The global off-highway EV component market is experiencing remarkable growth, reaching a size of US$ 25.7 billion in 2022 and estimated revenue of US$ 29.2 billion in 2023. Projections suggest a robust 13.9% compound annual growth rate from 2023 to 2033, culminating in a market size of US$ 106.2 billion by 2033. Several key highlights are driving this demand. Firstly, the increasing recognition of the environmental advantages associated with electric vehicles is motivating both consumers and businesses to explore off-highway EV options, contributing to market expansion. Additionally, continual advancements in off-highway EV components, offering improved torque, acceleration, and overall performance, are attracting a broader customer base seeking enhanced efficiency and productivity.
Furthermore, the integration of smart and connected technologies in off-highway EVs is not only optimizing operational efficiency but also enhancing safety and providing valuable insights for operators. This trend reflects a significant shift towards sustainable and technologically advanced solutions in the off-highway vehicle segment, underlining the pivotal role of off-highway EV components in shaping the future of transportation and industrial operations.
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Key Takeaways from the Off-Highway EV Components Market Study
- The global market for off-highway EV components is estimated to witness a CAGR of 13.9% between 2023 and 2033.
- In 2033, the global market is estimated to generate sales worth US$ 106.2 billion.
- Revenue generated from the sales of off-highway EV components is set to witness US$ 29.2 billion in 2023.
- Based on application, the earthmoving segment is expected to present a total revenue of US$ 59,558.9 million by 2033.
- East Asia is expected to exhibit a CAGR of 15.5% between 2023 and 2033.
“Continuous technological advancements in battery systems drive substantial growth of the off-highway EV vehicle component market. Key manufacturers are focusing on developing and improving off-highway EV components, making them noise-free and less energy-intensive to enhance their performance and meet changing consumer demands.” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Key manufacturers are targeting the global market by expanding their presence in different regions. They are tapping into emerging markets, and adapting products to meet local regulations and customer preferences. They are emphasizing sustainability by making components more energy-efficient and environmentally friendly.
Key companies are providing customization options for customers to tailor components to specific applications, such as construction equipment or agricultural machinery.
Key Companies Profiled
- Caterpillar Inc.
- Komatsu Ltd.
- Volvo Construction Equipment
- John Deere
- Hitachi Construction Machinery Co., Ltd.
- Liebherr Group
- Terex Corporation
- Doosan Infracore
- Bell Equipment
- JCB
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Global Segmentation of Off-Highway EV Component Market
By Component Type:
- Electric Drive System Component
- Electric Motors
- Inverters
- Controllers
- Power Electronics
- Battery Packs
- Drivetrain and Transmission Component
- On-board Chargers
By Propulsion Type:
- Pure Electric
- Hybrid
By Application:
- Earthmoving
- Transportation
- Utility Vehicles
- Others
By Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- SAP
- East Asia
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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