Off-Highway Electric Vehicle Market Size, Share, Potential Effect on Upcoming Future Growth And Forecast 2029
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Off-Highway Electric Vehicle Market was valued at USD 5.86 Billion in 2022, and is expected to reach USD 40.28 Billion by 2029, exhibiting a CAGR of 31.7 % during the forecast period (2023-2029)
Off-Highway Electric Vehicle Market Overview:
The goal of this research is to provide a thorough examination of the Off-Highway Electric Vehicle market Size by component, application, industry, and geography. The study includes thorough information on the primary elements impacting the Off-Highway Electric Vehicle industry’s growth. The study also includes a comprehensive evaluation of the market’s value chain.
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Market Scope:
The research technique used to estimate and forecast the Off-Highway Electric Vehicle market Share begins with the collection of revenue data from key suppliers through secondary research sources. Vendor offerings are also taken into account while developing market segmentation. The income of large firms was used to calculate the entire size of the Off-Highway Electric Vehicle market Growth using the bottom-up method.
Segmentation:
by Electric Vehicle
1.Battery Electric Vehicle (BEV)
2.Hybrid Electric Vehicle (HEV)
Based on Electric Vehicle, the HEV segment accounted for the largest revenue share of 62.5% in 2022 and is expected to dominate over the forecast period. These types of vehicles are designed to enhance the use of the internal combustion engine in collaboration with the electric powertrain. With the stringent emission norms by government authorities such as the U.S. EPA and the European Commission, the demand for hybrid propulsion off-highway equipment is growing and encouraging manufacturers to develop more environmentally friendly off-highway vehicles. Since 2017, off-highway vehicle manufacturers are essentially adopting hybrid engines, featuring diesel-electric propulsion systems. These diesel-electric hybrid drive systems allow users to run a slightly smaller engine at a lower rpm, providing fewer parts movement and high fuel efficiency.
by Application
1.Construction
2.Agriculture
3.Mining
Based on Application, the construction segment accounted for the largest revenue share of around 38.2% in 2022. The segment includes electric construction equipment such as electric loaders and electric excavators. Increasing investments by governments across the world for developing public infrastructure has been one of the prime factors driving the market demand for this equipment. The OEMs are launching electric off-highway equipment to abide by the stricter emission norms. Regulations in the future could require zero-emissions on heavy-duty construction equipment which would pave the way for OEMs to drop production of diesel-powered engines and go all-electric.
by Energy Storage
Capacity 1.<50 kWh
2.50–200 kWh
3.>200 kWh
by Battery Type
1.Lithium-Ion (Li-Ion)
2.Lead–Acid
- Global Off-Highway Electric Vehicle Market: Research Methodology
- Global Off-Highway Electric Vehicle Market: Executive Summary
- Market Overview and Definitions
- Introduction to Global Off-Highway Electric Vehicle Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Off-Highway Electric Vehicle Market: Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Global Off-Highway Electric Vehicle Market Segmentation
- Global Off-Highway Electric Vehicle Market, by Type (2023-2029)
- Global Off-Highway Electric Vehicle Market, by Product (2023-2029)
- Global Off-Highway Electric Vehicle Market, by Application (2023-2029)
- Global Off-Highway Electric Vehicle Market, by End-User (2023-2029)
- Regional Off-Highway Electric Vehicle Market(2023-2029)
- Regional Off-Highway Electric Vehicle Market, by Type (2023-2029)
- Regional Off-Highway Electric Vehicle Market, by Product (2023-2029)
- Regional Off-Highway Electric Vehicle Market, by Application (2023-2029)
- Regional Off-Highway Electric Vehicle Market, by End-User (2023-2029)
- Regional Off-Highway Electric Vehicle Market, by Country (2023-2029)
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
Key Players:
1.DEERE & COMPANY
2. Epiroc AB
3. Hitachi Construction Machinery
4.Hyundai Doosan Infracore Co. Ltd.
5. Komatsu Ltd.
6.AB Volvo
7. Anhui Heli Co., Ltd.
8.Cargotec corporation
9.Caterpillar
10.Clark
11.J C Bamford Excavators Ltd.
12.CNH Industrial N.V.
13.LIEBHERR-International Deutschland GmbH
14. Narrow Isle inc.
15.Sandvik AB
16.SANY Group
17.Toyota Motor Corporation
18. Volvo Construction Equipment AB
19.Doosan Corporation
Regional Analysis:
Market share information for North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America are available separately. Maximize analysts assess competitive strengths and conduct competitive analysis on each rival separately.
COVID-19 Impact Analysis on Off-Highway Electric Vehicle Market: The report also includes the detailed impact of COVID-19 on the Off-Highway Electric Vehicle market.
Key Questions Answered in the Off-Highway Electric Vehicle Market Report are:
- Which segment had the largest share in the Off-Highway Electric Vehicle market?
- How is the competitive scenario of the Off-Highway Electric Vehicle market in 2023?
- Which are the key drivers impacting the Off-Highway Electric Vehicle market growth?
- Which region holds the maximum share in the Off-Highway Electric Vehicle market?
- What will be the CAGR of the Off-Highway Electric Vehicle market during the forecast period (2023-2029)?
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