Electric Utility Vehicle Market Drivers, Industry Survey and Business Development Analysis till 2030
The global electric utility vehicle (EUV) market size was estimated at USD 20.35 billion in 2024, and it is projected to reach USD 29.07 billion by 2030, registering a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030. The market's growth trajectory is being primarily propelled by the increasing adoption of electric utility task vehicles (UTVs) in the agricultural sector, where they are being widely utilized for various operational tasks, including towing equipment, transporting loads, and surveying farmlands. A major reason for this shift toward electric UTVs is the economic and environmental efficiency they offer. Compared to conventional internal combustion engine vehicles that run on gasoline or diesel, electric UTVs have lower operational and maintenance costs, produce zero direct emissions, and offer quieter performance, which is particularly beneficial in rural and ecologically sensitive areas. This makes them an ideal solution for modern, sustain...