Electric Off-Road Vehicles Market Projected To Hit $250 Million By 2027 as Demand Grows Quickly

PALM BEACH, Fla., Nov. 9, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The on-road electric vehicle industry has witnessed strong growth with almost every major auto  manufacturer entering the space during the last few years. Product sales witnessed an increase in North American and European economies with high consumer spending capability. Shifting consumer preference toward spending leisure time with their friends and family in outdoor locations supported the market size growth during the COVID-19 pandemic. The positive outlook of the powersports industry also assisted the market for electric off-road vehicles. Electric off-road vehicles include all-terrain vehicles (ATV), side-by-side/utility vehicles (SSV/UTV), and off-road motorcycles that are fully battery operated. These vehicles are witnessing rapid growth in the market representation as they are highly eco-friendly and do not release any harmful emissions. The amplifying market demand for electric off-road vehicles from millennial population is supporting the industry growth. Growing participation in off-road leisure activities along with the rising demand for ATVs and UTVs among youngsters is driving the electric off-road vehicles market. Recent reports are optimistic of the industry's continued growth. A report from Global Market Insights said that the electric off-road vehicles market will reach US$ 250 million by 2027, saying that the market is forecast to grow at a high CAGR, driven by strategic new product launches by industry players… are investing heavily in R&D to electrify their off-road vehicle portfolio. Growing demand for environmentally friendly and zero-emission off-road vehicles across the globe is likely to drive industry growth.  Active EV stocks in news today include:  Volcon Inc. (NASDAQ: VLCN), NIO Inc. (NYSE: NIO), Lucid Group (NASDAQ: LCID), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), XPeng Inc. (NYSE: XPEV).

The Global Market Insights report added: "Electric UTVs offer lower operating costs for transporting goods over short distances and capability to work in harsh environments efficiently, fueling the market demand. Several regulatory bodies are providing operational training courses to forest service employees to ensure safe and responsible driving. Moreover, innovations, such as electronic braking distribution and regenerative braking, will support the electric off-road vehicles market growth through 2027.  The Europe recreation segment is anticipated to witness rapid growth with around 10% CAGR from 2021 to 2027 owing to the growing participation and increasing spending of young adults on outdoor recreational activities including off-roading, hunting, and dirt biking. The growing support of government authorities toward the travel & tourism sector will increase consumer participation in recreational activities.  Growing demand for environmentally friendly and zero-emission off-road vehicles across the globe is likely to drive industry growth."

Volcon Inc. (NASDAQ: VLCN) BREAKING NEWS - Volcon Partners with Top Archer and Outdoorsman John Dudley to Optimize Electric Powersports for Hunters and Adventurers Alike – Volcon Inc., the first all-electric, off-road powersports company, today announced that it has partnered with world-class archer, educator and opinion leader John Dudley of NOCK ON® Archery. Volcon and Dudley will work closely together to develop new and innovative products for Volcon that will help optimize the company's electric powersports products for real-world adventuring and hunting applications.

"I think he's probably one of the most impactful people in the history of bow hunting." - Joe Rogan

"At Volcon, we're committed to amplifying the outdoor experience for all enthusiasts, including those with a passion for hunting. Our vehicles are the perfect match for hunters thanks to our near silent drive train and substantially reduced environmental footprint. For many hunters, riding a Grunt will take their pursuit to an entirely new level by allowing them access to places they never could have reached before," said Jordan Davis, Chief Executive Officer of Volcon. "John Dudley is one of the most influential people in the hunting community and a world class outdoorsman. His ability to test our products in true to life scenarios will provide invaluable feedback to our product team as we aim to build the best possible products for the hunting enthusiast. We believe quiet, powerful, environmentally friendly bikes will create new opportunities in the outdoor space, especially when it comes to hunting."

Dudley will be involved in real-world testing of Volcon products in order to share knowledge about what hunters and outdoor enthusiasts really need from a powersports product. Dudley is also scheduled to participate in future Volcon events as a brand ambassador in addition to providing the aforementioned research and development (R&D) insight.

