Electric vehicles that are intended to be used off-road are known as off-highway electric vehicles (OHEVs). They employ one or more electric motors for propulsion. Moreover, these electric cars store energy using a range of batteries, including lead acid, nickel metal hybrid, and lithium-ion.
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Key Takeaways from the Off-highway Electric Vehicle Market Report:
Off-highway electric vehicle sales in North America now make up a significant portion of global sales and are expected to exhibit a CAGR of 29% throughout the forecasted period. The off-highway electric vehicle market in Europe is projected to raise at a CAGR of 25% during the forecast period. Between 2023 and 2033, the Asia Pacific off-highway electric vehicle market’s CAGR could reach 15%. Based on Vehicle Type, the off-highway electric vehicle industry has been dominated by the Hybrid Electric Vehicle (HEV) category. Based on Application, construction is the key industry that dominates the off-highway electric vehicle market.
As agricultural activities are one of the main sources of greenhouse gas emissions, OEMs are now concentrating on producing more environmentally friendly and productive farm vehicles that adhere to existing pollution rules and standards. Together with a rise in worldwide farm mechanization, this is a key factor in the market’s expansion.
Off-highway heavy-duty vehicle electrification is growing. As a result, OEMs are eager to learn how this new trend could support their current business models. The trend of electrifying automobiles is expected to pick up steam during the forecast period given beneficial aspects including battery technology, supply, and general economics.
Competitive Landscape:
Electric-powered machinery, including material handling vehicles, agricultural machinery, and construction equipment, is being developed and produced by manufacturers in the off-highway electric vehicle sector. Many advantages are provided by these vehicles, such as less running costs, increased fuel economy, and decreased pollutants. Also, many manufacturers are spending money on research & development activities to expand the technology of electric vehicles and make them more useful for heavy-duty applications.
Leading Key Players:
Caterpillar, Volvo Construction Equipment AB, Komatsu Ltd., J C Bamford Excavators Ltd., CNH Industrial N.V., Deere & Company, Epiroc AB, Sandvik AB, Hitachi Construction Machinery Co., Ltd., Doosan Corporation
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