Press release
Off-Highway Electric Vehicle Market 2024-2033: Trends, Analysis & Growth Forecast
The off-highway electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.65 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to electrification trends, government incentives, increased awareness and sustainability goals, infrastructure development, flexibility and adaptability, rapid charging infrastructure, autonomous and semi-autonomous operations. Major trends in the forecast period include battery technology improvements, autonomous and connected technologies, industry partnerships and collaboration, multi-purpose and modular designs, regenerative braking systems.
Market Overview -
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 tires with deep, wide treads, underbody protection, low-range-gearing, and caterpillar tracks. The off-highway electric vehicle is used to boost productivity, reduce emissions, and improve safety and labor savings.
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Electric Vehicle Demand Fuels Growth In Off-Highway Electric Vehicle Market
The increase in 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.
Competitive Landscape -
Major companies operating in the off-highway electric vehicle market report are Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, JC Bamford Excavators Ltd., Cnh Industrial NV, Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors Corp., Toyota Motor Corp., Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Company, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, Deere & Company, Tere*x Corporation, Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Wacker Neuson SE, Sany Heavy Industry Co. Ltd., Manitou Group, Bell Equipment Ltd., ASV Holdings Inc., Epiroc AB, Hyundai Construction Equipment Co. Ltd.
Technology Advancements Driving Innovation 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.
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Key Segments -
The off-highway electric vehicle market covered in this report is segmented -
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
3) By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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