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BluSmart raises $24 Mn from existing investors, founders and leadership team BluSmart Mobility, an EV ride-hailing service and charging infrastructure operator, raised $24 million in an equity round with over-subscription from existing investors, founders, and leadership. The company, challenging Ola and Uber, operates over 4,000 EV chargers across 34 hubs in Delhi-NCR and Bengaluru. With plans to scale its fleet to 8,000 EVs, BluSmart reported crossing $50 million in annual revenue run-rate, growing over 100% YoY, despite losses increasing to Rs 65.4 crore in FY22 as per TheKredible. #Entrackr #Fintrackr #BluSmart #Startups #StartupNews #News #thekredible #IndianStartups https://entrackr.com/2023/12/blusmart-raises-24-mn-from-existing-investors-founders-and-leadership-team/

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According to FMI estimations, the off-highway electric vehicle market size could be worth US$ 2.24 billion globally in 2023. Sales of off-highway electric vehicles are projected to reach a record high of US$ 8.36 billion by 2033, rising at a CAGR of 14.1% from 2023 to 2033. Electric vehicles that are intended to be used off-road are known as off-highway electric vehicles (OHEVs). They employ one or more electric motors for propulsion. Moreover, these electric cars store energy using a range of batteries, including lead acid, nickel metal hybrid, and lithium-ion. Electric off-road vehicles are frequently employed in the mining and construction industries where the roads are not perfectly straight and convenient to drive. These vehicles serve a variety of purposes in the mining and construction industries in addition to moving loads from one location to another. As agricultural activities are one of the main sources of greenhouse gas emissions, OEMs are now concentrating on producing more environmentally friendly and productive farm vehicles that adhere to existing pollution rules and standards. Together with a rise in worldwide farm mechanization, this is a key factor in the market's expansion. Off-highway heavy-duty vehicle electrification is growing. As a result, OEMs are eager to learn how this new trend could support their current business models. The trend of electrifying automobiles is expected to pick up steam during the forecast period given beneficial aspects including battery technology, supply, and general economics. Electric solutions are more widely adopted when charging infrastructure, battery technology, and overall development costs are taken into account. Off-highway vehicle electrification ensures long-term cost savings due to less frequent maintenance and fuel usage compared to traditional vehicles. Presently, the industry is switching from outdated "electric drive" designs to fully hybrid and all-electric vehicles. Together with automation, ultra-precision farming, political conditions, and population stresses, electrification is also influencing these fields. Additionally, the off-highway electric vehicle market in developed nations is being driven by quick infrastructure development and updated government regulations related to construction operations. Electric vehicles have become a popular technology for reducing air pollution. Governments all across the world provide tax breaks and incentives for off-road electric cars as a result. Due to their environmental and sustainable benefits, several countries favor electric car regulations. Several countries are developing regulations that are likely to bolster the electric vehicle sector. The off-highway electric vehicle market is dominated by North America, with the United States playing a prominent role. The government places a high focus on the nation's infrastructure. As a consequence, it is predicted that throughout the forecast period, opportunities could manifest themselves for market players in off-road electric vehicles. For more information: https://www.futuremarketinsights.com/reports/off-highway-electric-vehicle-market KEY TAKEAWAYS Off-highway electric vehicle sales in North America now make up a significant portion of global sales and are expected to exhibit a CAGR of 29% throughout the forecasted period. The off-highway electric vehicle market in Europe is projected to raise at a CAGR of 25% during the forecast period. Between 2023 and 2033, the Asia Pacific off-highway electric vehicle market's CAGR could reach 15%. Based on Vehicle Type, the off-highway electric vehicle industry has been dominated by the Hybrid Electric Vehicle (HEV) category. Based on Application, construction is the key industry that dominates the off-highway electric vehicle market. COMPETITIVE LANDSCAPE Electric-powered machinery, including material handling vehicles, agricultural machinery, and construction equipment, is being developed and produced by manufacturers in the off-highway electric vehicle sector. Many advantages are provided by these vehicles, such as less running costs, increased fuel economy, and decreased pollutants. Also, many manufacturers are spending money on research & development activities to expand the technology of electric vehicles and make them more useful for heavy-duty applications. RECENT DEVELOPMENTS In September 2022, in its Awazu Plant, Komatsu successfully converted biomass combustion ash into fertilizer, reducing industrial waste in Japan's Ishikawa Prefecture's Kaga area while also recycling forest resources. In May 2019, to reduce CO2 emissions by 17%, Volvo launched the EC300E, a new hybrid excavator. With the help of Volvo's ECO mode, excavators can use less gasoline without sacrificing the necessary power.

