August 22nd, 2022
Electric Off-Highway Vehicle Market
The Electric Off-Highway Vehicle Market is anticipated reach USD 24,200 million by the end of 2027, growing at a CAGR of 21.2% CAGR over the forecast period (2020-2027).
The factors driving the growth of Electric Off-Highway Vehicle Market includes increasing application of Off-highway electric vehicle in construction and agriculture industries, growing emphasis on reducing the caron emissions and increasing number of infrastructure projects around the world. According to the report published by Financial Express, the capital expenditure by the Government of India on infrastructure projects for the FY2022, has increased by more than 35% y-o-y, to reach INR 10 lakh crore, which is expected to boost the Electric Off-Highway Vehicle Market size in India in the approaching years. As per the Global Electric Off-Highway Vehicle Market Analysis, the increasing adoption of electric vehicles, growing demand for Electrically propelled equipment and rapid urbanization are some of the additional factors supplementing the market growth. In addition, the subsidies by provided by Governments for manufacturing lithium-ion batteries and increasing investments by the leading players to develop technologically advanced Electric Off-Highway Vehicles, are further propelling the market’s growth.
However, the growth of Electric Off-Highway Vehicle Market is hindered due to problems related to compatibility and standardization.
The major players operating in the market are Epiroc AB, J C Bamford Ltd., Doosan Corporation, Caterpillar, Volvo, Deere & Company, Komatsu Ltd, LIEBHERR, BYD Company Ltd. and Hitachi Construction Machinery Co., Ltd. among others.
Product – Segment Analysis
Based on product, the excavators segment is projected to expand at a remarkable CAGR during the forecast period attributed to increasing application of excavators in light construction activities and it offers higher efficiency as compared to traditional counterparts.
Application – Segment Analysis
Based on application, the construction segment is predicted to grow at a faster CAGR over the forecast period. The rise in Government’s expenditure on public infrastructure and increasing investments by OEMs on research and development related activities, are some of the key factors augmenting the growth of the segment.
Region – Segment Analysis
Based on region, the North American region is expected to capture sizeable market share CAGR over the forecast period. The strict regulations imposed by Government on vehicular emissions, increasing production of hybrid and electric equipment, rapid growth in the construction industry and high per-capita incomes, are some of the important factors propelling the market growth in North American region.
Global Electric Off-Highway Vehicle Market by Product
Global Electric Off-Highway Vehicle Market by Battery Type
Global Electric Off-Highway Vehicle Market by Application
Global Electric Off-Highway Vehicle Market by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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