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UNITED STATES ELECTRIC ATV AND UTV MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

United States Electric ATV and UTV Market by Vehicle Type (ATV, UTV) Market by Propulsion Type (Battery Electric ATV and UTV, Hybrid Electric ATV and UTV) Market by Displacement (≤400 (CC), 400-800 (CC), ≥800 (CC)) Market by Battery Capacity (Up to 48V, 48V to 72V, More Than 72V) Market by End-user (Recreational, Sports, Agriculture & Utility, Military & Defense, Other End-users)


MARKET OVERVIEW

The United States electric ATV and UTV market growth is anticipated to progress at a CAGR of 12.32% during the forecast period, 2024-2032, and is projected to garner a revenue of $xx million by 2032.

The expansion of the electric ATV and UTV market in the United States is linked to the rising demand for ATVs in agricultural and industrial sectors, the increasing integration of advanced infotainment systems in ATVs, and the growing preference for all-terrain electric vehicles. These factors are anticipated to be key drivers for the region’s all-terrain vehicle market in the coming years. Additionally, the introduction of numerous new models and the rising popularity of all-terrain vehicles among the younger demographic is expected to further boost the demand for such vehicles in the country. Notably, the sales of Polaris Industries ATVS and UTVs witnessed a significant increase in both 2019 and 2020.

United States Electric ATV & UTV Market

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The United States electric ATV and UTV market segmentation includes end-user, displacement, propulsion type, battery capacity, and vehicle type. The propulsion type segment includes hybrid electric ATV and UTV and battery electric ATV and UTV.

Hybrid electric ATVs and UTVs, as implied by their name, are vehicles that combine an internal combustion engine with one or more battery-electric propulsion systems for operation. With an electric powertrain, hybrid ATVs and UTVs deliver superior performance compared to their internal combustion engine (ICE) counterparts. These vehicles can take advantage of regenerative braking, ensuring that energy released during deceleration or braking is not wasted but instead used to recharge the vehicle’s battery power source. The pure electric vehicle mode proves highly beneficial in scenarios like hunting, where a silent operation is preferred, alleviating range anxiety issues associated with electric ATVs and UTVs and enhancing the overall riding experience.

Furthermore, riders have the flexibility to switch between hybrid and pure electric modes based on power requirements and the nature of the terrain. Although the ATV and UTV industry has not witnessed an abundance of hybrid electric variants, some companies have launched or are in the process of developing hybrid-electric ATVs and UTVs. Segway Technology Co., Ltd. offers ATVs with a hybrid powertrain capable of operating in both hybrid and pure electric vehicle modes. As part of its electrification strategy, Polaris Inc. is actively engaged in the development of hybrid electric UTVs.

Some of the key companies operating in the United States electric ATV and UTV market are BRP Inc, Honda Motor Company Ltd, Hisun Motors Corporation, etc.

BRP Inc (BRP) is engaged in the design, development, manufacturing, and sale of powersports vehicles for year-round and seasonal use, as well as original equipment manufacturer (OEM) engines, marine propulsion systems, and engines designed for karts, motorcycles, and small aircraft. Additionally, the company provides parts, accessories, and clothing. BRP markets its diverse range of products under various brand names such as Can-Am On-Road, Lynx, Sea-Doo, Rotax, Evinrude, Ski-Doo, Alumacraft, Can-Am Off-Road, Manitou, and Telwater. The company operates manufacturing facilities in Canada, Mexico, the US, Finland, and Austria and maintains a global dealer network. BRP’s headquarters are located in Valcourt, Quebec, Canada.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
End-User, Battery Capacity, Displacement, Propulsion Type, and Vehicle Type
Countries AnalyzedUnited States
Companies AnalyzedBRP Inc, Hisun Motors Corporation, Honda Motor Company Ltd, Polaris Inc, Textron Inc (Arctic Cat), Yamaha Motor Co Ltd

