London, United Kingdom, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The Custom Market Insights has published a new research report titled “Off-highway Electric Vehicle Market Size, Share, Growth Analysis Report By Application (Construction, Agriculture, Mining, Others), By Propulsion (HEV, BEV), Energy Storage (Lithium-ion, Lead-Acid), Energy Storage Capacity (<50 kWh, 50-200 kWh, >200 kWh), Power Output (<50 hp, 50-150 hp, 150-300 hp, >300 hp) and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030” in its research database.
“According to the latest research study, the demand of global Off-highway Electric Market size & share was valued at approximately USD 4.3 Billion in 2021 and is expected to reach a value of around USD 42.4 Billion by 2030, at a compound annual growth rate (CAGR) of about 30% during the forecast period 2022 to 2030.”
The report examines the off-highway electric vehicle market’s driving and restraining factors and the impact analysis throughout the projection period. Further, the report observes global opportunities prevailing in the off-highway electric vehicle market worldwide.
Off-highway Electric Vehicle Market: Overview
Off-highway electric vehicles are witnessing high adoption across various industries globally. The stringent government regulations for reducing carbon emissions and various rebates and tax benefits offered for the deployment of-highway electric vehicles are boosting the growth of the market. The rise in investment by the government in public infrastructure is also boosting the market growth.
Click Here to Access a Free Sample Report of the Global Off-highway Electric Vehicle Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=11014
(A free sample of the Off-highway Electric Vehicle report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Off-highway Electric Vehicle report has been modified to include the COVID-19 impact study prior to delivery.)
Growth Factors
The rising trend for electrification of equipment in the mining sector to enable future automation utilizing connected fleets and remote vehicle operations is boosting the demand for off-highway electric vehicles. Cost implications are another important aspect propelling the deployment of these vehicles. For instance, in underground mining, the cost of ventilation systems can be reduced by approximately 30%-50% by using battery-powered machines.
To know about the assumptions considered for the study, download the pdf brochure @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=11014
Additionally, the increasing demand for emission-free and low-noise machines in the construction industry is expected to boost the growth of the off-highway electric vehicle market globally. However, factors such as high charging time resulting in loss of productivity and concerns relating to compatibility, standardization, and interchangeability may hamper the market growth.
Segmental Overview
The market for Off-highway Electric vehicles is categorized by application, including mining, construction, agriculture, and others. The agriculture segment is anticipated to witness a significant CAGR during the forecast period. Presently, the agriculture segment contributes to a smaller share of the off-highway electric vehicle market. However, in the coming years, this equipment is expected to draw significant traction in agriculture applications as they are energy-efficient. Also, soil complication challenges can be resolved owing to the weight-to-power ratio.
Some of the prominent players
- Caterpillar
- Deere & Company
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd.
- Volvo Construction Equipment AB
Key questions answered in this report:
- What is the size of the Off-highway Electric Vehicle market and what is its expected growth rate?
- What are the primary driving factors that push the Off-highway Electric Vehicle market forward?
- What are the Off-highway Electric Vehicle Industry's top companies?
- What are the different categories that the Off-highway Electric Vehicle Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Off-highway Electric Vehicle market sample report and company profiles?
To know about the assumptions considered for the study, download the pdf brochure @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=11014
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Directly Purchase a copy of the report [220 Pages] @ https://www.custommarketinsights.com/checkout/?reportid=11014
Recent Development
January 2022: Volvo Group introduced an improved version of its electric truck, Volvo VNR ELECTRIC, in North America.
December 2021: XCMG launched XCT25_ EV, the company’s first plug-in double-drive hybrid crane.
March 2021: Hyundai Doosan Infracore Co. Ltd. unveiled a 100-ton excavator model.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 4.3 Billion |
| Projected Market Size in 2030 | USD 42.4 Billion |
| CAGR Growth Rate | 30% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | Caterpillar, Deere & Company, Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment AB, and Others |
| Key Segment | By Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. Examine possible purchases |
Regional Landscape
In 2021, North America dominated the Off-highway Electric Vehicle market with the US holding the largest share. The country is the base for several off-highway vehicle manufacturers such as Caterpillar, Inc., CNH Industrial N.V., and Deere & Company. Further, the federal government has imposed various stringent regulations concerning harmful regulations. Off-highway equipment accounted for around 30% of overall greenhouse gas emissions in the country, as per stats released by Environment Protection Agency (EPA).
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(We customized your report to meet your specific research requirements. Inquire with our sales team about customizing your report.)
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Browse the full “Off-highway Electric Vehicle Market Size, Share, Growth Analysis Report By Application (Construction, Agriculture, Mining, Others), By Propulsion (HEV, BEV), Energy Storage (Lithium-ion, Lead-Acid), Energy Storage Capacity (<50 kWh, 50-200 kWh, >200 kWh), Power Output (<50 hp, 50-150 hp, 150-300 hp, >300 hp) and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030” Report at https://www.custommarketinsights.com/report/off-highway-electric-vehicle-market/
Competitive Landscape
Caterpillar, Inc; Volvo Construction Equipment AB, Sandvik AB, and Deere & Company, are some of the dominant players in the Off-highway Electric Vehicle Market. The players are highly focused on enhancing their production capabilities by launching technology-advanced equipment. Another key strategy adopted by these players in a collaboration with various industries and designing equipment customized to their requirements.
The global off-highway electric vehicle market is segmented as follows:
By Application
- Construction
- Agriculture
- Mining
- Others
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
To know about the assumptions considered for the study, download the pdf brochure @https://www.custommarketinsights.com/inquire-for-discount/?reportid=11014
Key Insights:
- As per the analysis shared by our research analyst, the Off-highway Electric Vehicle Market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
- In terms of revenue, the Off-highway Electric Vehicle Market size was valued at around USD 4.3 billion in 2021 and is projected to reach USD 42.4 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on application segmentation, the construction segment was predicted to show maximum market share in the year 2021.
- On the basis of region, the North American region was the leading revenue generator in 2021.
Spectacular Deals
- Comprehensive coverage
- Maximum number of market tables and figures
- Subscription-based option offered
- Best price guarantee
- Free 35% or 60 hours of customization.
- Free post-sale service assistance.
- 25% discount on your next purchase.
- Service guarantees are available.
- Personalized market brief by author.
Click Here to Get a Free Sample Report on the Global Off-highway Electric Vehicle Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=11014
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Reasons for the Research Report
- The study's goal is to provide a thorough overview of the global Off-highway Electric Vehicle market. Compare your performance to that of the market as a whole.
- Aim to maintain your competitiveness while market growth is fuelled by innovations from established key players.
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the analysis of the worldwide Off-highway Electric Vehicle market.
- The competitive environment of current and potential participants in the Off-highway Electric Vehicle market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, the market is analysed both qualitatively and quantitatively in this study. Additionally, the report offers comparable data for the important regions.
- For each of the aforementioned segments, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders in the worldwide Off-highway Electric Vehicle market should find this report useful. The research will be useful to all market participants in the Off-highway Electric Vehicle industry.
- Managers in the Off-highway Electric Vehicle sector are interested in publishing up-to-date and projected data about the worldwide Off-highway Electric Vehicle market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations wanting to invest in market trends for Off-highway Electric Vehicle products.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop future plans.
About Custom Market Insights:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
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