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Due to the COVID-19 pandemic, the global off-highway vehicles industry is estimated to see a decent of u20133.3% in 2020. This pandemic has significantly affected the heavy equipment industry because some of the manufacturers are having to shutting down their plant operations while others are still considering to use their efforts to cater to the demand for the medical supplies.
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Global Electric Off-Highway Vehicle Market The global Electric Off-highway Vehicle Market is anticipated to reach 20.1 million USD by 2027, up from an expected 6.1 million USD in 2020 at 22.5% CAGR for the said period. The key factors responsible for this growth would be development of advanced and new products, the post-2020 recovery of end-use sectors and upcoming norms of emission for the off-highway vehicles. Then OEMs have lately delayed their new vehicle developments and their launches. Taking into account the global financial slowdown, the manufacturers of electric off-highway vehicle will abstain from adding up extra cost to these vehicles by installing hybrid powertrain systems and batteries.
Global Electric Off-Highway Vehicle Market LHD loaders and Diesel-powered vehicles emit large amounts of harmful gasses, that includes nitrogen dioxide, carbon dioxide, carbon monoxide, and others. Miners experience several lethal health effects, that include adverse effect on sensory perceptions, chronic bronchitis, severe respiratory irritation, and emphysema, as they are exposed to such harmful emissions for a long time because of long shifts. The growth of the US market is majorly due to the environmental protection measures, with the help of upcoming stringent emission norms that looks after the for-fuel economy in the country, and also the efforts taken by local companies to manufacture hybrid and electric equipment’s for the domestic market. The North American market is estimated to cover the highest market share for the forecast period.
Global Electric Off-Highway Vehicle Market These players have made contracts and entered into partnerships with other such players to considerably strengthen their hold on the position in the highly growing electric off-highway vehicle market. These companies also develop new products, obtain supply contracts, adopt expansion strategies, and establish partnerships, mergers & acquisitions and collaborations to gain a grip in the electric off-highway vehicle market.
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