Off-Highway EV Market Outlook - 2027

Off-highway electric vehicles are a form of electric vehicles, which are designed to carry off-the-road operations. This includes the increased usage of the same in agricultural, construction, infrastructure developments, and others. The increased demand for such vehicles has enabled electric vehicle (EV) manufacturers to increase the production related of off-highway vehicles, thus supplementing the growth of the global market. The global off-highway electric vehicles market has registered an increased growth during the forecast period, owing to the increased demand for electric vehicles across the globe. Other factors, such as increased awareness of environment safety and the developments carried out in the automobile industry, have also supplemented the growth of the global off-highway electric vehicle market.

Market scope and structure analysis:

COVID-19 scenario analysis:

• COVID-19 has rapidly affected the sale in the automotive industry, thus hampering the growth of global off-highway electric vehicle market as there is no demand for fuel operated vehicles as well.
• The EV market was expected to register a significant growth in 2021, but due to COVID-19, the EV market is expected to decline in the near future until the situation becomes stable.
• Sales play a major role in the electric vehicle sector and industries are facing slower production and low demand due to lockdown, which eventually decreased the sales of the top companies.
• Companies, such as BMW, KIA, and TESLA, had stopped the production of their vehicles and are focusing on development of personal protective equipment to fight against COVID-19.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Factors, such as increased awareness of the usage of electric vehicles, lower upgrading cost, and better efficiency, drive the growth of the global off-highway electric vehicle market. Moreover, high investment cost and lack of proper infrastructure hamper the growth of the global market. However, new continuous developments in the industrial sector offer a wider opportunity, which eventually leads to the growth of the global market.

Increased awareness of the usage of electric vehicles

Increased awareness about electric vehicles drives the growth of the EV market. Additionally, increase in awareness of an eco-friendly environmentand reduction in expenses drive the market growth. Therefore, this leads to increased fuel efficiency of hybrid vehicles, thereby boosting the growth of the market.

Low upgrading cost

Low upgrading cost provides huge benefits to customers, which can be in the form of saving the cost of petrol or diesel by replacing with battery vehicles. Furthermore, hybrid EV has improved the efficiency of vehicles in terms of fuel. Therefore, the demand for EVsis expected to increase in near future.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global off-highway electric vehicle market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global off-highway electric vehicle market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global off-highway electric vehicle market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition.

Questions answered in global off-highway EV market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?