Off-highway Electric Vehicle Market Size 2022 Global Opportunities, Trends, Share, Regional Overview, Global Growth, And Country Forecast to 2027 - Hitachi Construction Machinery, Caterpillar

The Off-highway Electric Vehicle Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report. The market report additionally gives a to-the-point evaluation of the techniques and plans of action that are being executed by the players and companies to contribute to the Off-highway Electric Vehicle market growth.

The Global Off-highway Electric Vehicle Market Size is Projected to Reach at a CAGR of 23% during 2022-2027.

Market Overview:

Rapid development of infrastructure in developing countries and initiation of re-development projects in developed countries are boosting the sales of electric-off highway vehicles. Electric off-highway vehicles are more productive as compared to their IC engine counterparts. They contribute to lesser operational cost due to fewer mechanical parts and hence, are being increasingly preferred by construction contractors.
Off-highway vehicles are also preferred in agricultural applications due to an increase in fuel prices and active government measures such as subsidies on electric tractors spurring the adoption of electric tractors, which in turn is driving the off-highway electric vehicle market
Rising stringency in emission norms and environmental awareness is anticipated to drive the off-highway electric vehicle market

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Top Leading Companies:

Hitachi Construction Machinery, Caterpillar, Komatsu, JCB, Volvo Construction Equipment, Deere & Company, CNH Industrial, Sandvik, Liebherr, Epiroc

Recent Developments

In July 2020, Epiroc announced an agreement for providing Vale with 10 battery-electric vehicles for two Canadian mine sites, including the four Scooptram ST14 loaders, two Boomer M2C drill rigs, two Boltec MC bolting rigs, and two Minetruck MT42 trucks.
In March 2020, Komatsu launched the PC30E-5 Electric Mini Excavator in Japan. This excavator is equipped with a 36-kWh battery and an 18.2 kW electric motor and offers zero-emission, quiet and simple operation without vibrations.
In December 2019, Hitachi Construction Machinery developed a battery-powered mini excavator prototype (5-ton class) with the aim to establish electric construction machinery technology for a market that is expected to take off in the future rapidly.
In June 2019, JCB announced that the 19C-1E, the company’s first full-electric mini excavator, entered production. The company said that it is the first electric excavator to be put into production by an OEM.
In May 2019, Caterpillar launched the R1700 XE loader concept, the first battery-electric load-haul-dump (LHD) platform. This R1700XE is equipped with MEC 500 fast-charging system that allows rapid, onboard charging with little or no impact on the mine’s existing electrical infrastructure.

Off-highway Electric Vehicle Market Segmentation by Type:

Battery Electric Vehicle
Hybrid Electric Vehicle

Off-highway Electric Vehicle Market Segmentation by Application:

Construction
Mining
Agriculture

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Europe and North America to lead the global off-highway electric vehicle market

Europe and North America have enacted stringent emission norms and are taking active measures to reduce emissions. Thus, Europe and North America, together, are expected to hold a dominant share of the off-highway electric vehicle market. The market in Asia Pacific is anticipated to expand at a high growth rate owing to rising usage of electric mining trucks in ANZ and China.

Regional Off-highway Electric Vehicle Market (Regional Output, Demand & Forecast by Countries)

North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Ecuador, Chile)
Asia Pacific (China, Japan, India, Korea)
Europe (Germany, UK, France, Italy)
Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) And additional.

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Highlights of the Off-highway Electric Vehicle Market Report:

Detailed overview of Off-highway Electric Vehicle Market
Changing the Off-highway Electric Vehicle market dynamics of the industry
In-depth market segmentation by Type, Application, etc.
Historical, current and projected Off-highway Electric Vehicle market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of Off-highway Electric Vehicle Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth.

Finally, the Off-highway Electric Vehicle Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Off-highway Electric Vehicle industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.

The following are some of the reasons why you should obtain the following report:

Companies in the Off-highway Electric Vehicle industry may find current market trends, application solutions, and market landscapes useful.
Identify the current state of the market and the key industries.
It covers all of the necessary details about the market’s major producers, customers, and distributors.

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