Global Off-Highway Electric Vehicles Industry

Global Off-Highway Electric Vehicles Industry

  • April 2021 •
  • 174 pages •
  • Report ID: 6032366 •
  • Format: PDF
Abstract:
- Global Off-Highway Electric Vehicles Market to Reach $21.3 Billion by 2027
- Amid the COVID-19 crisis, the global market for Off-Highway Electric Vehicles estimated at US$6.1 Billion in the year 2020, is projected to reach a revised size of US$21.3 Billion by 2027, growing at aCAGR of 19.5% over the period 2020-2027. Battery-Electric, one of the segments analyzed in the report, is projected to record 18.7% CAGR and reach US$13.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hybrid-Electric segment is readjusted to a revised 21.1% CAGR for the next 7-year period.
- The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 19.2% CAGR
- The Off-Highway Electric Vehicles market in the U.S. is estimated at US$1.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.8 Billion by the year 2027 trailing a CAGR of 19.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.4% and 16.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 13.7% CAGR.

- Select Competitors (Total 42 Featured) -
  • Caterpillar
  • CNH Industrial N.V.
  • Deere & Company
  • Doosan Corporation
  • Epiroc AB
  • Hitachi Construction Machinery Co., Ltd.
  • J C Bamford Excavators Ltd.
  • Komatsu Ltd.
  • Sandvik AB
  • Volvo Construction Equipment AB