Off-Highway Electric Vehicle Market - Size and Forecast [2024-2031]
The Off-Highway Electric Vehicle Market is expected to register a CAGR of 27.9% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Equipment Type (Excavator, Tractor, Dozer, Loader, Lawn Mower, Sprayer, Others); Propulsion Type (Hybrid Electric, Battery Electric); Battery Capacity (Less than 50 kWh, 50-200 kWh, 200-500 kWh, More than 500 kWh); Application (Construction, Mining, Agriculture), The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Off-Highway Electric Vehicle Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Off-Highway Electric Vehicle Market Segmentation
Equipment Type- Excavator
- Tractor
- Dozer
- Loader
- Lawn Mower
- Sprayer
- Others
- Hybrid Electric
- Battery Electric
- Less than 50 kWh
- 50-200 kWh
- 200-500 kWh
- More than 500 kWh
- Construction
- Mining
- Agriculture
- Construction
- Mining
- Agriculture
Strategic Insights
Off-Highway Electric Vehicle Market Growth Drivers- Environmental Regulations towards Reducing Carbon Emissions: This demand for off-highway electric vehicles will primarily be based on environmental regulations seeking lower emission levels in these applications. Governments around the world are coming up with regulations that reduce the emissions from construction equipment, mining equipment, and farm equipment to more sustainable levels; hence, companies need to turn to electric if they are to stay within those parameters.
- Cost Efficiency and Operational Savings with the Use of Off-Highway Electric Vehicle: In a cost-effective manner, which cuts down on the cost incurred with such operations, these off-road electric machines generally have relatively low operating cost as compared to the counterpart, being on the diesel basis. Thus, it attracts companies to the cost-effective solution that can provide profit-ability along with environmental benefits, and thus growth in this particular segment is noticed.
- Technological Advancements in Off-Highway Electric Vehicles: The advancements in the off-highway electric vehicle continue being increasingly viable and competitive owing to ongoing improvement in the technology involving battery and electric drivetrain. Increased energy density together with longer lifetimes in use and more rapid recharge contribute to these vehicles providing more efficient operation and the needed reliability and productivity demanded in most industrial applications, attracting more users.
- Integration of Autonomous Technologies in Off-Highway Electric Vehicles: There is a trend in autonomous technologies in the off-highway electric vehicle market. Businesses are increasingly taking up automation to come up with efficient and safe operations mostly in mining and construction settings. Electric and autonomous technologies combine, redefining market dynamics, and hence driving innovation.
- Increased Investment in R&D of Off-Highway Electric Vehicles: The increasing trend of R&D investment in electric off-highway vehicles is relatively very strong. Companies are developing innovative electric solutions that meet specific industry requirements, improve performance, and enhance sustainability. This further accelerates market growth with increasing competition and emerging technologies.
- Infrastructure Development Associated with Electric Vehicle Sector: Growth of electric infrastructure with charging stations and maintenance facilities specific to electric off-highway vehicles presents substantial opportunities to the manufacturers and service providers. Infrastructure investment will support adoption in all sectors and generally help improve efficiency in operations.
- The Growth of Off-Highway Electric Vehicles Emerging Markets: Penetration of emerging markets where infrastructure development and industrialization are happening. Once these markets begin investing in upgrading fleets and equipment, electric off-highway vehicles can be one of the viable alternatives to their manufacturers who want to have access to new markets of customers, which look for alternative solutions that are environmentally friendly.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Off-Highway Electric Vehicle Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Off-Highway Electric Vehicle Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Off-Highway Electric Vehicle Market include AB Volvo, Caterpillar, Deere and Company, Epiroc Norge AS, Hitachi Construction Machinery Co., Ltd, J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr Group, and Sandvik AB.
