The global Electric Off-Highway Vehicle Market, categorized by Propulsion (Hybrid-Electric, Battery-Electric), Battery Capacity (<50 kWh, 50–200 kWh, 200–500 kWh, >500 kWh), Application (Construction, Mining, Agriculture, Gardening), Battery Type (Lithium-Ion, Lead-Acid, Other Batteries), and Equipment Type (Excavator, Motor Grader, Dozer, Loader, LHD, Dump truck, Lawnmower, Sprayer, Tractor), is expected to reach USD 20.1 billion by 2030. This is a significant increase from the anticipated value of USD 6.1 billion in 2023, representing a robust CAGR of 22.5% for the period.
The growth of this market is attributed to several key factors, including the development of advanced and new products, post-2020 recovery of end-use sectors, and upcoming emission norms for off-highway vehicles.
However, OEMs have recently delayed the development and launch of new vehicles due to the global financial slowdown. In light of this, manufacturers of electric off-highway vehicle market are cautious about adding extra costs to these vehicles by integrating hybrid powertrain systems and batteries.
The prolonged impact of COVID-19 may lead OEMs to reduce financial investments in R&D activities related to electric off-highway vehicles. The decrease in demand for Electric Off-Highway Vehicles worldwide may also delay the transition to standard and large electric off-highway vehicles from mini electric ones. As the growth of the EOHV market is closely linked to vehicle production, the electric off-highway vehicle market is expected to be affected by this trend.
Despite these challenges, several off-highway vehicle OEMs have resumed production since May 2020. For instance, China resumed production in early February, with companies like XCMG Group and BYD Auto Co., Ltd. reopening their plants at full capacity. In the US, major OEMs such as John Deere, which temporarily halted production in May, are expected to resume operations by the third quarter of 2020.
About VynZ Research:
VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ has a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.
Contact Us:
Address: H.O — 9591 Fontainebleau Blvd. 617 Miami Florida 33172 U.S.A
Phone: +91 9960 288 381
Toll Free:1 888 253 3960
Email: marketing@vynzresearch.com
Website: www.vynzresearch.com
No comments:
Post a Comment