Electric Utility Vehicle Market Size is projected to reach

New York, United States, Oct. 19, 2022 (GLOBE NEWSWIRE) — Globally, government initiatives promoting cleaner and energy-efficient vehicles drive the growth of the global electric utility vehicle market. For instance, the Global Fuel Economy Initiative (GFEI) promotes cleaner and more energy-efficient vehicles with the target of improving the average fuel economy of light-duty vehicles by 2030.

Furthermore, according to the Center for Climate Protection (CCP), 16 countries, including Austria, Britain, China, India, Costa Rica, Denmark, and France have taken various initiatives to phase out Internal Combustion Engine (ICE) vehicles and promote electric vehicles (EVs). For instance, in April 2018, Costa Rica initiated plans to ensure the complete phase-out of ICE vehicles by 2021; in April 2017, the Indian government announced plans to ban the sale of new ICE vehicles after 2030. These factors offer an opportunistic outlook for the growth of the electric vehicle utility market.

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Segment Insights

The global electric utility vehicle market can be segmented by type, application, and region.

By Type, the global electric utility vehicle market can be segmented into battery acid lead, gel lead, and lithium. The lithium segment is expected to witness the most prominent growth in the global electric utility vehicle market on account of innovation in Li-ion and other battery technologies to deliver relatively higher specific energy and lower costs.

By Application, the global electric utility vehicle market can be segmented into logistics & delivery, industry, public sector, recreation & tourism, agriculture, and others. The logistics and delivery industry is expected to drive the demand for electric utility vehicles on account of the increasing need for supply chain management and logistics with a clean and green transportation…