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Off-Highway Electric Vehicle Trends and Forecast
The future of the global off-highway electric vehicle market looks promising with opportunities in the mining, construction, and agriculture markets. The global off-highway electric vehicle market is expected to reach an estimated $18.6 billion by 2030 with a CAGR of 24.5% from 2024 to 2030. The major drivers for this market are increasing preference for electric machinery in construction sector, growing demand for recreational activities and adventure sports, and rising electrification of vehicles.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Off-Highway Electric Vehicle by Segment
The study includes a forecast for the global off-highway electric vehicle by vehicle type, battery type, application, and region.
Off-Highway Electric Vehicle Market by Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:
• Hybrid Electric Vehicle
• Battery Electric Vehicle
Off-Highway Electric Vehicle Market by Battery Type [Shipment Analysis by Value from 2018 to 2030]:
• Lithium-Ion
• Lead–Acid
Off-Highway Electric Vehicle Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Mining
• Construction
• Agriculture
• Others
Off-Highway Electric Vehicle Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Off-Highway Electric Vehicle Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies off-highway electric vehicle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the off-highway electric vehicle companies profiled in this report include-
• DEERE
• CNH Industrial
• Hyundai Doosan Infracore
• Toyota Motor
• Epiroc
• Cargotec
• Caterpillar
• SANY
• LIEBHERR-International Deutschland
• JCB
Off-Highway Electric Vehicle Market Insights
Lucintel forecasts that hybrid electric vehicle will remain the larger segment over the forecast period.
Within this market, agriculture will remain the largest segment over the forecast period.
North America will remain the largest region over the forecast period.
Features of the Global Off-Highway Electric Vehicle Market
Market Size Estimates: Off-highway electric vehicle market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Off-highway electric vehicle market size by vehicle type, battery type, application, and region in terms of value ($B).
Regional Analysis: Off-highway electric vehicle market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different vehicle types, battery types, applications, and regions for the off-highway electric vehicle market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the off-highway electric vehicle market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the off-highway electric vehicle market size?
Answer: The global off-highway electric vehicle market is expected to reach an estimated $18.6 billion by 2030.
Q2. What is the growth forecast for off-highway electric vehicle market?
Answer: The global off-highway electric vehicle market is expected to grow with a CAGR of 24.5% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the off-highway electric vehicle market?
Answer: The major drivers for this market are increasing preference for electric machinery in construction sector, growing demand for recreational activities and adventure sports, and rising electrification of vehicles.
Q4. What are the major segments for off-highway electric vehicle market?
Answer: The future of the off-highway electric vehicle market looks promising with opportunities in the mining, construction, and agriculture markets.
Q5. Who are the key off-highway electric vehicle market companies?
Answer: Some of the key off-highway electric vehicle companies are as follows:
• DEERE
• CNH Industrial
• Hyundai Doosan Infracore
• Toyota Motor
• Epiroc
• Cargotec
• Caterpillar
• SANY
• LIEBHERR-International Deutschland
• JCB
Q6. Which off-highway electric vehicle market segment will be the largest in future?
Answer: Lucintel forecasts that hybrid electric vehicle will remain the larger segment over the forecast period.
Q7. In off-highway electric vehicle market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the off-highway electric vehicle market by vehicle type (hybrid electric vehicle and battery electric vehicle), battery type (lithium-ion and lead–acid), application (mining, construction, agriculture, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Off-Highway Electric Vehicle Market, Off-Highway Electric Vehicle Market Size, Off-Highway Electric Vehicle Market Growth, Off-Highway Electric Vehicle Market Analysis, Off-Highway Electric Vehicle Market Report, Off-Highway Electric Vehicle Market Share, Off-Highway Electric Vehicle Market Trends, Off-Highway Electric Vehicle Market Forecast, Off-Highway Electric Vehicle Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Off-Highway Electric Vehicle Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Off-Highway Electric Vehicle Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Off-Highway Electric Vehicle Market by Vehicle Type
3.3.1: Hybrid Electric Vehicle
3.3.2: Battery Electric Vehicle
3.4: Global Off-Highway Electric Vehicle Market by Battery Type
3.4.1: Lithium-Ion
3.4.2: Lead–Acid
3.5: Global Off-Highway Electric Vehicle Market by Application
3.5.1: Mining
3.5.2: Construction
3.5.3: Agriculture
3.5.4: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Off-Highway Electric Vehicle Market by Region
4.2: North American Off-Highway Electric Vehicle Market
4.2.2: North American Off-Highway Electric Vehicle Market by Application: Mining, Construction, Agriculture, and Others
4.3: European Off-Highway Electric Vehicle Market
4.3.1: European Off-Highway Electric Vehicle Market by Vehicle Type: Hybrid Electric Vehicle and Battery Electric Vehicle
4.3.2: European Off-Highway Electric Vehicle Market by Application: Mining, Construction, Agriculture, and Others
4.4: APAC Off-Highway Electric Vehicle Market
4.4.1: APAC Off-Highway Electric Vehicle Market by Vehicle Type: Hybrid Electric Vehicle and Battery Electric Vehicle
4.4.2: APAC Off-Highway Electric Vehicle Market by Application: Mining, Construction, Agriculture, and Others
4.5: ROW Off-Highway Electric Vehicle Market
4.5.1: ROW Off-Highway Electric Vehicle Market by Vehicle Type: Hybrid Electric Vehicle and Battery Electric Vehicle
4.5.2: ROW Off-Highway Electric Vehicle Market by Application: Mining, Construction, Agriculture, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Off-Highway Electric Vehicle Market by Vehicle Type
6.1.2: Growth Opportunities for the Global Off-Highway Electric Vehicle Market by Battery Type
6.1.3: Growth Opportunities for the Global Off-Highway Electric Vehicle Market by Application
6.1.4: Growth Opportunities for the Global Off-Highway Electric Vehicle Market by Region
6.2: Emerging Trends in the Global Off-Highway Electric Vehicle Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Off-Highway Electric Vehicle Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Off-Highway Electric Vehicle Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: DEERE
7.2: CNH Industrial
7.3: Hyundai Doosan Infracore
7.4: Toyota Motor
7.5: Epiroc
7.6: Cargotec
7.7: Caterpillar
7.8: SANY
7.9: LIEBHERR-International Deutschland
7.10: JCB
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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