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. SCOPE OF STUDY
    3. METHODOLOGY
    4. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. COUNTRY SNAPSHOT
    4. COUNTRY ANALYSIS
    5. KEY GROWTH ENABLERS
    6. KEY CHALLENGES
    7. MAJOR MARKET FINDINGS
  3. KEY ANALYTICS
    1. CRISIS SCENARIO ANALYSIS
    2. PEST ANALYSIS
      1. POLITICAL
      2. ECONOMICAL
      3. SOCIAL
      4. TECHNOLOGICAL
    3. KEY MARKET TRENDS
    4. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    5. GROWTH PROSPECT MAPPING
    6. KEY BUYING CRITERIA
  4. MARKET BY VEHICLE TYPE
    1. ATV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  5. MARKET BY PROPULSION TYPE
    1. BATTERY ELECTRIC ATV AND UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. HYBRID ELECTRIC ATV AND UTV
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY DISPLACEMENT
    1. ≤400 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. 400-800 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. ≥800 (CC)
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY BATTERY CAPACITY
    1. UP TO 48V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. 48V TO 72V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. MORE THAN 72V
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  8. MARKET BY END-USER
    1. RECREATIONAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. SPORTS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. AGRICULTURE & UTILITY
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    4. MILITARY & DEFENSE
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    5. OTHER END-USERS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. PRODUCT LAUNCHES & DEVELOPMENTS
      2. PARTNERSHIPS & AGREEMENTS
      3. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. BRP INC
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      2. HISUN MOTORS CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      3. HONDA MOTOR COMPANY LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      4. POLARIS INC
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTH & CHALLENGES
      5. TEXTRON INC (ARCTIC CAT)
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      6. YAMAHA MOTOR CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – ELECTRIC ATV AND UTV

TABLE 2: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY DISPLACEMENT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY DISPLACEMENT, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY BATTERY CAPACITY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY BATTERY CAPACITY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 10: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY END-USER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY END-USER, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 12: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 13: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 14: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING

FIGURE 4: KEY BUYING CRITERIA

FIGURE 5: UNITED STATES ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2023

FIGURE 6: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY ATV, 2024-2032 (IN $ MILLION)

FIGURE 7: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY UTV, 2024-2032 (IN $ MILLION)

FIGURE 8: UNITED STATES ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2023

FIGURE 9: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY BATTERY ELECTRIC ATV AND UTV, 2024-2032 (IN $ MILLION)

FIGURE 10: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY HYBRID ELECTRIC ATV AND UTV, 2024-2032 (IN $ MILLION)

FIGURE 11: UNITED STATES ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY DISPLACEMENT, IN 2023

FIGURE 12: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY ≤400 (CC), 2024-2032 (IN $ MILLION)

FIGURE 13: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY 400-800 (CC), 2024-2032 (IN $ MILLION)

FIGURE 14: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY ≥800 (CC), 2024-2032 (IN $ MILLION)

FIGURE 15: UNITED STATES ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY BATTERY CAPACITY, IN 2023

FIGURE 16: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY UP TO 48V, 2024-2032 (IN $ MILLION)

FIGURE 17: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY 48V TO 72V, 2024-2032 (IN $ MILLION)

FIGURE 18: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY MORE THAN 72V, 2024-2032 (IN $ MILLION)

FIGURE 19: UNITED STATES ELECTRIC ATV AND UTV MARKET, GROWTH POTENTIAL, BY END-USER, IN 2023

FIGURE 20: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY RECREATIONAL, 2024-2032 (IN $ MILLION)

FIGURE 21: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY SPORTS, 2024-2032 (IN $ MILLION)

FIGURE 22: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY AGRICULTURE & UTILITY, 2024-2032 (IN $ MILLION)

FIGURE 23: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY MILITARY & DEFENSE, 2024-2032 (IN $ MILLION)

FIGURE 24: UNITED STATES ELECTRIC ATV AND UTV MARKET, BY OTHER END-USERS, 2024-2032 (IN $ MILLION)

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