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Global Off-Highway Electric Vehicle, Industry Report, Growth, Trends 2024
Off-Highway Electric Vehicle, Global Market Report, Growth, Trends 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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, Tere*x 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.
Off-Highway Electric Vehicle Market 2024 Key Insights:
• 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%.
• Electric Vehicle Demand Fuels Growth In Off-Highway Electric Vehicle Market
• Technology Advancements Driving Innovation In The Off-Highway Electric Vehicle Market
• North America was the largest region in the off-highway electric vehicle market in 2023
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