Press release
Off Highway Electric Vehicle Market Report 2024: Strategies And Recent Developments
Off Highway Electric Vehicle
The Business Research Company offers in-depth market insights through Off Highway Electric Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The off-highway electric vehicle market size has grown exponentially in recent years. It will grow from $6.84 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to environmental regulations, fuel efficiency, total cost of ownership, noise reduction.
The off-highway electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.65 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to electrification trends, government incentives, increased awareness and sustainability goals, infrastructure development, flexibility and adaptability, rapid charging infrastructure, autonomous and semi-autonomous operations. Major trends in the forecast period include battery technology improvements, autonomous and connected technologies, industry partnerships and collaboration, multi-purpose and modular designs, regenerative braking systems.
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Market Segmentation:
The off-highway electric vehicle market covered in this report 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
Major Driver - Electric Vehicle Demand Fuels Growth In Off-Highway Electric Vehicle Market
The increase in 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.
Competitive Landscape:
Major companies operating in the off-highway electric vehicle market report are Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, JC Bamford Excavators Ltd., Cnh Industrial NV, Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors Corp., Toyota Motor Corp., Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Company, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, Deere & Company, Corporation, Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Wacker Neuson SE, Sany Heavy Industry Co. Ltd., Manitou Group, Bell Equipment Ltd., ASV Holdings Inc., Epiroc AB, Hyundai Construction Equipment Co. Ltd.
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Top Trend - Technology Advancements Driving Innovation In The Off-Highway Electric Vehicle Market
Technology advancement is the key trend gaining popularity in the off-highway electric vehicle market. 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.
The Table Of Content For The Market Report 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
…..
27. Off Highway Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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