The global hybrid vehicles market is expected to create a lucrative growth opportunity over the estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The market is anticipated to be valued at US$ 192.7 Billion in 2022 and is expected to reach a valuation of US$ 1,362.3 Billion by 2032. Key Takeaways Due to the substantial demand for electric mobility, rising fuel prices, and strict regulations set by governments in various regions, the worldwide market for hybrid vehicles is expanding quickly. Additionally, compared to conventional cars, electric vehicles are known for being more fuel-efficient and producing less noise. The demand for hybrid vehicles is anticipated to rise during the forecast period as a result of the alluring incentives and subsidies provided by government officials to support sales of these vehicles. The demand for passenger cars and other personal vehicles is growing daily due to the increasing per capita income and disposable income around the world. The inventory of automobiles is expanding, and with it, so is the rate of carbon emissions. The demand for alternative vehicles is increasing quickly as a result of rising fuel costs and increased awareness of global warming. For more information: https://www.futuremarketinsights.com/reports/global-hybrid-vehicles-market Because hybrid cars are proven to be more fuel-efficient and emit fewer greenhouse gases, demand for hybrid electric cars is rising everywhere. In order to assist the growth of electro-mobility solutions, some manufacturers are also devoting more attention to the creation and introduction of several kinds of hybrid vehicles. Sales of SUVs, luxury vehicles, and sports cars have increased in a moderate manner. Customers expect their automobiles to be fully loaded with cutting-edge technologies as well as performance. Customers around the world are demanding electric vehicles as a result of the increasing awareness efforts run by public and commercial organisations to promote electric mobility. Comparing plug-in hybrid vehicles to hybrid and pure electric vehicles, their huge appeal can be attributed to their greater practical benefits. Due to the internal combustion engine’s role as a backup power source when the batteries run out of charge, users of this type of vehicle frequently experience low-range anxiety. Additionally, the batteries of these vehicles can be charged by internal combustion engines as well as an outside source using a connector. Due to the aforementioned reasons, plug-in hybrid cars are becoming more and more popular all over the world. The widespread adoption of luxury vehicles combined with the enforcement of severe emission-related regulations and high demand for electric vehicles are all contributing to the expansion of the hybrid vehicles market. The hybrid vehicle market is predicted to hold around 25% to 30% of the global electric vehicles market. The growing trend of plug-in hybrid vehicles is expected to push sales in the global hybrid vehicles market in the next decade. Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-43 Competitive Landscape Over the last few years, there has been a surging number of acquisitions and growth strategies in order to increase the development & production of hybrid vehicles. Several major firms are meticulously working on innovations and new technological developments. Some of the growth strategies used by key firms include contracts & agreements, new product developments, and partnerships to strengthen their market positions. Key Companies Profiled: Tilley Inflatable Design & Engineering LTD, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Daimler AG, Volkswagen AG, Renault SAS, Toyota Motor Corporation, Nissan Motor Corporation, Mitsubishi Motor Corporation, Hyundai Motor Company, Bayerische Motoren Werke AG (BMW). More Insights into the Hybrid Vehicles Market The U.S. is expected to dominate the automotive market and incorporates high penetration of technologically advanced and high-cost products. The U.S. government is supporting growth in the hybrid vehicles market by investing in the construction sector since the adoption of electric vehicles increases the demand for charging infrastructure in a variety of settings, including homes, workplaces, and public places. As per FMI, the U.S. hybrid vehicles market is expected to surpass revenues worth US$ 36.5 Bn by the end of 2022. The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per Japanese consumers, hybrid vehicles are known to be dependable, safe, and simple to use. They are also willing to pay a premium price as they believe these vehicles offer good value.

By the end of the year 2033, the overall valuation of the global Electric Vehicle Charger Market Size is expected to be around US$ 68,967.2 million. In response to the ongoing escalation in the cost of gasoline and diesel, there are greater sales of fuel-efficient automobiles like BEVs and HEVS. The depletion of fossil fuel sources and the rising propensity of businesses to maximize profit from these oil reserves are to blame for this. Therefore, these factors increase the need for cutting-edge EV charging technology, resulting in a rise in the popularity of electrically driven automobiles. Electric Vehicle (EV) chargers, also known as Electric Vehicle Supply Equipment (EVSE), are devices that allow EVs to recharge their batteries. There are three main types of EV chargers: Level 1, Level 2, and DC fast chargers. Level 1 chargers use a standard household outlet and provide the slowest charging speeds, while Level 2 chargers provide faster charging speeds and require a 240-volt outlet. DC fast chargers provide the fastest charging speeds and are typically used for long-distance travel. Furthermore, the market for EV chargers is expected to be driven by the growing demand for commercial and public charging stations. With the increase in EV adoption, there is a need for more charging infrastructure in public places such as parking garages, airports, and shopping centers. Additionally, businesses are also installing charging stations in their parking lots to cater to employees and customers who own EVs. Key Takeaways Germany holds an overall market share of 11.2% of the global EV charger business, which is higher than any other country. With the presence of some of the leading electric vehicle suppliers, it is poised to hold its dominance in the coming days. The United States follows Germany in the production and sales of EV chargers, and contributes nearly 9.6% of the global revenue share. Significant expenditure by the key EV charger market players in research and development is poised to keep it a market leader in this sector. In the Asia Pacific region, China is the leading manufacturer of chargers for electric vehicles and is poised to grow at 20.8% on an annual basis. Meanwhile, India is anticipated to witness a year-on-year growth rate of 26.6% during the period from 2023 to 2033. Based on vehicle type, battery-operated electric vehicles (BEVs) generate the most amount of demand for EV chargers around the world. In the year 2022, this market segment contributed revenue of around US$ 2,350 million, which was figured out to be 45.8% of the global EV charger market size. Japan is also a prominent market, with substantial demand for EV chargers owing to the presence of many EV manufacturing companies. The overall value of the Japan EV charger market is expected to reach US$ 413.8 million by 2033. For more information: https://www.futuremarketinsights.com/reports/ev-charger-market Competitive Landscape Key players operating in the global EV charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, bp pulse, Schaffner Holding AG, and POD point among others. Due to the existence of multiple market entities, the global EV charger industry is fairly fragmented and is getting more competitive each year. Also, for enhancing their market positions and expanding their shares, the leading players are consistently engaged in a variety of R&D initiatives. Other strategies include partnerships, buyouts, acquisitions, cooperation, new product introductions, and many others. Recent Developments BorgWarner Inc. finalized acquiring Delphi Technologies Company in the year 2020. The EV power electronics products, including the EV charger business of BorgWarner, are expected to benefit from the merger with Delphi Technologies. According to an agreement between Enel X, Be Charge, and Eni Apps in December 2021, customers can utilize their smartphones to access charging stations.

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