Collaboration and partnerships is the key future trend of the Off-Highway Electric Vehicle Market
The Off-Highway Electric Vehicle Market is estimated to witness a CAGR of 27.9% from 2023 to 2031
The major factors driving the Off-Highway Electric Vehicle Market are: Government Policy and Incentives#Rise in Cost of Fuel and Operation Cost
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Off-Highway Electric Vehicle Market - By Equipment Type
1.3.2 Off-Highway Electric Vehicle Market - By Propulsion Type
1.3.3 Off-Highway Electric Vehicle Market - By Battery Capacity
1.3.4 Off-Highway Electric Vehicle Market - By Application
1.3.5 Off-Highway Electric Vehicle Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OFF-HIGHWAY ELECTRIC VEHICLE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - GLOBAL MARKET ANALYSIS
6.1. OFF-HIGHWAY ELECTRIC VEHICLE - GLOBAL MARKET OVERVIEW
6.2. OFF-HIGHWAY ELECTRIC VEHICLE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - EQUIPMENT TYPE
7.1. OVERVIEW
7.2. EQUIPMENT TYPE MARKET FORECASTS AND ANALYSIS
7.3. EXCAVATOR
7.3.1. Overview
7.3.2. Excavator Market Forecast and Analysis
7.4. TRACTOR
7.4.1. Overview
7.4.2. Tractor Market Forecast and Analysis
7.5. DOZER
7.5.1. Overview
7.5.2. Dozer Market Forecast and Analysis
7.6. LOADER
7.6.1. Overview
7.6.2. Loader Market Forecast and Analysis
7.7. LAWN MOWER
7.7.1. Overview
7.7.2. Lawn Mower Market Forecast and Analysis
7.8. SPRAYER
7.8.1. Overview
7.8.2. Sprayer Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - PROPULSION TYPE
8.1. OVERVIEW
8.2. PROPULSION TYPE MARKET FORECASTS AND ANALYSIS
8.3. HYBRID ELECTRIC
8.3.1. Overview
8.3.2. Hybrid Electric Market Forecast and Analysis
8.4. BATTERY ELECTRIC
8.4.1. Overview
8.4.2. Battery Electric Market Forecast and Analysis
9. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - BATTERY CAPACITY
9.1. OVERVIEW
9.2. BATTERY CAPACITY MARKET FORECASTS AND ANALYSIS
9.3. LESS THAN 50 KWH
9.3.1. Overview
9.3.2. Less than 50 kWh Market Forecast and Analysis
9.4. 50-200 KWH
9.4.1. Overview
9.4.2. 50-200 kWh Market Forecast and Analysis
9.5. 200-500 KWH
9.5.1. Overview
9.5.2. 200-500 kWh Market Forecast and Analysis
9.6. MORE THAN 500 KWH
9.6.1. Overview
9.6.2. More than 500 kWh Market Forecast and Analysis
10. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. CONSTRUCTION
10.3.1. Overview
10.3.2. Construction Market Forecast and Analysis
10.4. MINING
10.4.1. Overview
10.4.2. Mining Market Forecast and Analysis
10.5. AGRICULTURE
10.5.1. Overview
10.5.2. Agriculture Market Forecast and Analysis
11. OFF-HIGHWAY ELECTRIC VEHICLE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Off-Highway Electric Vehicle Market Overview
11.1.2 North America Off-Highway Electric Vehicle Market Forecasts and Analysis
11.1.3 North America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Equipment Type
11.1.4 North America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Propulsion Type
11.1.5 North America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Battery Capacity
11.1.6 North America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Application
11.1.7 North America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Countries
11.1.7.1 United States Off-Highway Electric Vehicle Market
11.1.7.1.1 United States Off-Highway Electric Vehicle Market by Equipment Type
11.1.7.1.2 United States Off-Highway Electric Vehicle Market by Propulsion Type
11.1.7.1.3 United States Off-Highway Electric Vehicle Market by Battery Capacity
11.1.7.1.4 United States Off-Highway Electric Vehicle Market by Application
11.1.7.2 Canada Off-Highway Electric Vehicle Market
11.1.7.2.1 Canada Off-Highway Electric Vehicle Market by Equipment Type
11.1.7.2.2 Canada Off-Highway Electric Vehicle Market by Propulsion Type
11.1.7.2.3 Canada Off-Highway Electric Vehicle Market by Battery Capacity
11.1.7.2.4 Canada Off-Highway Electric Vehicle Market by Application
11.1.7.3 Mexico Off-Highway Electric Vehicle Market
11.1.7.3.1 Mexico Off-Highway Electric Vehicle Market by Equipment Type
11.1.7.3.2 Mexico Off-Highway Electric Vehicle Market by Propulsion Type
11.1.7.3.3 Mexico Off-Highway Electric Vehicle Market by Battery Capacity
11.1.7.3.4 Mexico Off-Highway Electric Vehicle Market by Application
11.2. EUROPE
11.2.1 Europe Off-Highway Electric Vehicle Market Overview
11.2.2 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis
11.2.3 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis - By Equipment Type
11.2.4 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis - By Propulsion Type
11.2.5 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis - By Battery Capacity
11.2.6 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis - By Application
