market - 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 expected to grow at a steady
CAGR for the forecast period, 2022-2026. The rise in the awareness to reduce
the greenhouse emissions into the environment and the depleting fossil fuel
sources around the globe are accelerating the demand for electric vehicles. The
growing demand for fuel-efficient vehicles such as hybrid electric vehicles and
battery electric vehicles fuel the demand for the global electric all-terrain
vehicle market. Compared to other traditional vehicles, the electric
all-terrain vehicles help reduce air pollution, offer solid off-road
capabilities, and handle higher weights easily. The electric all-terrain
vehicles can be used in agriculture activities such as for transportation of materials,
field ploughing, and weed control, among other activities. The use of electric
all-terrain vehicle brings down the fuel expenses and help the farmers to
complete the task economically. Electric all-terrain vehicles are less complex
and lighter than conventional all-terrain vehicles as they consist of fewer
moving parts, which lowers the occurrence of faulty parts, thereby reducing
maintenance costs.
Market players are launching electric all-terrain
vehicles in various colors and models to attract more customers. The expansion
of the distribution channel by the market players is contributing to the market
growth. The incorporation of attractive features such as an anti-lock braking
system, comfortable seating, LED taillights, GPS displays to provide a smooth
riding experience to the riders is expected to accelerate the sales of electric
all-terrain vehicles. Also, the efforts to improve vehicle performance, such as
providing smooth handling, enhanced maneuverability, and higher battery
utilization to travel long distances, are expected to bolster the global
electric all-terrain vehicle market demand.
However, lack of appropriate charging infrastructure
and initial high cost, along with the effect of heavy battery on vehicle
performance, may restrain the global electric all-terrain vehicle market growth
for the forecast period.
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Global
electric all-terrain vehicle market is segmented into application, drive type,
regional distribution, and company. Based on application, the market is divided
into sports, adventure and entertainment, agriculture, military & defense,
and others. The sports segment is expected to account for major market share
for the forecast period, 2022-2026. Increasing disposable income of the
consumers and the need for recreational and sports activities for relaxation
purposes is the key factor driving the need for electric all-terrain vehicles
for sports activities. Also, the booming tourism and travel industry around the
globe is propelling the demand for sports electric all-terrain vehicles.
Based
on the drive type, the market is divided into 2WD, 4WD and AWD. The 2WD segment
is expected to hold the largest market share for the next five years. The
introduction of electric quad bikes, which can travel at higher speeds, require
low maintenance, and are economical to use, are driving the demand for 2WD.
These help in lowering the occurrence of traffic congestion and are preferred
to cover short distances.
Kawasaki
Motors Corp., ZHEJIANG CFMOTO POWER CO.,LTD, Corretto Global Recruit, Polaris
Inc., DRR USA are the leading players operating in global electric all-terrain
vehicle market. Manufacturers are increasingly focusing on research and
development process to fuel higher growth in the market.
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“The
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
2026” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Electric
All-Terrain Vehicle Market - 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” 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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