Global Off Highway Electric Vehicle Market Analysis 2024: Size Forecast and Growth Prospects

The off-highway electric vehicle global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Off Highway Electric Vehicle Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The off-highway electric vehicle market size has grown exponentially in recent years. It will grow from $6.84 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%.  The growth in the historic period can be attributed to environmental regulations, fuel efficiency, total cost of ownership, noise reduction.

The off-highway electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.65 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%.  The growth in the forecast period can be attributed to electrification trends, government incentives, increased awareness and sustainability goals, infrastructure development, flexibility and adaptability, rapid charging infrastructure, autonomous and semi-autonomous operations. Major trends in the forecast period include battery technology improvements, autonomous and connected technologies, industry partnerships and collaboration, multi-purpose and modular designs, regenerative braking systems.

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Scope Of Off Highway Electric Vehicle Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers -
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. For instance, according to the International Renewable Energy Agency report, a UAE-based renewable and sustainable energy intergovernmental organization, the number of electric passenger cars is expected to reach 200 million in 2030 and electric buses and light-duty vehicles are expected to reach 10 million by 2030. Hence, increasing demand for electric vehicles is driving the demand in the off-highway electric vehicle market.

Market Trends -
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The off-highway electric vehicle market covered in this report 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

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Regional Insights -
North America was the largest region in the off-highway electric vehicle market in 2023. The regions covered in the off-highway electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies -
Major companies operating in the off-highway electric vehicle market report are Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, JC Bamford Excavators Ltd., Cnh Industrial NV, Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors Corp., Toyota Motor Corp., Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Company, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, Deere & Company, Terex Corporation, Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Wacker Neuson SE, Sany Heavy Industry Co. Ltd., Manitou Group, Bell Equipment Ltd., ASV Holdings Inc., Epiroc AB, Hyundai Construction Equipment Co. Ltd.

Table of Contents
1. Executive Summary
2. Off Highway Electric Vehicle Market Report Structure
3. Off Highway Electric Vehicle Market Trends And Strategies
4. Off Highway Electric Vehicle Market – Macro Economic Scenario
5. Off Highway Electric Vehicle Market Size And Growth
…..
27. Off Highway Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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