Off-Highway Electric Vehicle Global Market Report 2022: Ukraine-Russia War Impact

Major players in the off-highway electric vehicle market are Caterpillar Inc. , Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd. , Hitachi Construction Machinery Co. Ltd. , Doosan Corporation, J.

New York, Nov. 30, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Off-Highway Electric Vehicle Global Market Report 2022: Ukraine-Russia War Impact" -
C. Bamford Excavators Ltd., Cnh Industrial N.V., Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors, Toyota MC, Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Commerciale, Sumitomo Heavy Industries, Stihl Holding AG and Co. Kg, and Solectrac LLC.

The global off-highway electric vehicle market is expected to grow from $4.43 billion in 2021 to $5.47 billion in 2022 at a compound annual growth rate (CAGR) of 23.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The off-highway electric vehicle market is expected to grow to $13.83 billion in 2026 at a CAGR of 26.1%.

The off-highway electric vehicle market consists of sales of off-highway electric vehicles by entities (organizations, sole traders, and partnerships) that are used to boost productivity, reduce emissions, and improve safety and labor savings.An off-highway electric vehicle refers to a type of electric vehicle built for off-road use that utilizes electricity to operate on and off paved or gravel roads.

The common characteristics of off-highway electric vehicles are front suspension, grip-suitable tyres with deep, wide treads, underbody protection, low-range-gearing, and caterpillar tracks.

The main types of off-highway electric vehicles include battery electric vehicles (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicles (PHEV).BEV refers to battery electric vehicles.

BEV is powered by electricity with no gas engine parts, fossil fuel engine, or generator, hence does not create any emissions. The different battery types include lithium-ion, lead-acid, and others that are used in mining, construction, agriculture, gardening or landscaping, others.

North America was the largest region in the off highway electric vehicle market in 2021. The regions covered in the off-highway electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing 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.

Technology advancement is the key trend gaining popularity in the off-highway electric vehicle market.Major companies operating in the off-highway electric vehicle sector are focused on introducing new technologies to strengthen their position in the market.

For instance, in December 2021, XCMG, a China-based heavy machinery manufacturing company launched a 25-tonne truck crane with hybrid technology that can switch to different working modes such as hybrid, pure oil, pure electricity, and plug-in systems while operating.It is developed to improve fuel efficiency, deliver optimal job performance and speed, and reduce noise levels.

It achieves 0–40 km/h in 16 seconds, which is half the duration of a standard fuel crane. With a 1.5-hour charging time and an 800-kilometer range on full gasoline, the carriage makes only 60 dB of noise when being driven.

In May 2022, Mahindra & Mahindra, an India-based automotive manufacturing company that operates in off-road electric vehicles partnered with Volkswagen to use MEB electric components such as battery system components, electric motors, and battery cells for its new Born Electric Platform.This partnership aimed at the shared objective of both companies to electrify the automotive market in India.

Volkswagen is a Germany-based motor vehicle manufacture.

The countries covered in the off-highway electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The off-highway electric vehicle market research report is one of a series of new reports that provides off-highway electric vehicle market statistics, including off-highway electric vehicle industry global market size, regional shares, competitors with off-highway electric vehicle market share, detailed off-highway electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the off-highway electric vehicle industry. this off-highway electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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