Press release
Off-Highway Electric Vehicle Market Size Reach $168.7 Billion by 2031, Growing CAGR of 26.7%
Off-Highway Electric Vehicle Market
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ - 339 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A08770
The report offers a detailed a segmentation of the global off-highway electric vehicle market based on vehicle type, energy storage capacity, battery type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
The concept of off-highway electric vehicle is typically attributed to the off-road vehicle that use a propulsion technology which does not produce internal combustion engine exhaust or other carbon emissions when it operates. It is designed to operate on public roads as well as rough terrain. Moreover, off-highway electric vehicles have a wide range of applications in the area of good carriers, agricultural applications, and passenger commute. For instance, in June 2021, Caterpillar announced the launch of the R1700 XE LHD battery electric vehicle at MINExpo, an international trade show sponsored by the National Mining Association. It was capable of carrying 15-tonne payload. Furthermore, it was capable of being fully charged in less than 30 minutes using a single charger or in less than 20 minutes using two chargers.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/off-highway-electric-vehicle-market/purchase-options
Based on vehicle type, the hybrid electric vehicle (HEV) segment held the largest share in 2021, contributing to over three-fifths of the global off-highway electric vehicle market size, and is likely to maintain its leadership status during the forecast period. However, the battery electric vehicle (BEV) segment is expected to manifest the highest CAGR of 28.4% from 2022 to 2031.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
๐๐๐, ๐๐๐ญ๐๐ซ๐ฉ๐ข๐ฅ๐ฅ๐๐ซ, ๐๐๐ง๐๐ฏ๐ข๐ค, ๐๐ฉ๐ข๐ซ๐จ๐, ๐๐๐ซ๐ ๐จ๐ญ๐๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ง๐ก๐ฎ๐ข ๐๐๐ฅ๐ข ๐๐จ., ๐๐ญ๐., ๐๐ฒ๐ฎ๐ง๐๐๐ข ๐๐จ๐จ๐ฌ๐๐ง ๐๐ง๐๐ซ๐๐๐จ๐ซ๐ ๐๐จ. ๐๐ญ๐., ๐๐๐ซ๐ซ๐จ๐ฐ ๐๐ฌ๐ฅ๐ ๐ข๐ง๐., ๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ, ๐๐ ๐๐จ๐ฅ๐ฏ๐จ, ๐๐ฅ๐๐ซ๐ค, ๐๐จ๐ฆ๐๐ญ๐ฌ๐ฎ ๐๐ญ๐., ๐๐ข๐ญ๐๐๐ก๐ข ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐๐๐ก๐ข๐ง๐๐ซ๐ฒ, ๐๐จ๐ฒ๐จ๐ญ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐๐ ๐๐ซ๐จ๐ฎ๐ฉ, ๐๐๐๐๐๐๐๐-๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฎ๐ญ๐ฌ๐๐ก๐ฅ๐๐ง๐ ๐๐ฆ๐๐, ๐๐๐๐๐ & ๐๐๐๐๐๐๐
Based on battery type, the Lithium-Ion (Li-Ion) segment was the largest in 2021, grabbing nearly 90% of the global off-highway electric vehicle market, and is likely to maintain its leadership status during the forecast period. The same segment is expected to manifest the highest CAGR of 27.3% from 2022 to 2031. The report also includes the lead-acid segment.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/A08770
In addition, the off-highway electric vehicle market has witnessed significant growth in recent years, owing to the growth in the mining industry, increasing pollution from the diesel-powered vehicles, and the developments carried out in the automobile industry. Furthermore, the companies operating in the off-highway EV market have adopted collaborations, investments, and product launches to increase their market share and expand their geographical presence. For instance, in March 2021, Hitachi Construction Equipment Co., Ltd. signed a Memorandum of Understanding (MoU) with ABB, a leading global technology company dealing in electrification, robotics and automation. The two companies worked together to apply ABB's electrification, automation and digital solutions to Hitachi mining trucks and excavators. This increased the offerings by Hitachi in the electric construction equipment segment.
Based on application, the construction segment was the largest in 2021, accounting for nearly two-fifths of the global off-highway electric vehicle market, and is likely to maintain its leadership status during the forecast period. However, the others segment is expected to manifest the highest CAGR of 29.7% from 2022 to 2031. The report also analyzes the agriculture and mining segments.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A08770
Based on region, the market in Asia-Pacific accounted for more than two-fifths of the global off-highway electric vehicle market in 2021, and is likely to maintain its leadership status during the forecast period. However, the off-highway electric vehicle market in Europe is expected to manifest the highest CAGR of 29.2% from 2022 to 2031. The report also discusses the North America and LAMEA regions.
The factors such as increase in trend of recreational activities & adventure sports, rise in demand for electric machinery in construction sector, and surge in sales of electric vehicles supplement the growth of the off-highway electric vehicle market. However, high maintenance cost of off-highway electric vehicles and ban on ATV & UTV driving in wildlife area are the factors expected to hamper the growth of the market. In addition, technology development in off-highway electric vehicle and expansion of dealer network for effective product reach create market opportunities for the key players operating in the off-highway electric vehicle market.
๐๐ญ๐ก๐๐ซ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
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Automotive Child Presence Detection System Market - https://www.alliedmarketresearch.com/automotive-child-presence-detection-system-market-A115343
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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