Off-highway Electric Vehicle Market Projected to Reach USD 5.75 Billion, at a 14.50% CAGR by 2032 – Report by Market Research Future (MRFR)

On Jul 13, 2023

New York, US, July 13, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Off-highway Electric Vehicles Market Research Report Information by Battery Type, Region, Energy Storage Capacity, and Vehicle Type – Forecast Till 2032″, the Off-highway Electric Vehicles market is predicted to grow substantially over the assessment time frame from 2022 to 2032 at a healthy CAGR of around 14.50%.

Off-highway Electric Vehicle Market Overview:

The reports even share predictions regarding the market’s growing revenue share, which will likely reach USD 5.75 Billion by the end of 2032. As per the reports, the market was worth nearly USD 1.7 billion in 2022. The global Off-highway Electric Vehicles industry has advanced enormously.

Market Competitive Analysis

The catalog of the top leaders across the global Market for Off-highway Electric Vehicles includes players such as:

LIEBHERR-International Deutschland GmbH
SANY Group
Cargotec corporation
Sandvik
Clark
Epiroc
CNH Industrial
Caterpillar
Narrow Isle Inc.
Komatsu Ltd.
Toyota Motor Corporation
Hitachi Construction Machinery
Anhui Heli Co., Ltd.
JCB
Hyundai Doosan Infracore Co. Ltd.
DEERE & COMPANY
AB Volvo
Among others.

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Off-highway Electric Vehicle Market USP Covered

Off-highway Electric Vehicle Market Drivers

The global Off-highway Electric Vehicles industry has advanced enormously in recent years. The primary aspects causing a surge in market performance are cost savings, environmental concerns, and environmental rules.

Off-highway Electric Vehicle Market Restraints

However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.

Report Scope:

Report Metrics	Details
Market Size 2032	2032: USD 5.75 Billion
CAGR during 2023-2032	14.50% CAGR
Base Year	2022
Forecast	2023-2032
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Vehicle Type, Energy Storage Capacity, Battery Type and Application
Key Market Opportunities	The transition to electric construction and agricultural equipment has been expedited by strict pollution rules, particularly in metropolitan areas
Key Market Dynamics	growing concerns about air pollution and the need to cut carbon emissions

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Off-highway Electric Vehicle Market COVID-19 Impact

The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Off-highway Electric Vehicles industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Off-highway Electric Vehicles over the review timeframe.

Off-highway Electric Vehicle Market Segment Analysis

Among all the vehicle types, the HEV segment secured the leading position across the global market for Off-highway Electric Vehicles in 2022 with the largest contribution of nearly 60.54%. Usually, heavy-duty electric vehicles are manufactured for demanding applications requiring high levels of capability and power.

Among all the capacities, the >200 kWh segment secured the leading position across the global market for Off-highway Electric Vehicles in 2022 with the largest contribution of nearly 42.5%. Off-road vehicles deployed in labor-intensive industries like construction, mining, and forestry frequently need much power to do their tasks. Higher energy storage capacity vehicles can generate the power output needed to run heavy equipment, navigate difficult terrain, and handle severe workloads.

Among all the battery types, the lithium-ion (Li-Ion) segment secured the leading position across the global market for Off-highway Electric Vehicles in 2022 with the largest contribution of nearly 62.4%. Given their high-power output capacity, lithium-ion batteries are suitable for heavy-duty off-highway applications that demand reliable performance and quick acceleration.

Among all the application areas, the construction segment secured the leading position across the global market for Off-highway Electric Vehicles in 2022 with the largest contribution of nearly 40.1%. The main parameter supporting the market segment’s growth is the demand on the construction sector to lower emissions and lessen the impact of its activities on the environment.

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Off-highway Electric Vehicle Market Regional Analysis

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.

The research documents by MRFR indicate that the North American Region secured a leading position across the global Off-highway Electric Vehicles industry in 2022 with the largest contribution of nearly 45.80%. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Off-highway Electric Vehicles Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the government financing and incentive schemes proposed to sponsor sustainable energy and cut emissions.

The European Region anticipates ensuring the second spot across the global Off-highway Electric Vehicles industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Off-highway Electric Vehicles Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region’s main aspect supporting regional market expansion is the transition to electric construction, and agricultural equipment has been advanced by strict pollution rules, particularly in metropolitan areas.

The Asia-pacific Region is anticipated to secure the maximum growth across the global Off-highway Electric Vehicles industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Off-highway Electric Vehicles Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the growing concerns about air pollution and the increasing need to cut carbon emissions.

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