11.2.7 Europe Off-Highway Electric Vehicle Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Off-Highway Electric Vehicle Market
11.2.7.1.1 Germany Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.1.2 Germany Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.1.3 Germany Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.1.4 Germany Off-Highway Electric Vehicle Market by Application
11.2.7.2 France Off-Highway Electric Vehicle Market
11.2.7.2.1 France Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.2.2 France Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.2.3 France Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.2.4 France Off-Highway Electric Vehicle Market by Application
11.2.7.3 Italy Off-Highway Electric Vehicle Market
11.2.7.3.1 Italy Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.3.2 Italy Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.3.3 Italy Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.3.4 Italy Off-Highway Electric Vehicle Market by Application
11.2.7.4 United Kingdom Off-Highway Electric Vehicle Market
11.2.7.4.1 United Kingdom Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.4.2 United Kingdom Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.4.3 United Kingdom Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.4.4 United Kingdom Off-Highway Electric Vehicle Market by Application
11.2.7.5 Russia Off-Highway Electric Vehicle Market
11.2.7.5.1 Russia Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.5.2 Russia Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.5.3 Russia Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.5.4 Russia Off-Highway Electric Vehicle Market by Application
11.2.7.6 Rest of Europe Off-Highway Electric Vehicle Market
11.2.7.6.1 Rest of Europe Off-Highway Electric Vehicle Market by Equipment Type
11.2.7.6.2 Rest of Europe Off-Highway Electric Vehicle Market by Propulsion Type
11.2.7.6.3 Rest of Europe Off-Highway Electric Vehicle Market by Battery Capacity
11.2.7.6.4 Rest of Europe Off-Highway Electric Vehicle Market by Application
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Off-Highway Electric Vehicle Market Overview
11.3.2 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis
11.3.3 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis - By Equipment Type
11.3.4 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis - By Propulsion Type
11.3.5 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis - By Battery Capacity
11.3.6 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis - By Application
11.3.7 Asia-Pacific Off-Highway Electric Vehicle Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Off-Highway Electric Vehicle Market
11.3.7.1.1 Australia Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.1.2 Australia Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.1.3 Australia Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.1.4 Australia Off-Highway Electric Vehicle Market by Application
11.3.7.2 China Off-Highway Electric Vehicle Market
11.3.7.2.1 China Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.2.2 China Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.2.3 China Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.2.4 China Off-Highway Electric Vehicle Market by Application
11.3.7.3 India Off-Highway Electric Vehicle Market
11.3.7.3.1 India Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.3.2 India Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.3.3 India Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.3.4 India Off-Highway Electric Vehicle Market by Application
11.3.7.4 Japan Off-Highway Electric Vehicle Market
11.3.7.4.1 Japan Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.4.2 Japan Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.4.3 Japan Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.4.4 Japan Off-Highway Electric Vehicle Market by Application
11.3.7.5 South Korea Off-Highway Electric Vehicle Market
11.3.7.5.1 South Korea Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.5.2 South Korea Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.5.3 South Korea Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.5.4 South Korea Off-Highway Electric Vehicle Market by Application
11.3.7.6 Rest of Asia-Pacific Off-Highway Electric Vehicle Market
11.3.7.6.1 Rest of Asia-Pacific Off-Highway Electric Vehicle Market by Equipment Type
11.3.7.6.2 Rest of Asia-Pacific Off-Highway Electric Vehicle Market by Propulsion Type
11.3.7.6.3 Rest of Asia-Pacific Off-Highway Electric Vehicle Market by Battery Capacity
11.3.7.6.4 Rest of Asia-Pacific Off-Highway Electric Vehicle Market by Application
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Off-Highway Electric Vehicle Market Overview
11.4.2 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis
