Press release
Off-Highway Electric Vehicle Global Market By Vehicle Type, By Battery Type, By Application, Competition, Opportunities And Segment Forecast 2022-2031 | Caterpillar Inc., Komatsu Ltd., Cnh Industrial N.V., Tesla Inc., Toyota MC
https://www.thebusinessresearchcompany.com/opportunities-and-strategies-reports
The global off-highway electric vehicle market report by the business research company identifies the increasing demand for electric vehicles is expected to propel the growth of the off-highway electric vehicle market going forward. Electric vehicles are referred to as automobiles that are powered partially or completely by electricity from a rechargeable battery. Electric vehicles are supplied by renewable energy that contributes to reduced CO2 emissions and air pollution, creates significant efficiency gains, and serves as a source of storage of renewable electricity, thereby increasing the demand for off-highway electric vehicles. For instance, according to the International Renewable Energy Agency report, a UAE-based renewable and sustainable energy intergovernmental organization, the number of electric passenger cars is expected to reach 200 million in 2030 and electric buses and light-duty vehicles are expected to reach 10 million by 2030. Hence, increasing demand for electric vehicles is driving the demand in the off-highway electric vehicle market.
The global off-highway electric vehicle market size is expected to grow from $4.43 billion in 2021 to $5.47 billion in 2022 at a compound annual growth rate (CAGR) of 23.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The off-highway electric vehicle market is expected to grow to $13.83 billion in 2026 at a CAGR of 26.1%.
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North America was the largest region in the off highway electric vehicle market in 2021. The regions covered in the off-highway electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Major players in the off-highway electric vehicle market are Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, J.C. Bamford Excavators Ltd., Cnh Industrial N.V., Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors, Toyota MC, Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Commerciale, Sumitomo Heavy Industries, Stihl Holding AG and Co. Kg, and Solectrac LLC.
The global off-highway electric vehicle' market is segmented -
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
3) By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
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The Off-Highway Electric Vehicle Market Report Contents Include
1. Executive Summary
2. Off-Highway Electric Vehicle Market Characteristics
3. Off-Highway Electric Vehicle Market Trends And Strategies
4. Off-Highway Electric Vehicle Market - Macro Economic Scenario
5. Off-Highway Electric Vehicle Market Size And Growth
.....
26. Africa Off-Highway Electric Vehicle Market
27. Off-Highway Electric Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Off-Highway Electric Vehicle Market
29. Off-Highway Electric Vehicle Market Future Outlook and Potential Analysis
30. Appendix
This report covers the trends and market dynamics of the off-highway electric vehicle market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.
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