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$17.5 Billion Electric Off-Highway Vehicle Market - Global Forecast to 2025: Opportunities in the Development of Long-Range and Fast Charging Battery Technology


$17.5 Billion Electric Off-Highway Vehicle Market - Global Forecast to 2025: Opportunities in the Development of Long-Range and Fast Charging Battery Technology
December 28, 2020 04:28 ET
| Source:
Research and Markets
Research and Markets
Dublin, IRELAND
ResearchAndMarkets.com s offering.
The global electric off-highway vehicle market size is projected to grow from USD 6.3 billion in 2020 to USD 17.5 billion by 2025, at a CAGR 22.8%.
Rising demand for low noise and emission-free machines is the prominent factor for the growth of the electric off-highway vehicle market globally
Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), and Epiroc (Sweden) are the leading manufacturers and suppliers of electric off-highway vehicles, including the electric excavator, electric loader, electric dozer, electric mining dump truck ....

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Insights on the Excavator Global Market to 2025 - by Product, Mechanism Type, Power Range, Application and Region


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The global excavator market grew at a CAGR of around 5% during 2014-2019. An excavator refers to a kind of heavy construction equipment that is used for digging excavations and trenching purposes. It is also used for digging holes, foundations, demolitions, dredging rivers, material handling and lifting heavy objects. It uses hydraulic motors powered by an electric, diesel or petrol engine to generate hydraulic force and control the mechanical arm of the machine. The machine consists of a rear/back actor, sipper, undercarriage, digging bucket and a cabin on a rotating platform. In comparison to the traditionally used machines, modern excavators are designed to keep the counterweights inside the track width during swinging, thereby keeping the movement safe and enhancing the maneuverability. ....

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