The Global Off-Road Highway Electric Vehicle Market was worth US$ 4.9 billion in 2021 and is anticipated to reach a valuation of US$ 29.8 billion by 2027 and is predicted to register a CAGR of 24.98% during 2023-2028.
Market Overview:
An electric vehicle is powered entirely or partially by electricity, and it uses one or more electric motors for propulsion, storing energy within the battery. Different batteries like lithium-ion, lead-acid, and nickel-metal hybrid are utilized in these vehicles. A number of the conventional Off-Road Highway EV equipment are dumpers, LHDs, mowers, sprayers, and others. Off-road hybrid electric cars are powered by diesel and a restorative energy storage system to enhance fuel efficiency.
Rapid infrastructural development and revised government norms associated with construction activities are driving the off-road highway electric vehicle market in these countries. Aside from the development industry, the mining industry has also shown significant growth in the recent past.
Market Drivers:
They create less vibration and noise, which can drive market growth. Increasing awareness about the environmental benefits of EVs also will accelerate market growth. The low cost of the upgrade is another factor growing the expansion of the market within the forecast period., The efficiency of the Off-Road Highway electric vehicle also increases the demand in the market.
Market Restraints:
The high investment cost of EVs will hamper market growth. The unavailability of charging stations also will restrain the market. Less acceptance of electric vehicles among the population is another factor restricting this market growth.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
24.98% |
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Segments Covered |
By Equipment, Battery Type, Battery Capacity, Propulsion Type, Power Output, Electric Tractor Equipment, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Hitachi Construction Machinery, Caterpillar, Komatsu, JCB, Volvo Construction Equipment, Deere & Company, CNH Industrial, Sandvik, Liebherr, Epiroc, Terex, Deutz AG, Atlas Copco, Fendt, Husqvarna, Stihl Holding AG and Co. Kg, Exel Industries, Xcmg, Sumitomo Heavy Industries, Doosan, Sany Heavy Industries, Kubota, Beml, Zoomlion, and Others. |
Market Segmentation:
Growing environmental concerns and awareness about the hazardous effects of kit emissions have forced engine and equipment manufacturers to develop engines that suit emission norms. Alternatively, the necessity to suit stringent emission norms has shifted the main target of manufacturers to electrical equipment.
The 50-200 kWh segment of the Off-Road Highway electric vehicles market accounted for the second-largest market price in 2019, due to the upper demand for small- and mid-range Off-Road Highway equipment in countries like China, India, and therefore the US.
Most of the hybrid and electric Off-Road Highway vehicles include one or two electric motors, counting on vehicle features. As of now, electrification is primarily observed in small and compact cars. Motors generating an output of less than 50 hp are generally utilized in small Off-Road Highway electric and hybrid vehicles. These sorts of electric and hybrid Off-Road Highway cars have the most important market in Europe.
Market Regional Analysis:
The Global Off-Road Highway Electric Vehicle Market Report includes the segmentation of regions:
North America is predicted to steer the off-road highway electric vehicle market, in terms of useful, during the forecast period. The development and mining equipment demand in North America is predicted to extend thanks to measures adopted by the US that have increased the demand for domestically extracted minerals and infrastructure development. The US is estimated to be the most important marketplace for Off-Road Highway electric vehicles in North America. Additionally, with upcoming stringent emission norms for fuel economy within the country, companies are trying harder to manufacture electric and hybrid equipment for the domestic market. The construction industry has witnessed substantial growth in emerging economies like China and India. The increasing demand for brand-spanking new infrastructure is predicted to drive the demand for construction equipment across the world. Rapid infrastructural development and revised government norms associated with construction activities are driving the Off-Road Highway electric vehicle market in these countries. Aside from the development industry, the mining industry has also shown significant growth in recent years.
Market Key Players:
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