Electric All-Terrain Vehicle Market to be dominated by Asia-pacific region till 2026by Mack Nene SEO | Digital Marketing
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, “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”, 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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Created on Nov 16th 2021 00:13. Viewed 180 times.