Hyderabad, Dec. 19, 2025 (GLOBE NEWSWIRE) -- Hyderabad, December 2025 – According to Mordor Intelligence, the electric utility vehicle market, valued at around USD 21 billion in 2025, is expected to grow to over USD 26 billion by 2030, reflecting a CAGR of about 4%. This expansion is fueled by falling battery prices, electrification of airport and municipal fleets, and growing adoption in agriculture and industrial logistics. Incentives in regions like the U.S. and EU, along with new OEM launches, are making electric vehicles more cost-effective compared to traditional options, while advancements in battery technology continue to support market growth.
Electric Utility Vehicle Market Regional Insights
North America leads the market thanks to widespread golf courses, large-scale agriculture, and supportive federal incentives that make electric utility vehicles more affordable. Collaborative municipal purchases help reduce costs through bulk buying, while extensive dealer networks ensure strong service coverage. Growing lithium-ion recycling initiatives also contribute to sustainability and circular-economy goals.
The Asia-Pacific market is growing rapidly, supported by strong local manufacturing, favorable government policies, and rising investments in the EV supply chain. Regional brands are leveraging scale to offer cost-competitive options, while increasing disposable incomes are driving adoption of electric utility vehicles in resorts, recreational areas, and commercial fleets across the region.
Market Dynamics and Growth Drivers
Lithium-Ion Battery Costs Drop Below USD 70 per kWh
The growing production of lithium-based batteries is lowering costs, making electric utility vehicles more affordable and practical. Companies are increasingly developing in-house battery solutions to secure supply chains and control costs. The transition from lead-acid to lithium batteries enhances vehicle durability and reduces maintenance, while wider availability of standardized battery packs allows new manufacturers to enter the market, boosting competition and driving innovation.
Airports and Resorts Accelerate Shift to Zero-Emission Fleets:
Airports and resorts are increasingly replacing traditional vehicles with electric utility fleets to meet sustainability and zero-emission goals. This trend is reducing noise and emissions while creating cost efficiencies through higher production volumes. Municipalities are following suit, encouraged by government incentives that shorten payback periods. Fleet managers now view these vehicles not only as eco-friendly solutions but also as tools to enhance brand image, especially as regulations phase out combustion engines.
Electric Utility Vehicle Market Segmentation Overview
By Vehicle Type
- Golf Carts
- Shuttle Carts
- All-Terrain Vehicles (ATVs)
- Utility Task Vehicles (UTVs)
By Battery Type
- Lithium-Ion
- Lead-Acid
- Others
By Drive Type
- 2-Wheel Drive (2WD)
- 4-Wheel Drive (4WD)
- All-Wheel Drive (AWD)
By Propulsion Type
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Fuel Cell Electric Vehicles (FCEV)
By Application
- Agriculture
- Municipal Services
- Industrial Facilities
- Logistics
- Recreation
- Airports
- Resorts
- Others
To know more about the segments driving the market growth, visit -
Key Companies in the Electric Utility Vehicle Market
Key Market Players
- Textron Inc.
- Yamaha Golf-Car Company
- Club Car LLC
- Polaris Inc.
- John Deere
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
- Alke' S.r.I.
- Marshell Electric Vehicle
- Trojan EV
- Star EV Corporation
- Kawasaki Heavy Industries Ltd.
- Kinetic Green Energy & Power Solutions Ltd.
- Bintelli Electric Vehicles
- LVTONG
- TORO Company
Industry Related Reports
Autonomous Vehicle Market: The autonomous vehicle market is projected to grow from around USD 231.47 billion in 2025 to approximately USD 747.73 billion by 2030, driven by rapid advancements in AI and sensor technologies, increasing investments in self-driving systems, rising demand for safer and more efficient mobility solutions, expanding adoption of autonomous fleets for logistics and ride-hailing, and supportive regulatory frameworks enabling large-scale AV deployment.
Get More information: https://www.mordorintelligence.com/industry-reports/autonomous-vehicle-market?utm_source=Globenewswire
Robo Taxi Market: The robo-taxi market is projected to grow from around USD 0.8 billion in 2025 to approximately USD 17.55 billion by 2030, driven by rapid advancements in autonomous driving technologies, increasing investment in driverless mobility services, expanding pilot programs across major cities, rising demand for cost-efficient urban transportation, and supportive regulatory initiatives that are accelerating commercial deployment.
Get More information: https://www.mordorintelligence.com/industry-reports/robo-taxi-market-growth-trends-and-forecast-2020-2025?utm_source=Globenewswire
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