The market for off-highway electric vehicle is expected to grow at a CAGR of around 26.0% from 2020 to 2027 and expected to reach the market value of around US$ 29,918.5 Mn by 2027.
Off-highway electric vehicles are particularly those which are to work on and off paved or gravel surfaces with the help of electricity. These are generally designed with large tires with deep, open treads, a flexible suspension, or even caterpillar tracks.
The off-highway electric vehicles have low noise and vibration is the major factor driving the market growth. The off-highway electric vehicles have various other benefits including improved efficiency, low overhaul cost, and environmental and human safety, are contributing to the market value. Furthermore, new advancements in the industrial sector along with the advancement in emerging economies are anticipated to create potential opportunities over the estimated period.
On the other side, higher initial cost than diesel-powered equipment, insufficient charging infrastructure in some countries, lower acceptance of electric vehicles, and high cost of ventilation of diesel emissions in mining are some factors projected to limit the growth to an extent over the forecast timeframe from 2020 to 2027.
Hybrid electric vehicle segment registered maximum share in the global market
By propulsion type, hybrid electric accounted for the major share in terms of value in 2019. Hybrid electric vehicles are equipped with a diesel engine that helps increase fuel efficiency by 40–50% along with their regenerative energy storage system. Increasing demand in developed economies which have well established and robust electricity grid is supporting the segmental market value. Moreover, the gradually increasing demand for off-highway hybrid electric vehicles in developing countries is further projected to contribute to the segmental market value.
The market research study on “Off-highway Electric Vehicle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Off-highway Electric Vehicle market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Off-highway Electric Vehicle market, its propulsion type, equipment type, application, power output, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Off-highway Electric Vehicle market size and volume, and segment markets by propulsion type, equipment type, application, power output, and geography along with the information on companies operating in the market. The Off-highway Electric Vehicle market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific accounted for the maximum share in the Off-highway Electric Vehicle market
In 2019, Asia Pacific has registered a major share in terms of value in the market. The major economies of the region including Japan, China, and India are majorly contributing to the regional market value. The presence of major players in the regional market along with the increasing government support for the energy-efficient solutions in the developing economies of the region is additionally supporting the market value.
The players profiled in the report include Caterpillar (US), Deere & Company, Epiroc AB, Hitachi Construction Machinery (Japan), J.C. Bamford Excavators Ltd., Komatsu (Japan), Liebherr Group, Sandvik AB, Terex Corporation, and Volvo Construction Equipment.
Market By Propulsion Type
Market By equipment type
Market By Application
Market By Power Output
Market By Geography
Middle East & Africa
The off-highway electric vehicles have low noise and vibration and off-highway electric vehicles have various other benefits including improved efficiency, low overhaul cost, and environmental and human safety are some of the prominent factors driving the market growth.
The market for the off-highway electric vehicles is expected to reach a market value of around US$ 29,918.5 Mn by 2027.
The off-highway electric vehicle market expected to grow at a CAGR of around 26.0% from 2020 to 2027.
Caterpillar (US), Deere & Company, Epiroc AB, Hitachi Construction Machinery (Japan), J.C. Bamford Excavators Ltd., Komatsu (Japan), Liebherr Group, Sandvik AB, Terex Corporation, and Volvo Construction Equipment are prominent players in the market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
The hybrid electric is the leading segment by propulsion type in the off-highway electric vehicle market.
Asia Pacific held the highest market share in the off-highway electric vehicle market.