Off-Highway Electric Vehicle Market By Provider, End User, Market Size, Trends, Scope, Industry Growth, Bank Falter And Forecast 2023-2032|Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd.

The Off-Highway Electric Vehicle Global Market Report 2023 by The Business Research Company, provides off highway electric vehicle market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Off-Highway Electric Vehicle Global Market Report 2023, the global off-highway electric vehicle market size will grow from $5.54 billion in 2022 to $7.13 billion in 2023, at a compound annual growth rate (CAGR) of 28.7%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global off-highway electric vehicle is expected to grow to $18.3 billion in 2027 at a CAGR of 26.6%.

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.

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The off highway electric vehicle market 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

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.

The off highway electric vehicle market report table of contents includes: