Skoda Launches New Electric Vehicles in the Indian Market by 2025
Skoda announced to launch of three new electric vehicles in the Indian market in the upcoming year 2025. According to the media reports, the Czech carmaker is working on three new electric cars including Enyaq EV, Elroq EV, and Skoda Epiq EV that will be launched in the year 2025. The Skoda Enyaq EV will be the first electric car of Skoda that will be presented in the Indian selling market next year. The Skoda Elroq EV will be the first compact electric SUV of Skoda with an 82-kWh battery pack and 286 bhp electric motor. The Czech carmaker is expected to present a low-cost version of the Skoda Epiq EV in the year 2026.
Off-highway Electric Vehicle Market Size
According to Precedence Research’s Report, the global off-highway electric vehicle market size is predicted to grow from USD 7.83 billion in 2024 to approximately USD 102.26 billion by 2033, expanding at a double-digit CAGR of 29% from 2024 to 2033.
North America reached a progressive level in the global off-highway electric vehicle market with a prominent share of 30% in 2023 due to the rising construction industries and the shift towards reducing greenhouse gas emissions through vehicles. The efforts to develop low-carbon emission-based electric cars are in high demand in this region and the people are prioritizing off-highway electric equipment. Caterpillar and CNH Industrial N.V. are some of the key companies in the North American region.
Asia Pacific held 26% of the off-highway electric vehicle market share in 2023 and is expected to grow with a CAGR of 34.4% from 2024 to 2034. Based on regions, the off-highway electric vehicle market shares in 2023 were 27% in Europe, 10% in Latin America, and 7% in the Middle East and Africa respectively. China and India are leading countries in the market due to low production costs, low labor costs, and the available facilities along with the best investments in infrastructure and the production of construction machinery. Epiroc AB, Sandvik AB, and Komatsu Ltd are some of the leading industries showcasing their exciting innovations in the off-highway electric vehicle market.
2024 Investments in Electric Vehicles
| Investment Period | Investing Company/Organization | Significance |
| June 2024 | BM Electric Vehicles Pvt Ltd and
MUON India Pvt Ltd |
The ‘Vertelo’ electric vehicle financing platform was launched in India and provides financing, fleet management, and charging infrastructure solutions. |
| April 2024 | Uno Minda and
Suzhou Inovance Automotive Co. |
The partnership made efforts to produce electric vehicle components. |
| March 2024 | Ola Electric | The emergence of the company as India’s top patent publisher for 2022-23, with 205 patents in electric vehicles and related technologies. |
| March 2024 | Ola Electric | The company announced to launch of a consumer-focused electric autorickshaw named Raahi. |
U.S. Off-highway Electric Vehicle Market Size
A recent report from Precedence Research Reveals that in the U.S., the off-highway electric vehicle market size is calculated at USD 1.26 billion in 2023 and is projected to hit around USD 21.66 billion by 2034, with a remarkable growth to USD 1.65 billion in 2024.
Based on applications, the construction segment dominated the off-highway electric vehicle market with 38.2% of the market share in 2023 due to the incorporation of electric loaders, electric and heavy-duty construction equipment, electric excavators, etc., and the growing investments by governments in this sector. Based on electric vehicles, the hybrid electric vehicle segment held the largest market share of 66.2% and is expected to grow over the forecast period 2024-2034. The hybrid electric vehicles dominated the off-highway electric vehicle market in 2023 and are in great demand due to the insertion of internal combustion engines in combination with the electric powertrain. Furthermore, the electric vehicle battery showed prominent growth with a significant CAGR of 29.5% over the forecast period due to the cost reduction in lithium-ion battery prices and advancements in battery technology.
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