Technology

Electric Utility Vehicle Market to Record Strong Growth at 8.25% CAGR, Accounting for $27.87 Billion by 2030, North America Leads the Industry with Increasing Adoption of Electric Vehicles, Projects Kings Research

Published

11 months ago

February 12, 2024

DUBAI, UAE, Feb. 12, 2024 /PRNewswire/ — According to the latest report by Kings Research, the global Electric Utility Vehicle Market was worth USD 19.12 billion in 2022 and is foreseen to generate revenue of USD 27.87 billion by 2030, growing at a CAGR of 8.25% from 2023 to 2030. The industry growth is fueled by the increased demand for sustainable and energy-efficient transportation. Other factors driving market development include increased global awareness of climate change and environmental issues, stringent emissions regulations, and the reduced cost of battery technology. The need to curb greenhouse gas emissions and reduce reliance on fossil fuels has become a pivotal force compelling both governments and businesses to invest in electric utility vehicles.

Electric utility vehicles (EUVs) represent a subset of electric vehicles (EVs) primarily tailored for commercial and industrial purposes. This category encompasses a diverse range of electricity-powered vehicles, distinguishing itself from passenger EVs by its emphasis on utility and application-specific functionality. Examples of EUVs include electric trucks, vans, and buses, as well as specialized vehicles like forklifts and utility terrain vehicles (UTVs).

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Competitive Landscape

Key players in the electric utility vehicle industry are employing various business tactics viz., partnerships, product innovations, mergers & acquisitions, and joint ventures, to broaden their product offerings and enhance their market standing in major regions. These companies are adopting strategic activities such as investments in R&D activities, building new manufacturing facilities, and optimizing supply chain processes.

For instance, in June 2023, John Deere announced a strategic partnership with EGO and its parent company, Chervon. This collaboration strategically leverages the strengths of both brands to provide homeowners with a diverse selection of EGO’s cutting-edge and efficient battery-powered lawn care solutions. The distribution of these innovative products was to be facilitated through John Deere’s extensive network of dealers, enhancing accessibility for consumers.

Major participants profiled in the global electric utility vehicle market include:

AlkeRenault GroupBriggs & StrattonRivianTextron Inc.Columbia Vehicle Group Inc.Marshell Green PowerAddax MotorsDeere & CompanyAmerican LandmasterPolaris Inc.CLUB CARStar EV Corporation

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Trending Now: Strategic Partnership Unveiled Between Addax Motors and Durso Srl in Italy

In September 2023, Addax Motors and Durso Srl declared their strategic partnership in Italy. This collaboration was purposed to focus on the joint distribution of electric light commercial utility vehicles, targeting key sectors viz., agricultural and industrial.

Addax Motors and Durso Srl’s alliance aims to make a notable impact on the electric utility vehicle market in Italy. The partnership will specifically cater to the agricultural and industrial sectors, offering innovative and sustainable solutions in the form of electric light commercial utility vehicles

Increasing Demand For Electric Shuttles For Commercial Application To Spur Electric Utility Vehicle Market Development

By vehicle application, the electric utility vehicle industry is divided into commercial, industrial, agricultural, recreation, and others.

The commercial segment dominated the global electric utility vehicle market by capturing a substantial industry share in 2022. This segmental growth is fueled by the increasing demand for electric shuttles in urban passenger transport and the growing need for utility carts, serving slightly longer last-mile travel in both rural and urban areas. Leading manufacturers, including Columbia Vehicle, CLUB CAR, Electric Last Mile Solutions, and Ari Motors, specialize in producing electric utility carts tailored for commercial transport needs.

Commercial electric utility vehicles are considered effective and environmentally friendly mobility solutions applicable across diverse locations. For instance, in August 2023, Addax Motors expanded its presence in the Scandinavian market through a strengthened distribution network. Sandhaug AS exemplifies this shift by incorporating Addax Motors’ vehicle range into its existing product portfolio, reflecting a partnership in Norway resulting from Addax Motors’ ambitious expansion strategy across global markets.

