According to the research report titled ‘Global Electric Off-highway Vehicle Market 2022-2028’ available with MarketStudyReport, global electric off-highway vehicle market to reach USD 8,647 million by the year 2028, recording a CAGR of 7.3% during the estimated timeframe.

Growing ventilation costs in underground mining, increasing usage of minimizing equipment, and shifting preference towards using low noise & emission-free construction machines in residential areas are some of the major factors fueling the global electric off-highway vehicle market growth.

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The latest report consists of crucial information regarding to the present and future scenarios of this industry vertical. Estimations for market share and growth rate are reviewed during the forecast duration. It also offers an in-depth explanation concerning the market segmentation to aid businesses to achieve effective growth standards for the future. The study covers information on the competitive landscape, as well as consumer habits and pricing models for this business space.

Meanwhile, the worldwide electric off-highway vehicle marketplace is segmented based on vehicle type, application scope, and regional landscape. Based on vehicle type, the market is split into hybrid electric vehicle (HEV) and battery electric vehicles (BEV). The application scope of this industry vertical includes construction, agriculture, and mining segments.

The regional landscape of global electric off-highway vehicle business sphere consists of Asia Pacific, North America, Europe, and the Rest of the World.

The leading companies formulating the competitive analysis of global electric off-highway vehicle industry are AB Volvo, CNH Industrial N.V., Caterpillar Inc., Deere & Company, Hitachi Ltd., Xuzhou Construction Machinery Group Co. Ltd., Doosan Corporation, Joseph Cyril Bamford Excavators Ltd., Liebherr-International Deutschland GmbH, Komatsu Ltd., Sany Heavy Industry Co. Ltd., among others.