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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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The electric utility vehicles market is estimated at US$ 9,203 mn in 2023 and is expected to reach US$ 38,550 Million by 2033, growing at a CAGR of 15.4% during the forecast period

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