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Off-highway Electric Vehicle Market Size, Share & Trends Analysis Report By Application, Electric Vehicle, Region, And Growth Forecasts, 2030

The global off-highway electric vehicle market size is expected to reach USD 42.70 billion by 2030, registering a CAGR of 31.7% during the forecast period, according to a new report by Grand View Research, Inc. The commencement of re-development projects and growing infrastructural developments in developing countries are significant factors driving the market growth.

Off-highway Electric Vehicle Market Report Highlights

·         The market was valued at USD 4.42 billion in 2021 and is projected to register a CAGR of 31.7% over the forecast period

·         The construction segment emerged as the largest segment in 2021 and is anticipated to generate a revenue of over USD 16.37 billion over the forecast period

·         The BEV segment is projected to register the highest CAGR of 40.0% over the forecast period owing to a slowdown in the adoption of internal combustion engine vehicles and restrictions on CO2 targets

·         The North American market accounted for the largest share in 2021 as the region is characterized by the presence of prominent original equipment manufacturers of off-highway EVs

Gain deeper insights on the market and receive your free copy with TOC now @: Off-highway Electric Vehicle Market Report

Moreover, stringent emission regulations by government agencies, such as emission standards for Greenhouse Gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA) and European Commission, are driving the demand for off-highway EVs worldwide. Factors such as lower noise levels and vibrations, lower overhaul cost, and improved efficiency of these vehicles are further contributing to their demand.

Electrically-propelled equipment offers advantages such as enhanced overall efficiency and accuracy and high maneuverability during operations. The electrification of off-highway vehicles provides multiple benefits; nonetheless, its penetration in the market is expected to be slow owing to factors such as inadequate charging infrastructure and limited storage capacity of batteries. The limitations of electrically-propelled equipment have provided an advantage to hybrid off-highway electric vehicles, which are considered a feasible option.

However, the high cost associated with the development of these vehicles is restricting their growth in the market. Furthermore, the electrification of the powertrain for an off-highway vehicle is under the radar owing to the possibilities of noise generation and diesel-powered engine emissions. Off-highway vehicles, including agriculture, mining, and construction equipment, are being electrified for better performance, emission control, and reliability.

In the construction equipment segment, most light-duty vehicles, such as small wheel loaders and small excavators, are Battery Electric Vehicles (BEV). Light-duty construction equipment needs less power and a smaller battery compared to large equipment. Various equipment manufacturers, including Caterpillar, Komatsu Ltd., and Volvo CE, are offering larger loaders and wheel excavators in hybrid variants.

In the mining sector, off-highway electric vehicles are used for decreasing the exhaust emission inside the mines. Moreover, the concept of electrification is predominant in the agriculture sector as the equipment can be integrated with Artificial Intelligence (AI) and the cost of ownership of the equipment is low. In December 2020, Monarch Tractor announced the launch of a fully-electric and autonomous tractor. It is a fully-electric smart tractor integrated on a single platform and equipped with AI. The tractor can collect and analyze over 240 GB of crop data each day during operation on the field.

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Off-highway Electric Vehicle Market Segmentation

Grand View Research has segmented the global off-highway electric vehicle market based on application, electric vehicle, and region:

·         Off-highway Electric Vehicle Application Outlook (Revenue, USD Billion, 2018 - 2030)

·         Off-highway Electric Vehicle Outlook (Revenue, USD Billion, 2018 - 2030)

·         Off-highway Electric Vehicle Regional Outlook (Revenue, USD Billion, 2018 - 2030)

·         List of Key Players in the Off-highway Electric Vehicle Market

Research Methodology

We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.



Grand View Research, Inc.

Phone: 1-415-349-0058

Toll-Free: 1-888-202-9519



on November 25 at 10:03

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