How is the global Electric Off-highway Vehicle Market shaping up? What role has COVID-19 played in the market?
The global Electric Off-Highway Vehicle Market size in a pre-COVID-19 situation was projected to reach USD 8.8 b illion in 2020 from USD 21.7 b illion by 2025 (in terms of value). However, due to COVID-19, most of the OEMs have delayed new vehicle developments and launches. Considering the global financial slowdown, electric off-highway vehicle manufacturers will refrain from adding extra cost to vehicles like an electric dump truck, electric LHD, electric excavator, electric loader, electric dozer, electric lawnmower, and electric tractor by installing batteries and hybrid powertrain systems. The electric off-highway vehicle market is estimated to observe a decline post-COVID-19 due to the impact on vehicle sales and demand from the application industry. The global electric off-highway vehicle market size post-COVID-19 is estimated to be USD 6.3 billion in 2020 and projected to reach USD 17.5 billion by 2025, at a CAGR of 22.8% , driven by the upcoming emission norms for off...