Off-highway Electric Vehicle Market – Analysis with Ongoing Trends & Market Revenue
The Off-highway Electric Vehicle Market is projected to reach USD 29.8 billion by 2027 from an estimated USD 4.9 billion in 2019 at a CAGR of 25.2%. With the increase in global emission levels and stringency of emission norms, manufacturers face operational issues in reaching an optimum balance between the output received, cost incurred, and profit margins. Growing stringency of emission norms for off-highway vehicles has shifted the focus of manufacturers on alternate powertrain sources such as their electrical counterparts. Such factors are driving the market. The construction application is estimated to hold the largest share of the off-highway electric vehicle market during the forecast period Emission regulations have a significant impact on the market for construction equipment. Growing environmental concerns and awareness of the harmful effects of vehicular emissions have forced OEMs to focus on electrification of construction equipment. This, in turn, has res