According to a new market research report published by sheer analytics and insights, “The Global Off-Highway Electric Vehicle Market was $4.5 Bn in 2020, and it is expected to reach $24.3 Bn by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 15.2% between 2021-2031”, as per the latest market research report titled, Global Off-Highway Electric Vehicle Market – Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The off-highway electric vehicles are the zero-emissions vehicles that match the power and robustness for the toughest off-road jobs and performance and agility required for urban applications. These electric vehicles are designed and built with off-road tires, front and rear suspensions. The Emission regulations have a major impact on mining equipment. However, the growing environmental concerns and awareness of the harmful effects of equipment emissions have forced engine and equipment manufacturers to develop engines that comply with emission norms. Alternatively, the need to comply with stringent emission norms is expected to drive market growth. Increasing stringency in the emission standards for off-highway vehicles is the primary factor for the market’s growth.
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However, in this current pandemic of COVID-19, the Off-Highway Electric Vehicle market affected much. It changes the growth rate graph slightly in the Off-Highway Electric Vehicle market. But it has been expected that after the pandemic situation, the global Off-Highway Electric Vehicle market will reach a high position in the graph. Apart from that, the rising of the Off-Highway Electric Vehicle sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Off-Highway Electric Vehicle Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Caterpillar, Volvo Construction Equipment AB, Komatsu Ltd., Deere & Company, Sandvik AB, Hitachi Construction Machinery Co., Ltd., Epiroc AB, Doosan Corporation, J C Bamford Excavators Ltd., CNH Industrial N.V., Kubota Corporation, Duetz AG, Atlas Copco, Sumitomo Heavy Industries, and Terex among others.
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The Global Off-Highway Electric Vehicle Market Has Been Segmented into:
Global Off-Highway Electric Vehicle Market: By Application
Global Off-Highway Electric Vehicle Market: By Electric Vehicle Outlook
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Global Off-Highway Electric Vehicle Market: By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America, Middle East & Africa
- South Africa
- Rest of LAMEA
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