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Off-Highway Electric Vehicles Market to Grow with Massive CAGR of 21.5% Through 2030, says P&S Intelligence
APAC continues to witness the highest demand for off-highway machines with fully electric or hybrid-electric propulsion. The region is the world's largest construction market and also the most-polluted, led by China and India in both these aspects. Therefore, the focus on integrating electric drivetrains in off-highway vehicles has become really strong here in the recent past. Additionally, APAC is the largest manufacturer of EVs, thus leading to their easy availability.
This presents lucrative opportunities for key off-highway electric vehicles market players, including Hyundai Doosan Infracore Co. Ltd., Komatsu Ltd., AB Volvo, Caterpillar Inc., LIEBHERR-International Deutschland GmbH, J.C. Bamford Excavators Limited, Sany Heavy Equipment International Holdings Company Limited, DEERE & COMPANY, Epiroc AB, and Hitachi Ltd. Thus, they have begun entering into partnerships and collaborations, merging with and acquiring similar firms, and expanding their geographical presence, apart from launching new vehicle models.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Prajneesh Kumar
P&S Intelligence
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