Increase in mining and construction application and need for infrastructure development in developing countries is expected to drive the market for off-highway vehicles while increasing stringency in emission regulations to drive the demand for electric and hybrid equipment
The off-highway electric vehicle market is projected to grow at a CAGR of 25.2% to reach USD 29.8 billion by 2027 from an estimated USD 4.9 billion in 2019. Emission regulations have a significant impact on mining equipment. Growing environmental concerns and awareness of the harmful effects of equipment emissions have forced engine and equipment manufacturers to develop engines that comply with emission norms. Alternatively, the need to comply with stringent emission norms has shifted the focus of manufacturers on electrical equipment.
The <50 hp segment is estimated to be the largest market during the forecast period, by power output
An electric motor is a device used in hybrid and electric vehicles to convert electrical energy into mechanical energy. Most of the hybrid and electric off-highway vehicles are equipped with one or sometimes two electric motors, depending on vehicle specification. Currently, electrification is primarily observed in small and compact vehicles. Motors generating an output of <50 hp are generally used in small off-highway electric and hybrid vehicles. These types of electric and hybrid off-highway vehicles have the largest market in Europe. Caterpillar, Komatsu, John Deere, Sandvik, and Solectrac are the leading OEMs for off-highway electric and hybrid vehicles.
The 50–200 kWh segment is estimated to be the second largest market for off-highway electric vehicles, by battery capacity
The 50–200 kWh segment of off-highway electric vehicles is estimated to account for the second largest market value in 2019, owing to the higher demand for small- and mid-range off-highway equipment in countries such as China, India, and the US. In addition, as per MarketsandMarkets analysis, Asia Pacific accounted for about more than 30% of the total sales of this battery capacity, in terms of volume.
North America: The largest off-highway electric vehicle market during the forecast period
North America is expected to lead the off-highway electric vehicle market, in terms of value, during the forecast period. 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.
The study contains insights provided by various industry experts, ranging from off-highway electric vehicle manufacturers, shipping authorities, and distributors. The break-up of the primaries is as follows:
? By Company Type: Off-highway electric vehicle Manufacturers- 70%, Government Authorities- 20%, and Distributors- 10%
? By Designation: C-level- 25%, D-Level- 60%, and Others-15%
? By Region: North America - 30%, Europe- 20%, Asia Oceania- 35% and RoW- 15%
The report provides detailed profiles of the following companies:
? Hitachi Construction Machinery (Japan)
? Caterpillar (US)
? Komatsu (Japan)
? JCB (UK)
? Volvo CE (Sweden)
? Deere & Company (US)
? CNH Industrial (UK)
? Sandvik (Sweden)
? Liebherr (Switzerland)
The primary objective of the study is to define, describe, and forecast the off-highway electric vehicle market by equipment, battery technology, battery capacity, power output, propulsion type, application, electric tractor, and region. It analyzes the opportunities offered by various segments of the market to stakeholders. It tracks and analyzes competitive developments such as market share analysis, expansions, joint ventures, acquisitions, and other industrial activities carried out by key industry participants.
Key Benefits of Buying the Report
? The study provides qualitative and quantitative analyses of the off-highway electric vehicle represented in terms of volume (Units) and value (USD million)
? The report will help market leaders and new entrants by providing them the closest approximations of the revenue numbers for the overall off-highway electric vehicle market and subsegments
? The 10 key companies that have a significant impact on the market have been profiled along with their financial structures, recent developments, and product portfolios
? The report covers the competitive landscape, which reflects the market share analysis of leading players along with the dominant strategies adopted by these stakeholders to retain their positions