The global Off-highway Electric Vehicle Market is expected to grow at the highest CAGR of 21.4%%from 2020 – 2027 and the market is projected to generate $ 17.5 billion by 2027.
Precedence Research, Recently Published Report on “Off-highway Electric Vehicle Market Size, Share, Growth, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Various advantages are offered by electrically propelled types of machinery, such as high maneuverability, high overall performance, and accuracy during operations. The electrification of off-highway vehicles has many advantages; however, due to numerous variables, such as the limited storage capacity of the batteries and limited infrastructure for charging vehicles, its acceptance in the industry is expected to be slow-paced.
Growth Factors
The growing growth of infrastructure in developing markets and the introduction of redevelopment projects in developed countries are boosting sales of electric highway vehicles. Strict emission standards by government agencies, such as emission standards for greenhouse gas (GHG) emissions by the U.S. The Environmental Protection Agency (EPA) and the European Commission are both main factors influencing the global market for off-road electric vehicles (EVs). Electrification of heavy-duty off-highway vehicles is on the rise, and businesses are highly interested in exploring how this emerging development will complement their current business models. There are many advantages to the electrical system of heavy duty vehicles. However, in conducting research and implementing the electrical solution, factors such as battery technology, infrastructure, and overall cost of production play a vital role.
In addition, the market for off-highway electric vehicles is also leveraged by factors such as improved electrical machinery performance, lower noise and vibration levels, lower overhaul costs, and others. Government authorities have introduced increasing stringency in emission standards for off-highway vehicles, such as emission standards for greenhouse gas (GHG) emissions by the U.S. India and China VI Environmental Protection Agency (EPA), BS-VI. The increasing strictness of emission standards has shifted the attention of OEMs towards alternative powertrain sources such as hybrid electric and full electric off-highway vehicles that exploit global demand.
Report Highlights
- The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
- The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
- The BEV segment is expected to grow over the forecast period at the fastest CAGR of 30.5 percent. The slowdown in the adoption of internal combustion engine vehicles and the limitation of CO2 targets are expected to encourage segmental expansion.
- The construction sector emerged as the largest sector in 2019 and by the end of the forecast period it is projected to produce revenues of over USD 6.68 billion
Regional Snapshots
The North America region accounted for the largest sales share of the market and its dominance over the projected period is expected to continue. Due to the presence of key companies such as Caterpillar, Deere & Company, and CNH Industrial N.V., the area holds a dominant share in the forecast era. In the North American region, the construction industry is increasing, affecting the region's demand for off-highway electric equipment.
In the Asia Pacific region, the off-highway EV market is projected to grow from 2020 to 2027 at the highest CAGR of 34.4 percent. Asia Pacific countries, such as China and India, reported a strong performance in 2019 due to the increase in investment in infrastructure. Due to the existence of numerous OEMs, low production prices, low labour costs, and the availability of outstanding manufacturers, China is one of the major contributors to the production of construction equipment.
Key Players & Strategies
The Off-highway Electric Vehicle industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. Further, with the technological advancements the shape of the consumer electronic products is changing rapidly that again trigger the rate of competition among the market players. Presently, consumers are more inclined towards Battery charger Vehicle that has forced the manufacturers in the industry to innovate new and flexible technologies. In the wake of same, the industry players invest prominently in the market to develop new and advanced products.
Some of the key players operating in the market are Caterpillar, Volvo Construction Equipment AB, Komatsu Ltd, Deere & Company, Sandvik AB, Hitachi Construction Machinery Co., Ltd, Epiroc AB, Doosan Corporation, J C Bamford Excavators Ltd, and CNH Industrial N.V.
Market Segmentation
By Application
- Construction
- Agriculture
- Mining
By Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
By Regional
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Off-highway Electric Vehicle Market, By Electric Vehicle
7.1. Off-highway Electric Vehicle Market, by Electric Vehicle Type, 2020-2027
7.1.1. Battery Electric Vehicle (BEV)
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Hybrid Electric Vehicle (HEV)
7.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Off-highway Electric Vehicle Market, By Application
8.1. Off-highway Electric Vehicle Market, by Application, 2020-2027
8.1.1. Construction
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Agriculture
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Mining
8.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Off-highway Electric Vehicle Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Application (2016-2027)
Chapter 10. Company Profiles
10.1. Caterpillar
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Komatsu Ltd
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Volvo Construction Equipment AB
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Deere & Company
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Sandvik AB
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Hitachi Construction Machinery Co., Ltd
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Epiroc AB
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Doosan Corporation
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. CNH Industrial N.V
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. J C Bamford Excavators Ltd.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
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