Pune, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a leading automotive and transportation research company has published global competitive intelligence report on “Off-Highway Electric Vehicle Market“. The global Off-Highway Electric Vehicle Market was valued at USD 4.45 billion in 2021, and is expected to be worth USD 40.28 billion by 2029, growing at a CAGR of 31.7% during the forecast period.
Off-Highway Electric Vehicle Market Scope and Research Methodology
The research methodology design adopted for this specific study includes a mix of data collected from primary and secondary research. Both primary resources and secondary research along with analytical tools are employed to build the predictive and forecast models. The key data points taken from secondary research include data for market value, qualitative insights into various aspects of the market, key trends, and emerging areas of innovation, quantitative data for mathematical and statistical calculations, segmentations and percentage shares, and key industry trends of the top players of the Off-Highway Electric Vehicle Market.
The research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, gold, and silver standard websites, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global Off-Highway Electric Vehicle Market.
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Off-Highway Electric Vehicle Market Overview
Mining trucks, lawn mowers, agriculture tractors are some examples of off-highway vehicles. lower noise, fewer vibrations, and cost-effective and strict emission norms are some of the driving factors of market growth. inadequate charging infrastructure and limited battery storage capacity and high cost of development hamper the market growth during the forecast period.
Off-Highway Electric Vehicle Market Dynamics
Since agricultural activities are one of the main sources of greenhouse gas emissions, OEMs are now focusing on producing agricultural vehicles that are more efficient and conform to set requirements for pollution. Along with growing modern agriculture globally, this is a key factor in the market's growth. The market for off-highway electric vehicles is expected to increase as emission regulations become more stringent and environmental awareness increases.
The average cost of an EV is USD 19000 higher than a gasoline vehicle. Electric powertrains cost USD 5000 to 13000 more than ICE powertrains theses price gaps will increase due to new development in battles and production volume is expected to hamper the market growth during the forecast period.
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Off-Highway Electric Vehicle Market Regional Insights
North America is expected to dominate the market during the forecast period. US held the largest market share in the region 2022 and key market players in the region offer a wide range of EV off-highway vehicles for construction agriculture and mining application. These market players are highly focused on providing advanced technology to reduce carbon emissions. The government is highly focused on infrastructure development across the country creating an opportunity for new market players in the market.
Asia Pacific held the second-largest market share in 2021. Rising building activity in countries like India and the ASEAN countries is expected to be a significant market driving the global construction industry (including Thailand, Singapore, Vietnam, and others). China is developing its infrastructure quickly to obtain a competitive edge and evolve into an economic superpower. Over the next ten years, the government intends to relocate some 250 million people into the country's rapidly expanding megacities. The country has spent billions of dollars on massive infrastructure projects to accommodate the influx.
| Market Size in 2021 | USD 4.45 Bn. |
| Market Size in 2029 | USD 40.28 Bn. |
| CAGR | 31.7% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 225 |
| No. of Tables | 115 |
| No. of Charts and Figures | 120 |
| Segement Covered | Type, Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Off-Highway Electric Vehicle Market Key Competitors:
- DEERE & COMPANY
- Epiroc AB
- Hitachi Construction Machinery
- Hyundai Doosan Infracore Co. Ltd.
- Komatsu Ltd.
- AB Volvo
- Anhui Heli Co., Ltd.
- Cargotec corporation
- Caterpillar
- Clark
- J C Bamford Excavators Ltd.
- CNH Industrial N.V.
- LIEBHERR-International Deutschland GmbH
- Narrow Isle inc.
- Sandvik AB
- SANY Group
- Toyota Motor Corporation
- Volvo Construction Equipment AB
- Doosan Corporation
Key questions answered in the Off-Highway Electric Vehicle Market are:
- What are the technological innovations in Off-Highway Electric Vehicle Market?
- What are the factors driving the growth of the Off-Highway Electric Vehicle Market?
- Which technology insight dominated the Off-Highway Electric Vehicle Market in 2021?
- How COVID-19 affected the growth of the Off-Highway Electric Vehicle Market?
- What is the growth rate of the Off-Highway Electric Vehicle Market during the forecast period?
- What are the trends of the Asia-Pacific region in the Off-Highway Electric Vehicle Market?
- Who are the market leaders in Cold Pressed Coconut Oil in North America region?
- Which deployment mode led the Off-Highway Electric Vehicle Market in 2021?
- Who are the key players in the Off-Highway Electric Vehicle Market?
- What are the factors restraining the growth of the Off-Highway Electric Vehicle Market?
- Which region held the largest market share in Off-Highway Electric Vehicle Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Application,and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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