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by on February 23, 2021
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Electric Off-highway Vehicle Market:

The GMI Research expects the electric off-highway vehicle market to expand at a higher rate. From a regional perspective, North America is expected to increase at a higher CAGR due to the environmental protection measures and stringent emission norms for fuel economy. These norms are promoting local enterprises to manufacture hybrid and electric equipment for the domestic market.

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Electric Off-highway Vehicle Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)

Key Drivers

The increasing number of initiatives to decrease carbon emissions and ventilation costs in underground mining is a major factor driving the growth of the electric off-highway vehicle market. Diesel-powered vehicles, including dump trucks and LHD loaders, emit massive amounts of harmful gases, such as carbon monoxide, carbon dioxide, nitrogen dioxide, among others. These gases affect employees as they are more exposed to these harmful gases for a longer period and hence, witness numerous health effects that include chronic bronchitis, severe respiratory irritation, emphysema, and effect on sensory perceptions. As per the International Council of Mining and Metals, around 40% of an underground mine's energy outlay is expended on ventilation systems to mitigate pollutants and heat from mining tunnels which will augment the growth of the global electric off-highway vehicles market.

The emergence of the COVID -19 pandemic has a negative influence on the growth of the global electric off-highway due to the temporary shutdown of the production plants worldwide. Additionally, the lockdown globally has hindered construction and mining projected, which will hamper the growth of the market. On the other hand, loss of productivity owing to the high charging time spent in these vehicles is restraining the growth of the market. Mining and construction organizations work approximately 8-16 hours per day, which decreases the time needed for charging an off-highway electric vehicle. The majority of the electric off-highway vehicles take 4-8 hours to charge completely, minimizing productivity due to the time lost in charging these vehicles. These factors will hamper the growth of the global electric off-highway vehicle market.

Electric Off-highway Vehicle Market’s leading Manufacturers:

  • Caterpillar
  • Volvo
  • Deere & Company
  • Komatsu Ltd
  • Hitachi Construction Machinery Co., Ltd.
  • Epiroc AB
  • J C Bamford Ltd.
  • Doosan Corporation
  • LIEBHERR
  • BYD Company Ltd.

Electric Off-highway Vehicle Market Segmentation:

Segmentation by Product:

  • Excavators
  • Forklifts
  • Harvesters
  • Dumpsters
  • Tractors
  • Others

Segmentation by Battery Type:

  • Lead-Acid
  • Lithium-Ion

Segmentation by Application:

  • Construction
  • Agriculture
  • Mining
  • Municipal
  • Others

Segmentation by Region:

  • North America
    • United States of America
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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