Electric Off-highway Vehicle Market by Region – Global Opportunities & Forecast, 2020-2027

 Electric Off-highway Vehicle Market

The Electric Off-highway Vehicle Market is predicted to expand at a substantial rate over the forecast period. The stringent norms have shifted the emphasis of automotive producers from internal combustion engine vehicles with other options of the powertrain. Further, the growing demand for emission-free construction machines in residential areas has promoted market growth.

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Electric Off-highway Vehicle Market Dynamics

The expansion in the Electric Off-highway Vehicle Market is attributed to the intensified emphasis on reducing carbon discharge and ventilation costs in underground mining. Diesel-charged vehicles, such as dump trucks and LHD loaders release huge amounts of hazardous gases, which include carbon dioxide, carbon monoxide, and nitrogen dioxide. These gases impact workers when they are subjected to these hazardous gases for a long duration. Hence, they encounter several health effects, including acute respiratory irritation, acute bronchitis, emphysema, and effect on the sensory notion. In accordance with the International Council of Mining and Metals, nearly 40% of underground mine's energy outgoings are exhausted on ventilation systems to alleviate heat and pollutants from mining tunnels, which is further likely to compel the Electric Off-highway Vehicle Market size.

The coronavirus crisis has remarkably influenced the growth of the market. The widespread outburst has left a significant impact on producers of off-highway equipment due to the halt of the production plants across the globe. Moreover, the lockdown enforced across the nation has impeded mining and construction projects, which is projected to restrain the market growth. Moreover, another prime reason anticipated to curb the market growth is the productivity loss caused due to the high charging time exhausted in these vehicles.

Product Segment Drivers

Based on the product, the excavators' segment is projected to witness faster growth over the forecast period. This is because of the user-friendly operations of electric excavators. Moreover, the Electric Off-highway Vehicle Market growth insights projects that a fully electric excavator provides ten times more efficiency, zero discharge, lower noise levels, and less ownership cost when compared to conventional counterparts. These factors have significantly propelled the market growth.

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