Portland, OR, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global off-highway electric vehicle market generated $15.7 billion in 2021, and is estimated to reach $168.7 billion by 2031, witnessing a CAGR of 26.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Off-Highway EV Industry Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $15.7 Billion |
| Market Size in 2031 | $168.7 Billion |
| CAGR | 26.7% |
| No. of Pages in Report | 339 |
| Segments covered | Vehicle Type, Energy Storage Capacity, Battery Type, Application, and Region |
| Drivers | The growing trend of recreational activities and adventure sports |
| Rise in demand for electric machinery in the construction sector | |
| Increase in sales of electric vehicles | |
| Opportunities | Technology development in off-highway electric vehicles |
| Expansion of dealer network for effective product reach | |
| Restraints | High maintenance cost of off-highway electric vehicles and ban on ATV and UTV driving in wildlife area |
Covid-19 Scenario:
- Many manufacturing facilities of off-highway electric vehicles were shut down during the pandemic due to ban on transportation, workforce unavailability, and shortage of raw materials. 2020 was a negative performing year for the market, owing to negative demand and supply. Market participants took certain approaches to manage operations and overcome the financial downturn by slashing budgets, extending equipment lifecycles, reducing staff sizes, and cutting salaries in short term.
- The demand from end users reduced significantly due to low consumer confidence and high vehicle prices.
- To cope up with consumer sentiments, demand patterns and government regulations, industry players reduced their overall production activities.
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.
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, 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.
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Based on energy storage capacity, the 50–200 kWh segment held the largest share in 2021, accounting for nearly half of the global off-highway electric vehicle market, and would rule the roost through 2031. However, the >200 kWh segment is estimated to witness the fastest CAGR of 28.5% during the forecast period.
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.
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.
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.
Leading players of the global off-highway electric vehicle market analyzed in the research include Deere & Company, Epiroc AB, Hitachi Construction Machinery Co., Ltd., Hyundai Doosan Infracore Co. Ltd., JCB Co., Ltd., Komatsu Ltd., The Volvo Group, Anhui Heli Co., Ltd., Cargotec Oyj, Caterpillar Inc., CNH Industrial N.V., Liebherr-International Deutschland GmbH, Narrow Aisle, Inc., Sandvik AB, SANY Group, and Toyota Motor Corporation.
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The report analyzes these key players of the global off-highway electric vehicle market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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