What is Off Road Electric Vehicles Market?
Off-road electric vehicles are mostly used for paved and gravel surfaces and for heavy cardo deliveries. It has flexible suspension, which further offers higher tensile strength for heavy load transportation. This vehicle is in huge demand for routinely travelling on bumpy and rough surfaces. Off-road electric vehicles are mostly used for mining and construction-related transportation. Therefore, growing mining-based infrastructure is impacting on the market in a positive manner. However, limited battery life and longer charging time are known as prominent challenges for the market, which they need to address. Geographically, Asia-Pacific is expected to grow with a higher growth rate than Europe and the North American region. Growing agricultural, mining, and construction-based infrastructure creates demand for off-road electric vehicle players in a fruitful manner.
The market study is being classified by Type (Terminal Tractors, Loader, Sprayer, Heavy Duty Trucks, Motor Grader and Others), by Application (Agriculture, Public Services, Transportation & Logistics, Tourism, Ports & Shipyards and Others) and major geographies with country level break-up.
Tesla (United States), Orange EV (United States), Volvo group (Sweden), Caterpillar (United States), XPeng Inc. (China), Alke (Italy), Komatsu Ltd. (Japan), PACCAR (Peterbilt), ElectraMeccanica Vehicles Corp. (Canada), Daimler Truck (Germany), Hitachi Construction Machinery (Japan), Navistar International Corporation (United States), Lucid Group (United States), Nikola Motor Company (United States), NIO Inc. (China), Workhorse Group (United States), BYD (China), Embark (United States), TuSimple Hldgs (United States), TICO Tractors (United States), Capacity Truck (United States), Kalmar Ottawa (United States) and Hyundai Doosan Infracore Co. Ltd (South Korea) are some of the key players profiled in the study.
Market players are focusing on providing off road electric vehicles with higher quality along with complying all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified off road electric vehicles. The market is fragmented owing to the presence of several international and local providers. The high focus on the offering cost effective product offerings. Besides, the numerous industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
Analyst at AMA have segmented the market study of Global Off Road Electric Vehicles market by Type, Application and Region.
On the basis of geography, the market of Off Road Electric Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Popularity of Electric Vehicles over ICE Vehicle
- Increasing Demand for Environmentally Sustainable Automobiles
- Huge Adoption of Electric Heavy Duty Vehicles at Mining Activities
- Rising Convenience of Off Road BEV over Others
- Increasing Awareness for Reducing Fuel Consumption and Emission
- Higher Price associated compared to ICE Vehicles
- Negative Impact of the Pandemic on overall Automobile Sector
- Rising Government Investments for Electric Vehicles has Created Growth Opportunities for the Market
- Stronger Rise in Charging Stations on the Highways
- Augmenting Demand among Logistics & Transportation Sector for Off Road Electric Vehicles
- Limited Battery Life & Longer Time Requirement for Charging could be a keen Challenge for the market
- Higher Cost associated with Battery Replacement
Market Leaders and some development strategies
In April 2021, Battle Motors has acquired Crane Carrier Company LLC, which is leader in the commercial vehicle Original Equipment Manufacturer (OEM). Battle Motor is one of the leader in the Electric Vehicle based Technology. With this acquisition, company is able to combine its electric vehicle based technology for manufacturing equipment’s of the heavy commercial electric vehicles.
In January 2022, Volvo group has launched an electric truck with a longer range. It is enhanced version of the Volvo VNR Electric. It enbuild with faster charging and more than 50% range. It is class 8 truck and it has operational range upto 275 miles. With this new launch, company has strengthen its electric heavy vehicle portfolio and geographical reach across North America. and In June 2021, Ashok Leyland has acquired fully acquired India based Switch Mobility Automotive. It is one of the leading EV maker of the India. With this acquisition, Ashok Leyland is going to manufacture off road heavy electric vehicle. Further with this acquisition company is able to expand its electric vehicle based business across the India.
Key Target AudienceOff Road Electric Vehicles Manufacturer, Off Road Electric Vehicles Supplier, Original Equipment Manufacture, EV Automobiles Giants & Players, Equipment’s & Auto parts Suppliers, Automobiles Industrialist, Government Associations, Third Party Investors and New Entrants/Investors
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Off Road Electric Vehicles Market?
"Growing Popularity of Electric Vehicles over ICE Vehicle
" is seen as one of major growth factors of Off Road Electric Vehicles Market in years to come.
2. Can we have customized study for Off Road Electric Vehicles Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Off Road Electric Vehicles Market?
will lead Off Road Electric Vehicles Market in coming years.