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. 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. Increasing stringency in the emission standards for off-highway vehicles is the primary factor for the growth of the market. Alternatively, the need to comply with stringent emission norms is expected to drive market growth. Now, moving forward, the robust demand for the global Off-Highway Electric Vehicle market in the vehicle department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Off-Highway Electric Vehicle Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Off-Highway Electric Vehicle market is segmented as application and electric vehicle outlook. Based on Application, the global Off-Highway Electric Vehicle market has been bifurcated as Construction, Agriculture, and Mining. Based on Electric Vehicle Outlook, the global Off-Highway Electric Vehicle market has been divided into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV).
By Region, North America is Holding the Major Market Share
The Off-Highway Electric Vehicle Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America has a significant share among those regions. Increasing awareness for stringent emission norms, according to the United States EPA or Environment Protection Agency is the major factor for the growth of the market over the region. The growing demand for electric vehicles is another factor in the development of the market. Increasing disposal incomes, availability of various international retail, and other potential factors drive the market over the forecast period. Apart from that, the Asia Pacific and the Rest of the regions are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Off-Highway Electric Vehicle Market
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, Deutz AG, Atlas Copco, Sumitomo Heavy Industries, and Terex among others.
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
Global Off-Highway Electric Vehicle Market: By Region