The Off Highway Electric Vehicle market is expected to grow from USD 9.8 billion in 2022 to USD 68.7 Billion by 2032, at a CAGR of 21.50% during the forecast period 2023-2032.
An off-highway vehicle (OHV) is planned for use on steep or uneven ground and contains those used for construction or agriculture. Off-highway vehicles are specially designed for off-road use and can be surrounded by open air. Off-highway vehicles are used for additional objectives in the mining and construction industries and for moving loads from one location to another. While keeping the same level of functionality, electric vehicles lower the emissions of hazardous gases.
The driving factors of the market growth are government associations, like India BS-VI emission standards and China VI, have confirmed stringent emission standards for off-road vehicles. The United States. Environmental Protection Agency (EPA) also limited greenhouse gas (GHG) emissions. Market growth has been pushed by equipment makers focusing on alternative engine choices like total and hybrid off-highway electric vehicles.
This study delivers a comprehensive analysis of propulsion, application, and region. The propulsion segment includes HEV, and BEV. The Hybrid Electric Vehicle (HEV) segment holds the largest market share in 2022 due to the hybrid electric vehicle is created to augment the use of the internal combustion engine in partnership with the electric powertrain. The need for hybrid propulsion off-highway equipment has improved due to stringent emission standards set by regulatory bodies like the U.S. EPA and the European Commission. The application segment includes agriculture, mining, and construction. The agriculture segment holds the largest market share in 2022 due to the Europe and North American consumers use modern farm machinery and cutting-edge agricultural methods to enhance yields. Electrification of farming equipment can also leverage automation to aid in overcoming labour challenges, helping labourers to focus on other essential duties.
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the largest market share due to the growth can be attributed to leading companies like CNH Industrial N.V., Caterpillar, and Deere & Company in North America. However, the development of the construction domain in the region is additionally pushing the demand for off-highway electric equipment.
Some of the notable players in the market are Ab Volvo, Caterpillar, Deere & Company, Doosan Corporation, Epiroc Ab, Hitachi Construction Machinery Co.LTD, Komatsu Ltd, and Sandvik Ab.
Report Description:
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Propulsion
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Growing Market for Renting Construction Equipment.
5.3. Restraints
5.3.1. High Electrical Component Cost
5.4. Opportunities
5.4.1. Growing Intention for Electrification of Construction Equipment
6. Global Off Highway Electric Vehicle Market Analysis and Forecast, By Propulsion:
6.1. Segment Overview
6.2. HEV
6.3. BEV
7. Global Off Highway Electric Vehicle Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Agriculture
7.3. Mining
7.4. Construction
8. Global Off Highway Electric Vehicle Market Analysis and Forecast, By Regional Analysis
8.1. Segment Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.2.3. Mexico
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. U.K.
