Off-highway Electric Vehicle Market Growth & Trends
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.
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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)
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)
- Lead Acid
List of Key Players in the Off-Highway Electric Vehicle Market
- 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.
Grand View Research is an India & 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. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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