11.4.3 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis - By Equipment Type
11.4.4 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis - By Propulsion Type
11.4.5 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis - By Battery Capacity
11.4.6 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis - By Application
11.4.7 Middle East and Africa Off-Highway Electric Vehicle Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Off-Highway Electric Vehicle Market
11.4.7.1.1 South Africa Off-Highway Electric Vehicle Market by Equipment Type
11.4.7.1.2 South Africa Off-Highway Electric Vehicle Market by Propulsion Type
11.4.7.1.3 South Africa Off-Highway Electric Vehicle Market by Battery Capacity
11.4.7.1.4 South Africa Off-Highway Electric Vehicle Market by Application
11.4.7.2 Saudi Arabia Off-Highway Electric Vehicle Market
11.4.7.2.1 Saudi Arabia Off-Highway Electric Vehicle Market by Equipment Type
11.4.7.2.2 Saudi Arabia Off-Highway Electric Vehicle Market by Propulsion Type
11.4.7.2.3 Saudi Arabia Off-Highway Electric Vehicle Market by Battery Capacity
11.4.7.2.4 Saudi Arabia Off-Highway Electric Vehicle Market by Application
11.4.7.3 U.A.E Off-Highway Electric Vehicle Market
11.4.7.3.1 U.A.E Off-Highway Electric Vehicle Market by Equipment Type
11.4.7.3.2 U.A.E Off-Highway Electric Vehicle Market by Propulsion Type
11.4.7.3.3 U.A.E Off-Highway Electric Vehicle Market by Battery Capacity
11.4.7.3.4 U.A.E Off-Highway Electric Vehicle Market by Application
11.4.7.4 Rest of Middle East and Africa Off-Highway Electric Vehicle Market
11.4.7.4.1 Rest of Middle East and Africa Off-Highway Electric Vehicle Market by Equipment Type
11.4.7.4.2 Rest of Middle East and Africa Off-Highway Electric Vehicle Market by Propulsion Type
11.4.7.4.3 Rest of Middle East and Africa Off-Highway Electric Vehicle Market by Battery Capacity
11.4.7.4.4 Rest of Middle East and Africa Off-Highway Electric Vehicle Market by Application
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Off-Highway Electric Vehicle Market Overview
11.5.2 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis
11.5.3 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Equipment Type
11.5.4 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Propulsion Type
11.5.5 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Battery Capacity
11.5.6 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Application
11.5.7 South and Central America Off-Highway Electric Vehicle Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Off-Highway Electric Vehicle Market
11.5.7.1.1 Brazil Off-Highway Electric Vehicle Market by Equipment Type
11.5.7.1.2 Brazil Off-Highway Electric Vehicle Market by Propulsion Type
11.5.7.1.3 Brazil Off-Highway Electric Vehicle Market by Battery Capacity
11.5.7.1.4 Brazil Off-Highway Electric Vehicle Market by Application
11.5.7.2 Argentina Off-Highway Electric Vehicle Market
11.5.7.2.1 Argentina Off-Highway Electric Vehicle Market by Equipment Type
11.5.7.2.2 Argentina Off-Highway Electric Vehicle Market by Propulsion Type
11.5.7.2.3 Argentina Off-Highway Electric Vehicle Market by Battery Capacity
11.5.7.2.4 Argentina Off-Highway Electric Vehicle Market by Application
11.5.7.3 Rest of South and Central America Off-Highway Electric Vehicle Market
11.5.7.3.1 Rest of South and Central America Off-Highway Electric Vehicle Market by Equipment Type
11.5.7.3.2 Rest of South and Central America Off-Highway Electric Vehicle Market by Propulsion Type
11.5.7.3.3 Rest of South and Central America Off-Highway Electric Vehicle Market by Battery Capacity
11.5.7.3.4 Rest of South and Central America Off-Highway Electric Vehicle Market by Application
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. OFF-HIGHWAY ELECTRIC VEHICLE MARKET, KEY COMPANY PROFILES
13.1. AB VOLVO
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. CATERPILLAR
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. DEERE AND COMPANY
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. EPIROC NORGE AS
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. HITACHI CONSTRUCTION MACHINERY CO., LTD
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. J C BAMFORD EXCAVATORS LTD.
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. KOMATSU LTD.
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. LIEBHERR GROUP
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. SANDVIK AB
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. SOLECTRAC
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
1.AB Volvo
2.Caterpillar
3.Deere and Company
4.Epiroc Norge AS
5.Hitachi Construction Machinery Co., Ltd
6.J C Bamford Excavators Ltd.
7.Komatsu Ltd.
8.Liebherr Group
9.Sandvik AB
10.SOLECTRAC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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