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According to The Business Research Company’s research on the off-highway electric vehicle market, 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.
The global off-highway electric vehicle market size 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 growth is expected to reach $13.83 billion in 2026 at a CAGR of 26.1%.
Technology advancement is the key trend gaining popularity in the off-highway electric vehicle market. Major companies operating in the off-highway electric vehicle market 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.
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.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 segmented by type into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicles (PHEV); by battery type into lithium-ion, lead-acid, other batteries; by application into mining, construction agriculture: gardening or landscaping, other applications.
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 research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Off-Highway Electric Vehicle Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide off-highway electric vehicle market forecast size and growth, off-highway electric vehicle market segments, off-highway electric vehicle market trends, off-highway electric vehicle market drivers and restraints, off-highway electric vehicle market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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