Acknowledging the kind of traction gained by this market, Industry Data Analytics recently published a study report asserts the global Electric Motors for Off-Highway EVs Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of around 22.5% during the review period (2022 to 2027).
The worldwide off-highway electric vehicles market was anticipated to be worth $17,108.6 million in 2022, owing mostly to increased demand for low-noise and emission-free machines. EV adoption is accelerating over the world, and traditional autos are being phased out in an increasing number of countries. China, the European Union, and the United States account for more than 90.5% of worldwide EV sales, but Costa Rica and Colombia have just declared considerably more aggressive EV sales targets. GM, BMW Group, Volkswagen AG, AB Volvo, Nissan, and Audi, among others, have pledged to invest a total of $160 billion in EV production and have announced plans to launch new EV vehicles in the 2020s.
Industry Updates:
Electric Motors for Off-Highway EVs Market is segmented based on the type, applications, companies and regions.
Market Volume (%) By Type, it is segmented into
Market Volume (%) By Applications it is segmented into
In 2021, APAC had the largest revenue share in the market, accounting for over 37% of total sales. Because of the presence of several OEMs, including Sany Heavy Equipment International Holdings Company Limited, Toyota Industries Corporation, Northern Heavy Industries Group Co. Ltd., Komatsu Ltd., and Hitachi Ltd.; low raw material and labour costs; and the Availability of superior facilities, China has become a key manufacturer of construction machinery. Furthermore, due to its position as the world leader in the electrification of on- and off-highway vehicles, as well as the abundance of charging infrastructure and simple availability of aftermarket services, China has the biggest off-highway electric vehicle market share in APAC. The Chinese government's backing for infrastructure projects, together with increased demand for electric trucks in Japan and South Korea, is a key market driver in the area.
All these factors greatly affect the Electric Motors for Off-Highway EVs market growth. It further aims at providing complete overview on detailed assessment of significant features of different industries including sales value, sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,
The Electric Motors for Off-Highway EVs Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Electric Motors for Off-Highway EVs Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
The report includes in-depth assessment of the competitive landscape, product market sizing (Value and Volume), product benchmarking, market trends, product developments, financial analysis, strategic analysis and many more to measure the impact forces and potential opportunities of the market. As well as this the report also includes a study of major developments in the market like product launches, agreements, acquisitions, collaborations, mergers and many more to comprehend the prevailing market dynamics at current and its impact in the forecast period 2012-2027.
Report Attributes
| Report Details |
Forecast Period 2022 to 2027 CAGR (Value and Volume) | CAGR of 22.5% during the review period (2022 to 2027). |
Market Volume (%) By Type(Revenue, USD Million, 2017 - 2022) |
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Market Volume (%) By Type(Revenue, USD Million, 2017 - 2022) |
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Quantitative units | Revenue in USD million/billion and CAGR from 2022 to 2027 |
By Companies | Equipmake, Dana, Integral Powertrain, Bosch Rexroth, BorgWarner, Ashwoods (belong to Dana in 2020), ZF, SIEMENS, Magelec |
Regions Covered
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Countries Covered |
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Base Year
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2022 |
Historical Year
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2017 to 2021 |
Forecast Year
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2022 to 2027 |
Customization Available
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Yes, the report can be customized as per your needs |
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
What is the study period of this market?
The Electric Motors for Off-Highway EVs Market is studied from 2017 - 2027.
What is the growth rate of Electric Motors for Off-Highway EVs Market?
The Electric Motors for Off-Highway EVs Market is growing at a CAGR of 22.5% over the next 5 years.
Who are the key players in Electric Motors for Off-Highway EVs Market?
Equipmake, Dana, Integral Powertrain, Bosch Rexroth, BorgWarner, Ashwoods (belong to Dana in 2020), ZF, SIEMENS, Mageleci
What region does this Electric Motors for Off-Highway EVs Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Electric Motors for Off-Highway EVs Market?
High Voltage, Low Voltage, Others
What are the major end-use applications of Electric Motors for Off-Highway EVs Market?
Material Handling, Aerial Work Platform, Constructions, Mining, Agriculture, Others.
GLOBAL ELECTRIC MOTORS FOR OFF-HIGHWAY EVS MARKET, BY TYPES
GLOBAL ELECTRIC MOTORS FOR OFF-HIGHWAY EVS MARKET, BY APPLICATION
GLOBAL ELECTRIC MOTORS FOR OFF-HIGHWAY EVS MARKET, BY REGION
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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