The size of the electric ATV and UTV market was around $708 million in 2021, which will reach above $3,845 million by 2030, at a mammoth growth rate of approximately 21% in the years to come. The growth is reinforced by the increasing acceptance of adventurous and fun sports and activities, the low noise emissions and low ownership costs of these automobiles, and their increasing use by militaries.
Two-seater variations of quad bikes are the most-widely sold UTVs, with an approximately 50% market share in 2021; their sales will advance at a rate of about 21% till 2030. Two-seaters are generally purchased owing to their adaptability and great value. These vehicles can be ridden solo and in tandem and utilized for fun riding, conveying cargo and passengers, and towing purposes.
UTVs have the larger revenue share in 2021 in the electric ATV and UTV market, and this category will grow at a rate of above 22% in the near future, majorly because UTVs are more powerful and swifter. Because of their capability to carry goods, along with navigating trying terrain, UTVs are becoming increasingly popular among ranchers, farmers, and hunters. These vehicles are also common at universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs.
Outdoor recreational applications had an about 50% revenue share in the electric ATV and UTV market in 2021, and this category will grow at a CAGR of above 20% in the years to come. This can be credited to the increase in ATV riding activities as a form of outdoor recreation, predominantly in the developed regions. Europe and North America, which are seeing a rise in the usable income and living standards, are home to varying terrain, ranches and farms, and unpaved roads.