The electric ATV and UTV market is expected to increase at a rate of more than 22% in the near future, with UTVs accounting for the lion’s share of revenue in 2021. This is due mostly to the fact that UTVs are more potent and faster than ATVs. UTVs are rising in popularity among ranchers, farmers, and hunters because of their use in transporting commodities and overcoming difficult terrain. These automobiles are also widely used on college campuses for commuting, transporting athletes and sports equipment, and similar menial tasks.
In 2021, the outdoor recreational sector accounted for about half of the market revenue for electric ATVs and UTVs, and this segment is expected to expand at a CAGR of more than 20% over the next several years. This is because, especially in industrialized areas, ATV riding has become a popular form of outdoor recreation. In spite of rising disposable incomes and living standards, rural Europe and North America nevertheless have a wide variety of landscapes, including ranches, farms, and unpaved roads.