The global demand for Electric Off-highway Vehicle Market is presumed to reach the market size of nearly USD 40.28 MN by 2028 from USD 9.04 MN in 2021 with a CAGR of 23.8% under the study period of 2022 - 2028. Regarding volume, the market was calculated XX Units in 2021 and forecast to touch XX Units by 2028 with a CAGR of XX% during 2022-2028.
Electric Off-highway Vehicle refers to the electric vehicles driven on uneven roads, steep tracts, and away from the highway. They are commonly used in the field of construction and agriculture. They feature flexible suspension, large tiers, and that caterpillar tracks fastened on the wheels. Some other vehicles which do not usually travel on the public streets are also called off-highway vehicles, such as forklifts, tractors, cranes, golf carts etc. Growing electrification of cars across the world has now turned all the off-highway vehicles electric because of easy maintenance and reduced fuel consumption. The advantage of using them is to reduce noise pollution and carbon emissions and cut down service time and cost of ownership.
Market Dynamics
The projected growth rate for Electric Off-highway vehicles is very high under the projected period. The growing demand for low-noise machines drives the market as constant exposure to loud noises could cause hearing problems in people. Strict emission recommendations on off-road vehicles have now compelled the equipment manufacturers to turn towards complete and hybrid off-highway electric vehicles, which is another market driver. The growing focus on the electrification of vehicles is another contributor to the market growth. The coming of improved battery technology, charging infrastructure, and reduced development cost enables the increasing adoption of electric vehicles as the industry is looking for long-term cost savings. The construction sector is becoming dominant in the market because of the growing investment in public infrastructure projects leading to the electrification of targeted smaller types of equipment. In the mining sector, electrification is adopted to remove emissions and ensure the safety of the workers. In the agricultural industry also, electrification is helping to solve labour-related problems by saving time and cost in production. The key players focus on producing advanced equipment to cater to the demand.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of electric off-highway vehicle. The growth and trends of Electric Off-highway Vehicle Industry provide a holistic approach to this study.
Market Segmentation
This section of the electric off-highway vehicle market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Equipment Type
- Excavator
- Motor Grader
- Dozer
- Loader
- Dump Truck
- LHD
- Lawnmower
- Sprayer
- Tractor
By Application
- Construction
- Mining
- Agriculture
- Gardening
By Propulsion
- Hybrid-Electric
- Battery-Electric
By Battery Type
- Lithium-Ion
- Lead-Acid
- Other Batteries
By Battery Capacity
- <50 Kwh
- 50–200 Kwh
- 200–500 Kwh
- >500 Kwh
By Power Output
- <50 Hp
- 50–150 Hp
- 150–300 Hp
- >300 Hp
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Electric Off-highway Vehicle market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Electric Off-highway Vehicle Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the electric off-highway vehicle market include Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), and Sandvik (Sweden). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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