"Whether on the plains in pursuit of antelope, in the backcountry at 10,000 feet stalking bugling bulls, or on my farm preparing food plots and hunting whitetails, I am always on the move," said John Dudley. "In hunting, accessibility and silence are everything. Having a silent electric motor that has the torque and durability to pound through the toughest terrain to get me where I need to be, the Grunt really is a game changer for the entire industry. Not to mention, it's so practical and so fun for everyday use. I'm looking forward to helping Volcon optimize new products for the needs of those who live life outdoors and on the move."

Dudley, founder of Nock On Archery, is one of the industry's most well-known and well-respected archery athletes, bowhunters and coaches. His extensive resume includes competing professionally for over 20 years where he won both world and national medals while representing the United States Archery Team. Dudley is dedicated to growing the bowhunting and archery industry and is also a strategic adviser for several top manufacturers in the hunting and outdoor space. His extensive educational platforms for archery, bowhunting fitness and wild game cooking, have connected him with hundreds of thousands from around the world helping them become better archers, bowhunters, wild game connoisseurs and passionate pursuers of the outdoors.  CONTINUED…  Read this full press release for VLCN by visiting:  https://www.financialnewsmedia.com/news-vlcn/

In other EV news of note:

NIO Inc. (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market in China, recently announced its October 2021 delivery results.

NIO delivered 3,667 vehicles in October 2021, representing a decrease of 27.5% year-over-year. The vehicle delivery in October was significantly impacted by reduction in production volume as a result of the restructuring and upgrades of manufacturing lines and the preparation of new products introduction from September 28 to October 15, as well as certain supply chain volatilities. Despite the production and supply chain challenges, the Company's new order reached another all-time high in October driven by increasing user demand.

Lucid Group (NASDAQ: LCID), which is setting new standards with its advanced luxury EVs, recently announced its newest retail location – the Lucid Studio at Tysons Corner Center in the Washington, DC, Metro Area. The new Studio will open its doors to the public on Saturday, November 6. This location, the 11th in a growing network of Lucid Studios, joins locations in New York and Florida to further expand Lucid's presence on the Eastern Seaboard.

"Opening at one of the largest malls in the nation, which is also located in a strong electric vehicle market, will provide excellent exposure for the Lucid Air and help us to further our mission to inspire the adoption of sustainable energy." said Zak Edson, Senior Director, Sales and Service, Lucid Group.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles, recently announced that the Company's strategic contract manufacturing partner, Zongshen Industrial Group, has exercised 1.4 million warrants at a CAD$4.00 strike price, as of October 28, 2021, generating CAD$5.6 million in proceeds to the Company.

"We are pleased to have received these proceeds from the warrant exercise – serving as validation of all that we do at ElectraMeccanica," said Kevin Pavlov, CEO of ElectraMeccanica. "I look forward to continuing our operational execution in the months and years ahead as we strive to revolutionize transportation and create sustainable, long-term value for all of our shareholders."

"We strongly believe in ElectraMeccanica's mission and the groundbreaking SOLO EV, with this warrant exercise is a clear testament to our confidence in the Company's future and the value we place on our mutual relationship," said Zongshen Industrial Group Chairman Zuo.

XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle ("Smart EV") company, recently announced its vehicle delivery results for October 2021.  XPeng maintained strong momentum in October with a total 10,138 Smart EVs delivered, representing a 233% increase year-over-year and the second month surpassing the 10,000-unit benchmark despite the semiconductor shortage.

Deliveries in October consisted of 6,044 P7 smart sports sedans, representing a 187% increase year-over-year. The Company delivered 3,657 G3 and G3i smart SUVs, reaching a monthly record since the G3's launch in December 2018. The P5 smart family sedans, launched in September 2021, demonstrated strong market appeal with 437 units delivered in October and a solid order backlog.

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