[250+ Pages Report] The global electric off-highway vehicle market size in a pre-COVID-19 situation was projected to reach more than 6 billion US Dollars in 2020 from USD 17.5 billion by 2027 (in terms of value), with at a compound annual growth rate (CAGR) of 21.4% from 2020 to 2027.
The report provides an analysis of the global off-highway electric vehicles market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
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). 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.
- They create less vibration and noise which will drive the market growth
- Increasing awareness about the environmental benefits of EV will also accelerate the market growth
- The low cost of the upgrade is another factor boosting the growth of the market in the forecast period
- The efficiency of the off-highway electric vehicle also uplifts the demand of the market
- The high investment cost of EV will hamper the market growth
- The unavailability of charging stations will also restrain the market
- Less acceptance of electric vehicles among the population is another factor restricting this market growth
Also, Read About Commercial Vehicles Market – (The global commercial vehicles market was valued at USD 1.51 Trillion in 2019 and expected to reach USD 2.55 Trillion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 6.8% during the forecast period 2020 to 2027.)
North America: The largest off-highway electric vehicle market during the forecast period
North America showed prominent growth in the global Off-highway Electric Vehicle market accounting for significant market share in 2019 and is expected to lead the off-highway electric vehicle market, in terms of value, during the forecast period. In the North American region, the construction industry is increasing, affecting the region’s demand for off-highway electric equipment. The construction and mining equipment demand in North America is expected to increase due to measures adopted by the US that have increased the demand for domestically extracted minerals and infrastructure development. The US is estimated to be the largest market for off-highway electric vehicles in North America. US-based Caterpillar Inc. offers its full range of off-highway equipment across the globe. In addition, with upcoming stringent emission norms for fuel economy in the country, companies are trying harder to manufacture electric and hybrid equipment for the domestic market.
Electric Vehicle Insights
The HEV segment accounted for the biggest revenue share of 66.2% and is predicted to retain its dominance over the forecast period. These vehicle types are intended to increase the use of the internal combustion engine in combination with the electric powertrain. The stringent emission regulations by different government agencies such as the European Commission and the United States The demand for hybrid off-highway propulsion equipment from the EPA is rising and pushing manufacturers to build more environmentally friendly off-highway vehicles. A hybrid engine, a variation of the diesel-electric propulsion system, has been adopted by off-highway vehicle manufacturers since 2017.
The BEV Off- highway electric vehicle segment is likely to expand at the maximum CAGR of 29.5% over the forecast period. Growth can be likely to downturn in the adoption of internal combustion engine vehicles and CO2 aim restrictions. The power needed for the majority of off-highway vehicles to operate is, however, too high; the use of fully electric BEV is therefore still limited. The reduction in lithium-ion battery prices and advancements in battery technology would leverage the demand for BEVs in the forecast period.
Some of the prominent players in the Off-highway Electric Vehicle market include:
- Komatsu Ltd
- Volvo Construction Equipment AB
- Deere & Company
- Sandvik AB
- Hitachi Construction Machinery Co., Ltd
- Epiroc AB
- Doosan Corporation
- CNH Industrial N.V
- J C Bamford Excavators Ltd.
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