Off-Highway Electric Vehicle Market Upcoming Trends, Growth Drivers, Demand and Forecast to 2028

Off-highway electric vehicles are the zero-emissions vehicles which match the robustness and power for the toughest off-road jobs along with agility and performance needed for urban applications. These vehicles are designed and built with the off-road tires, front and rear suspensions, and the traction equivalent to a four-wheel-drive diesel vehicle deliver outstanding productivity in tough environments such as farms, rough terrain, hilly terrains, vineyards, dirt roads, construction sites, and others. Off-highway electric vehicle market is anticipated to grow considerably in coming years.

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Companies Profiled in this report includes: AB Volvo, Caterpillar, Deere and Company, Epiroc Norge AS, Hitachi Construction Machinery Co., Ltd, J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr Group, Sandvik AB, SOLECTRAC

MARKET SEGMENTATION

  Based on equipment type, the global off-highway electric vehicle market is segmented into excavator, tractor, dozer, loader, lawn mower, sprayer and others.

  On the basis of propulsion type, the market is segmented into hybrid electric and battery electric.

  Based on battery capacity, the market is bifurcated into less than 50 kWh, 50-200 kWh, 200-500 kWh and more than 500 kWh.

  On the basis of application, the market is segmented into construction, mining and agriculture.

MARKET DYNAMICS

Drivers:

Growing awareness regarding advantages of off-highway electric vehicle.

  Rising urbanization and increasing per capita disposable income to boost market growth of off-highway electric vehicle.

Restraints:

  Unorganized retail sector in few developing countries of Asia Pacific region.

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 IMPACT OF COVID-19 ON OFF-HIGHWAY ELECTRIC VEHICLE MARKET

 The outbreak of the COVID-19 has severely impacted the automotive, transportation and other related industries adversely. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption of global supply chain has left an adverse impact on the automotive industry. This pandemic resulted in temporary closure various businesses. Also considering salary cuts or job losses, buying capacity of the consumer was also reduced. Overall demand was affected to a notable extent. Restrictions of limited workforce at production site also affected the market from supply side. All the mentioned factors have impacted the off-highway electric vehicle market negatively.

Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Off-Highway Electric Vehicle market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Off-Highway Electric Vehicle market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.