The
global Off-highway Electric Vehicle Market size is
expected to reach a valuation of USD 5,745.96 million by 2030, growing at 14.1%
CAGR from 2023 to 2030, according to a new study by Grand View Research Inc.
The commencement of redevelopment initiatives and expanding infrastructural
advancements in developing nations are the key drivers fueling the off-highway
electric vehicle industry’s expansion.
The
global demand for off-highway electric vehicles (EVs) is also being fueled by
strict emission rules by governmental organizations, such as emission
requirements for Greenhouse Gas (GHG) emissions by the European Commission and
the U.S. Environmental Protection Agency (EPA). These cars’ increased economy
decreases overhaul costs and lowers noise and vibration levels to help increase
demand for off-highway electric vehicles.
The
benefits of off-highway electric machinery include increased operational
maneuverability, accuracy, and overall efficiency. Off-highway vehicle
electrification offers a number of advantages, but due to issues such as poor
charging infrastructure and limited battery storage capacity, it is anticipated
that market adoption would be sluggish. Due to the drawbacks of
electrically-propelled machinery, hybrid off-highway electric vehicles-which
are seen as a viable alternative-have gained an edge.
However,
the significant investments involved in developing off-highway electric
vehicles is limiting their commercial expansion. Despite this, for improved
performance, pollution control, and reliability; off-highway equipment like
vehicles, in areas such as agriculture, mining, and construction, are being
electrified.
In
order to stay ahead of their rivals, prominent corporations are launching new
products, which is the main trend in the off-highway electric vehicle industry.
For instance, The Volvo Group introduced an electric truck with a longer range
in North America in January 2022. This truck is a modified Volvo VNR Electric
with a range increase of up to 85% and faster charging. This is a class 8
electric truck variant with a greater energy storage capacity of up to 565 kWh
and an operational range of up to 440 km (275 miles).
Related Press
Release@ Off-highway
Electric Vehicle Market Report
List of Key Players in the Off-Highway Electric Vehicle
Market
- Caterpillar
- Volvo
Construction Equipment AB
- Komatsu Ltd.
- Deere &
Company
- Sandvik AB
- Hitachi
Construction Machinery Co., Ltd.
- Epiroc AB
- Doosan
Corporation
- J C Bamford
Excavators Ltd.
- CNH
Industrial N.V.
Off-highway Electric Vehicle Market Report
Highlights
- The growth
of the off-highway electric vehicle industry in developed countries is
being driven by rapid infrastructure development and improved regulations
related to construction operations
- The global
demand for off-highway EVs is fueled by strict emission rules by
governmental organizations, such as emission requirements for Greenhouse
Gas (GHG) emissions by the European Commission and the U.S. Environmental
Protection Agency (EPA)
- The Asia
Pacific region is anticipated to grow at a CAGR of 14.9% over the forecast
period due to an increase in new development activity in the region's
healthcare and housing industries
- Since the
COVID-19 outbreak, major off-highway electric vehicle industry
participants have concentrated on acquisitions to grow their organization
Off-Highway Electric Vehicle Market Report
Scope
Report Attribute |
Details |
Market size value in 2022 |
USD 2,638.6 million |
Revenue forecast in 2030 |
USD 5,745.9 million |
Growth rate |
CAGR of 14.1% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Related Reports@
Electric Vehicle (EV) Charging Infrastructure
Market
Electric Vehicle Infotainment Market
Off-Highway Electric Vehicle Market Segmentation
Grand
View Research has segmented the global off-highway electric vehicle market
report based on application, propulsion, storage type, and region:
Off-Highway Electric Vehicle Application Outlook
(Revenue, USD Billion, 2018 - 2030)
- Construction
- Agriculture
- Mining
Off-Highway Electric Vehicle Propulsion Outlook (Revenue,
USD Billion, 2018 - 2030)
- Battery
Electric Vehicle (BEV)
- Hybrid
Electric Vehicle (HEV)
Off-Highway Electric Vehicle Storage Type Outlook
(Revenue, USD Billion, 2018 - 2030)
- Li-ion
- Lead Acid
Off-Highway Electric Vehicle Regional Outlook (Revenue,
USD Billion, 2018 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Rest of
Europe
- Asia Pacific
- China
- Japan
- India
- Rest of
Asia Pacific
- Latin
America
- Mexico
- Brazil
- Rest of
Latin America
- Middle East
and Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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