Press release
Off Highway Electric Vehicle Market Size, Share Analysis, Trends, Growth And Forecast 2023-2032
Off Highway Electric Vehicle Market Report
The Business Research Company's Off-Highway Electric Vehicle Global Market Report 2023 identifies the increase in demand for electric vehicles as the major driver for the off-highway electric vehicle market's growth in the forecast period. 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.
The global off-highway electric vehicle market size grew from $5.54 billion in 2022 to $7.13 billion in 2023, at a compound annual growth rate (CAGR) of 28.7%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The off-highway electric vehicle market size is expected to grow to $18.3 billion in 2027 at a CAGR of 26.6%.
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Major competitors 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.
A key trend in the off-highway electric vehicle market includes technology advancement. Major companies operating in the off-highway electric vehicle sector are focused on introducing new technologies to strengthen their position in the market. For instance, in December 2021, XCMG, a China-based heavy machinery manufacturing company launched a 25-tonne truck crane with hybrid technology that can switch to different working modes such as hybrid, pure oil, pure electricity, and plug-in systems while operating. It is developed to improve fuel efficiency, deliver optimal job performance and speed, and reduce noise levels. It achieves 0-40 km/h in 16 seconds, which is half the duration of a standard fuel crane. With a 1.5-hour charging time and an 800-kilometer range on full gasoline, the carriage makes only 60 dB of noise when being driven.
Read More On The Global Off-Highway Electric Vehicle Market Report Here:
https://www.thebusinessresearchcompany.com/report/off-highway-electric-vehicle-global-market-report
The off-highway electric vehicle market is segmented -
•By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
•By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
•By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the off-highway electric vehicle market.
The Business Research Company's "Global Off-Highway Electric Vehicle Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Off-Highway Electric Vehicle Market 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
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