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Rising Need For Lithium-Ion Batteries To Spur Electric Utility Vehicle Sales

Based on battery type, the electric utility vehicle market is bifurcated into lithium-ion, lead-acid, and others. The lithium-ion segment secured the largest revenue share in the market in 2022. The increasing acceptance of electric utility vehicles is directly tied to the rising need for lithium-ion batteries. Electric utility vehicles extensively use lithium-ion batteries due to their superior energy density, extended operating range, and effective energy utilization. The transition from lead-acid to lithium-ion batteries, range anxiety, and the requirement for battery efficiency are some of the factors driving the growing demand for lithium-ion batteries.

Global Enforcement Of Strict Emissions Regulations To Fuel Electric Utility Vehicle Market Growth

One key market driver for electric utility vehicles is the implementation of strict emissions regulations across the globe, which is compelling businesses to shift toward electric vehicles to meet set standards and avoid fines. Another significant opportunity lies in integrating renewable energy sources, such as solar or wind power, to charge vehicle batteries, which aids in reducing carbon footprints and operational costs. The market is further propelled by the expanding charging infrastructure and advancements in battery technology, which are enhancing the range and performance of electric utility vehicles across various industries. The growing demand for urban delivery services, waste management, and public transportation, coupled with collaborations between automotive manufacturers and tech companies for connectivity and autonomy, signifies ongoing industry innovation.

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Increasing Adoption Of Electric Vehicles in North America to Promote Electric Utility Vehicle Market Progress

North America led the global electric utility vehicle market in 2022 due to the increasing adoption of electric vehicles. Major American companies, including Tesla, Rivian, and traditional automakers, have significantly invested in electric utility vehicles, serving both domestic and international markets. Furthermore, stringent emissions regulations at both federal and state levels have acted as a catalyst, compelling businesses to shift toward electric utility vehicles to align with environmental standards. The demand for such vehicles is particularly robust in North American cities, where the emphasis on urban logistics and last-mile delivery services is fueling the need for emission-free transportation solutions. The well-established charging infrastructure in many urban areas further bolsters the growth of the electric utility vehicle market in North America.

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Key Points from TOC:

1 Introduction of the Global Electric Utility Vehicle Market

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

2 Executive Summary

3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

4 Global Electric Utility Vehicle Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter’s Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

5 Impact of Russia-Ukraine War

6 Global Electric Utility Vehicle Market, By Battery Type

7 Global Electric Utility Vehicle Market, By Drive Type

8 Global Electric Utility Vehicle Market, By Vehicle Type

9 Global Electric Utility Vehicle Market, By Application

10 Global Electric Utility Vehicle Market, By Geography

11 North America

12 Europe

13 Asia Pacific

14 Middle East & Africa

15 Latin America

16 Global Electric Utility Vehicle Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

17 Company Profiles

17.1 Alke

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Product Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 Renault Group

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Product Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 Briggs & Stratton

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Product Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Rivian

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Product Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 Textron Inc.

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Product Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued…………

Browse Complete TOC: https://www.kingsresearch.com/toc/electric-utility-vehicle-market-332

Browse More Related Reports:

Smart Electric Drive Market: The global Smart Electric Drive Market is projected to reach USD 10,778.2 million by 2030, growing at a CAGR of 43.50% from 2023 to 2030

E-Mobility Market: The global E-Mobility Market is projected to reach USD 869.67 billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030

Electric Truck Market: The global Electric Truck Market is projected to reach USD 6460.9 million by 2030, growing at a CAGR of 32.66% from 2023 to 2030

Electric Van Market: The global Electric Van Market is projected to reach USD 104.29 billion by 2030, growing at a CAGR of 26.76% from 2023 to 2030

Anti Collision Sensor Market: The global Anti Collision Sensor Market is projected to reach USD 25.90 Billion by 2030, growing at a CAGR of 17.20% from 2023 to 2030

About Us:

Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.

Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.

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Technology

365 Retail Markets Strengthens Leadership Team with Key Hires

Published

56 minutes ago

December 26, 2024

Announcement Comes as Two Long-Time Executives Retire

TROY, Mich., Dec. 26, 2024 /PRNewswire/ — 365 Retail Markets, the global leader in unattended retail technologies, today announced the appointment of Anton Rakushkin as Chief Technology Officer and Bill Reidy as VP of Sales for North America. These strategic hires come as two long-time leaders, Joe Rogan and John Chidiac, retire after years of dedicated service to the company.

