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The electric utility vehicles market size is valued at US$ 9,203.8 million as on 2023. The market is expected to reach a valuation of US$ 38,550.2 million by 2033, and is expected to grow at a CAGR of 15.4% during the period 2023-2033.

Key Takeaways:

The electric utility vehicles market is valued at US$ 9,203.8 million as on 2023.
The market is expected to reach a valuation of US$ 38,550.2 million by 2033.
The market is anticipated to grow at a CAGR of 15.4% during the forecast period.
Based on the regional analysis, North America is the largest market.
Based on the country analysis, USA is the largest market, having a share of 26.8%.
The Germany market has a share of 13.7%.
The Japan market has a share of 1.4%.
The Australia market has a share of 0.6%
The China electric utility vehicles market is expected to grow at a CAGR of 18.5% during the forecast period.
The India market is expected to grow at a CAGR of 14.5% during the forecast period.
The UK market is expected to grow at a CAGR of 10.5% during the forecast period.
On the basis of battery type, the lithium-ion battery has the highest market share of 73.4%.
On the basis of application, the commercial segment has the largest market share.
On the basis of propulsion, the pure electric segment has the highest share in the electric utility vehicles market.
There has been an increasing awareness regarding the impact of harmful emissions on the environment. Owing to this, the governments have been taking proactive steps to tackle pollution. This has led to governments incentivizing people who make use of electric utility vehicles.

Initially, the cost of the battery used in electric utility vehicles was more than US$ 1000. But with the advancements in technology, the cost has come down to US$ 100. This might increase the demand for electric utility vehicles during the forecast period.

Furthermore, the electric utility vehicles market has witnessed a number of buyers in the agricultural sector. This is because of the fact that there were a number of cases of crops getting spoiled due to vehicular emissions. This might well increase the sales of electric utility vehicles during the forecast period.

Moreover, the users are of the view that the application of electric utility vehicles offers high convenience as these are easy to charge. This might as well surge the market growth during the forecast period.

Moreover, the cost associated with charging electric vehicles is much less as compared to the usage of fuels.

However, the growth of E-commerce market represents massive opportunity for the market of electric utility vehicles. This is owing to the fact that the electric utility vehicles seamlessly carry out the task of logistics.

Thus, based on the insights provided by FMI researchers, it can be inferred that “initiatives by the governments across the world to reduce greenhouse gas emissions, coupled with reduction of battery cost is expected to surge the electric utility vehicles market growth.”

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Competitive Landscape

The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.

Some of the recent developments in the electric utility vehicles market are:

In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
In September 2022, Tesla announced Joe Gebbia as new independent director.
Key Companies Profiled

Tesla
Hyundai Motor Group
General Motor Company
Mahindra Electric Mobility
Columbia Vehicle Group
Star EV Corporation
Neuron EV
Bollinger Motors
Ford Motor Company
Toyota Motor Corporation

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Animal Ultrasound Market 2023: Pet insurance demand rising continuously, triggering the animal ultrasound sales

Animal ultrasound has become a popular tool in veterinary medicine, with many pet owners turning to technology to get a better understanding of their pet's health. Ultrasound devices offer veterinarians an efficient way to assess an animal’s internal organs and diagnose conditions quickly and accurately. This non-invasive imaging technique is widely used for the diagnosis of illnesses such as cancer, heart defects, organ dysfunction, and reproductive issues in animals.

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The global animal ultrasound market is expected to see a steady growth due to increasing demand from veterinary professionals and pet owners alike. The market is driven by factors such as technological advancements in the field and increased awareness among pet owners about animal health care. Technologies such as 3D/4D imaging are allowing veterinarians to get more accurate diagnosis of various ailments in animals which has boosted the demand for ultrasound equipment. Additionally, the introduction of portable equipment has made it easier for veterinarians to provide on-the-spot assessments without having to take their patients back to the clinic.

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The rising consumer spending power on pet care products and services is also facilitating market growth by creating opportunities for vendors offering high quality scans at competitive prices. Animal ultrasounds are now being used not just for diagnostic purposes but also for preventive healthcare purposes such as fetal assessment during pregnancy or monitoring of pre-existing conditions like obesity or diabetes in pets. As animal healthcare continues to evolve towards preventive measures, there will be greater demand for reliable ultrasound systems that can provide quick results with minimum effort from both vet and owner.

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