8.3.4. Italy
8.3.5. Spain
8.4. Asia-Pacific
8.4.1. Japan
8.4.2. China
8.4.3. India
8.5. South America
8.5.1. Brazil
8.6. Middle East and Africa
8.6.1. UAE
8.6.2. South Africa
9. Global Off Highway Electric Vehicle Market-Competitive Landscape
9.1. Overview
9.2. Market Share of Key Players in the Off Highway Electric Vehicle Market
9.2.1. Global Company Market Share
9.2.2. North America Company Market Share
9.2.3. Europe Company Market Share
9.2.4. APAC Company Market Share
9.3. Competitive Situations and Trends
9.3.1. Product Launches and Developments
9.3.2. Partnerships, Collaborations, and Agreements
9.3.3. Mergers & Acquisitions
9.3.4. Expansions
10. Company Profiles
10.1. Ab Volvo.
10.1.1. Business Overview
10.1.2. Company Snapshot
10.1.3. Company Market Share Analysis
10.1.4. Company Product Portfolio
10.1.5. Recent Developments
10.1.6. SWOT Analysi
10.2. Caterpillar
10.2.1. Business Overview
10.2.2. Company Snapshot
10.2.3. Company Market Share Analysis
10.2.4. Company Product Portfolio
10.2.5. Recent Developments
10.2.6. SWOT Analysis
10.3. Deere & Company.
10.3.1. Business Overview
10.3.2. Company Snapshot
10.3.3. Company Market Share Analysis
10.3.4. Company Product Portfolio
10.3.5. Recent Developments
10.3.6. SWOT Analysis
10.4. Doosan Corporation
10.4.1. Business Overview
10.4.2. Company Snapshot
10.4.3. Company Market Share Analysis
10.4.4. Company Product Portfolio
10.4.5. Recent Developments
10.4.6. SWOT Analysis
10.5. Epiroc Ab.
10.5.1. Business Overview
10.5.2. Company Snapshot
10.5.3. Company Market Share Analysis
10.5.4. Company Product Portfolio
10.5.5. Recent Developments
10.5.6. SWOT Analysis
10.6. Hitachi Construction Machinery Co.LTD.
10.6.1. Business Overview
10.6.2. Company Snapshot
10.6.3. Company Market Share Analysis
10.6.4. Company Product Portfolio
10.6.5. Recent Developments
10.6.6. SWOT Analysis
10.7. Komatsu Ltd.
10.7.1. Business Overview
10.7.2. Company Snapshot
10.7.3. Company Market Share Analysis
10.7.4. Company Product Portfolio
10.7.5. Recent Developments
10.7.6. SWOT Analysis
10.8. Sandvik Ab.
10.8.1. Business Overview
10.8.2. Company Snapshot
10.8.3. Company Market Share Analysis
10.8.4. Company Product Portfolio
10.8.5. Recent Developments
10.8.6. SWOT Analysis
List of Table
1. Global Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
2. Global HEV Off Highway Electric Vehicle Market, By Region, 2019-2032 (USD Billion)
3. Global BEV Off Highway Electric Vehicle Market, By Region, 2019-2032 (USD Billion)
4. Global Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
5. Global Agriculture Off Highway Electric Vehicle Market, By Region, 2019-2032 (USD Billion)
6. Global Mining Off Highway Electric Vehicle Market, By Region, 2019-2032 (USD Billion)
7. Global Construction Off Highway Electric Vehicle Market, By Region, 2019-2032 (USD Billion)
8. North America Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
9. North America Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
10. U.S. Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
11. U.S. Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
12. Canada Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
13. Canada Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
14. Mexico Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
15. Mexico Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
16. Europe Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
17. Europe Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
18. Germany Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
19. Germany Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
20. France Off Highway Electric Vehicle Market, By Propulsion 2019-2032 (USD Billion)
21. France Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
22. U.K. Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
23. U.K. Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
24. Italy Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
25. Italy Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
26. Spain Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
27. Spain Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
28. Asia Pacific Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
29. Asia Pacific Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
30. Japan Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
31. Japan Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
32. China Off Highway Electric Vehicle Market, By Propulsion 2019-2032 (USD Billion)
33. China Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
34. India Off Highway Electric Vehicle Market, By Propulsion 2019-2032 (USD Billion)
35. India Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
36. South America Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
37. South America Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
38. Brazil Off Highway Electric Vehicle Market, By Propulsion 2019-2032 (USD Billion)
39. Brazil Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
40. Middle East and Africa Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
41. Middle East and Africa Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
42. UAE Off Highway Electric Vehicle Market, By Propulsion, 2019-2032 (USD Billion)
43. UAE Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
44. South Africa Off Highway Electric Vehicle Market, By Propulsion 2019-2032 (USD Billion)
45. South Africa Off Highway Electric Vehicle Market, By Application, 2019-2032 (USD Billion)
List of Figures
1. Global Off Highway Electric Vehicle Market Segmentation
2. Off Highway Electric Vehicle Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Off Highway Electric Vehicle Market Attractiveness Analysis by Propulsion
9. Global Off Highway Electric Vehicle Market Attractiveness Analysis by Application
10. Global Off Highway Electric Vehicle Market Attractiveness Analysis by Region
11. Global Off Highway Electric Vehicle Market: Dynamics
12. Global Off Highway Electric Vehicle Market Share by Propulsion (2022 & 2032)
13. Global Off Highway Electric Vehicle Market Share by Application (2022 & 2032)
14. Global Off Highway Electric Vehicle Market Share by Regions (2022 & 2032)
15. Global Off Highway Electric Vehicle Market Share by Company (2022)
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