365 Retail Markets announces the appointment of Anton Rakushkin as CTO and Bill Reidy as VP of Sales- North America.

Rakushkin comes to 365 with twenty years of experience in retail technology including time with Streamware Corporation and Crane Connectivity Solutions. He holds impressive accomplishments in the areas of vending management, including the architecture of Vendmax, an extensively used VMS system across the industry. His achievements also include innovations around data exchange and tools for operator success such as industry-first pre-kit and dynamic scheduling features. Rakushkin has had notable success working closely with both customers and other solution providers to create widely adopted industry standards.

“I am excited to bring my experience to the world-class team at 365 and look forward to elevating their impressive accomplishments across the industry as well as extending that success to more opportunities. By understanding customer needs and providing solutions that will drive the industry forward, we will accomplish great things,” said Rakushkin.

Reidy joins 365 Retail Markets with over thirty years of experience in sales leadership and executive management. Throughout his career, he has successfully developed and grown businesses across various verticals and industries. Reidy has cultivated a deep understanding of the SaaS industry by advancing through prominent firms, including well-known players in the automotive technology space, such as KPA, Netsertive, and DealerMatch. During his time at vAuto, he designed highly effective sales and operations management processes and built a renowned national sales team.

When asked about his optimism around 365’s growth potential, Reidy noted, “I’m fortunate to be joining a well-established team at 365 Retail Markets, and I believe that through coaching and establishing the right processes, we can expand our opportunities immensely. I am looking forward to elevating the reach and success of this organization through the help of a world-class sales team.”

Joe Hessling, CEO at 365 Retail Markets, expressed his excitement about the leadership additions. “Bringing experts like Anton and Bill onto the team is essential to keep up with the intense growth we are seeing in our unattended retail business. We have heard for years that the market is tired of the lack of investment by the legacy VMS providers and the lack of consumer-focused features from the me-too payment terminal providers. Anton and Bill will be focused on being sure 365 remains the global leader for decades to come.”

Joe Rogan retires after 10 years with 365. While currently serving as Chief Strategy Officer, he has previously served as Chief Financial Officer and an early advisor and Board Member helping define nearly every successful initiative in the company’s history. Joe will be missed greatly by his industry colleagues and friends at 365 but will remain in an advisory role in his retirement.

John Chidiac’s decade of service to 365 comes with many accomplishments in roles as Chief Operating Officer and later as President of International, spearheading international growth. His dedication to 365 has positioned the long-term success internationally and his relationships with many in the industry has gained him immense respect among his peers and colleagues.

Hessling acknowledged their contributions, stating, “I would like to thank both Joe and John for helping me turn 365 into what it is today. Taking the leap to join over 10 years ago was a risk neither had to take and their impact on 365, me, and the industry has been something that most don’t ever get the chance to do in their careers. I will miss working with them both but am happy for them in their next stage of life.”

Both retirements are effective December 31, 2024 and 365 Retail Markets thanks both individuals for their incredible dedication and commitment to the organization and industry.

CONTACT:
Navreet Gill
VP of Marketing & Communications, 365 Retail Markets
navreet.gill@365smartshop.com

About 365 Retail Markets
365 Retail Markets is the global leader in unattended retail technology. Founded in 2008, 365 provides a full suite of best-in-class, self-service technologies for food service operators including end-to-end integrated SaaS software, payment processing and point of-sale hardware. Today, the company’s technology solutions autonomously power food retail spaces at corporate offices, manufacturing and distribution facilities, hospitality settings and more, in order to provide compelling foodservice options for consumers. 365’s technology solutions include a growing suite of frictionless smart stores, micro markets, vending, catering, and dining point-of-sale options to meet the expanding needs of its customers. 365 continuously pioneers innovation in the industry with superior technology, strategic partnerships and ultimate flexibility in customization and branding.

For more information about 365 Retail Markets, visit www.365retailmarkets.com and connect on Facebook, Twitter, YouTube, and LinkedIn.

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SOURCE 365 Retail Markets, LLC

Technology

The Inner Circle acknowledges, Tane Remington as a Pinnacle Professional Member

Published

56 minutes ago

December 26, 2024

LIVERMORE, Calif., Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Tane Remington is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for her contributions at the Forefront of Innovation in Physics & Engineering.

