The Growing Market for Electric Vehicles in Agriculture, Mining,...

The Growing Market for Electric Vehicles in Agriculture, Mining, and Construction | UnivDatos Market Insights

Posted 2023-04-25 11:43:39

The global off-highway electric vehicles market is expected to register a CAGR of around 21% over the period of 2021-2027. This is mainly due to the favorable and supportive government policies, and the rising adoption of low-emission and low-noise machines in the construction, mining, and agriculture sector. Further, to promote the development of electric vehicles, central and local governments in many countries have adopted various incentive programs. Moreover, major economies are increasing their investments in the electric off-highway vehicles industry as they are trying to meet their carbon emission targets quickly without interrupting the development. Therefore, the off-highway electric vehicles market is likely to grow at an influential rate during the forecast period.

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Based on the propulsion, the off-highway electric vehicles market is bifurcated into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicle segment grabbed a considerable amount of share in the off-highway electric vehicle market in 2020. Cleaner emission, less fuel dependency, and regenerative braking are some of the prime factors due to which the share of this segment is on the rise. Regenerative braking is a way of taking the wasted energy from the process of slowing down a car and using it to recharge the car’s batteries.

Based on equipment type, the off-highway electric vehicles market is segmented into the dump truck, dozer, sprayer, tractor, and others. The dozer segment accounted for a prominent share in the off-highway electric vehicle market. Some of the major reasons for the growth of this segment are the increasing construction and mining work all around the world. A dozer is a large, motorized vehicle equipped with a metal blade to the front for pushing material such as soil, sand, snow, or rock during construction work. They are usually ICE powered but increased environmental concerns are expected to promote the use of electricity-powered dozers.

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For a better understanding of the market adoption of off-highway electric vehicles the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea Rest of APAC), Rest of the World. The Asia Pacific acquired an extensive market share in the off-highway electric vehicles market and is expected to grow at an extensive rate mainly owing to the growing infrastructural development coupled with increased demand for electric vehicles, which is further contributing to the off-highway electric vehicles market in the region.

Some of the major players operating in the off-highway electric vehicles market are Hyundai Motor Company, AB Volvo, Komatsu Ltd., Caterpillar Inc., Deere & Company, LIEBHERR-International Deutschland GmbH, Sany Heavy Equipment International Holdings Company Limited, Epiroc AB, Hitachi Ltd., Sandvik AB.

For a detailed analysis of the Global Off-Highway Electric Vehicles Market browse through – https://univdatos.com/report/off-highway-electric-vehicles-market/

Global Off-Highway Electric Vehicles Market Segmentation

Market Insight, by Propulsion