Dr. Tane Remington, a trailblazer in the fields of physics, engineering, and materials science, continues to drive forward technological innovation as the co-founder and Chief Scientific Officer of Maelstrom Water Technologies. With a profound commitment to advancing environmental sustainability through cutting-edge research and development, Dr. Remington has established herself as a visionary leader in the industry.

Dr. Remington’s journey into the realm of scientific discovery began with a Bachelor of Science in Engineering, laying a solid foundation for her academic pursuits at Swarthmore College. At the University of California, San Diego. Here, she earned a Master of Science in Materials Science and Engineering, followed by a PhD in Mechanical and Aerospace Engineering, completing her education in 2015. Her academic achievements underscore her deep expertise and dedication to pushing the boundaries of scientific exploration.

Throughout her illustrious career spanning over a decade, Dr. Remington has amassed multiple pending patents and has actively contributed to pioneering research initiatives. Her seminal works, including groundbreaking articles on Numerical Simulations of Laboratory-Scale Hypervelocity-Impact Experiments for Asteroid-Deflection Code Validation and Deformation and failure in extreme regimes by high-energy pulsed lasers, highlight her pivotal role in advancing the frontiers of science and technology.

An active member of the American Physical Society, Dr. Remington remains committed to fostering collaborative partnerships and driving impactful change within her field. Her contributions have not only garnered acclaim but have also set new standards for innovation and excellence in physics and engineering.

Beyond her professional achievements, Dr. Remington attributes much of her success to the support of her family and peers, expressing gratitude to “all the dreamers” who have inspired and motivated her throughout her journey.

Looking ahead, Dr. Remington envisions a future marked by continued growth and success in her pursuit of environmental sustainability through technological advancement. Her unwavering commitment to innovation and scientific inquiry positions her as a catalyst for positive change in the global landscape of physics and engineering.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

Technology

The Inner Circle acknowledges, Donald B. Olson as a Pinnacle Life Achiever

Published

56 minutes ago

December 26, 2024

MIAMI, Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Donald B. Olson is acknowledged as a Pinnacle Life Achiever for his contributions in Leading Oceanography and Marine Science Innovator.

Dr. Donald B. Olson has established himself as a prominent figure in oceanography, marine, and atmospheric science over his illustrious 50-year career. Currently a professor at the University of Miami’s Rosenstiel School of Marine and Atmospheric Science since 1979, Dr. Olson’s contributions span across education, research, and international collaboration.

Dr. Olson’s academic journey began with a Bachelor of Science degree from the University of Wyoming in 1974, followed by both a Master of Science and a Doctor of Philosophy from Texas A&M University in 1976 and 1979, respectively. His early academic achievements paved the way for a distinguished career focused on advancing our understanding of oceanographic systems and their impact on marine ecosystems.

Throughout his career, Dr. Olson has been instrumental in fostering educational opportunities in South American oceanographic programs. He served as visiting faculty at the University of Buenos Aires and the University of Sao Paulo, pioneering graduate courses in physical oceanography tailored for fisheries and climate studies across Latin America. Additionally, Dr. Olson led a groundbreaking summer program on biophysical interactions in collaboration with Massachusetts Institute of Technology, supported by funding from the U.S. Navy to enhance biophysical models of the ocean.

Dr. Olson’s expertise spans multiple disciplines within oceanography, including marine ecosystem ecology, mesoscale oceanography, and mathematical physiology. He is a member of prestigious scientific organizations such as the American Meteorological Society, American Geophysical Union, American Association for the Advancement of Science, Oceanographic Society, and American Fisheries Society, reflecting his influence and recognition in the field.

His prolific research has garnered numerous grants from institutions like the Office of Naval Research, the National Science Foundation, and NASA. Dr. Olson’s work is widely published, with over 150 articles in scholarly journals and contributions to various book chapters. He has also served as an associate editor for Oceanography magazine, the Journal of Marine Research, and as editor of Geophysical Research Letters-Oceans.

Recognized for his outstanding contributions, Dr. Olson received the Distinguished Alumni Award from the University of Wyoming, celebrating his impact on oceanographic research and education. Looking ahead, Dr. Olson remains committed to advancing oceanographic knowledge, fostering international collaborations, and mentoring future generations of scientists in the field.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle