“Rising demand for low noise and emission-free machines is the prominent factor for the growth of the electric off-highway vehicle market globally”
The global electric off-highway vehicle market size is projected to grow from USD 6.3 billion in 2020 to USD 17.5 billion by 2025, at a CAGR 22.8%. Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), and Epiroc (Sweden) are the leading manufacturers and suppliers of electric off-highway vehicles, including the electric excavator, electric loader, electric dozer, electric mining dump truck, electric lawnmower and electric tractor in the global market.
Rising demand for low noise and emission-free machines like electric excavators, electric loaders, and electric dozers in residential areas has a significant impact on the growth of electric off-highway vehicles is expected to drive the adoption of electric off-highway vehicles. Alternatively, the need to comply with stringent emission norms has shifted the focus of manufacturers on the electric off-highway vehicle. However, issues related to compatibility, interchangeability, and standardization are key challenges in the electrification of off-highway vehicles.
“Demand for emission-free mining vehicles including electric mining dump truck and electric LHD is expected to drive the Mining application market during the forecast period”
Mining is a primary economic activity of extracting minerals and rare earth metals. In the broader sense, mining could be defined as the extraction of nonrenewable resources such as metals, minerals, limestone, and coal.
With an increase in global emission levels, manufacturers are facing operational issues in reaching an optimum balance between the output received, cost incurred, and profit margins by adhering to government regulations/norms. Manufacturers are turning the wheels toward alternate powertrain sources that include electric and hybrid electric vehicles. For instance, Caterpillar launched the first battery-electric load-haul-dump (LHD) R1700 XE, equipped with MEC 500 fast-charging system, for rapid, onboard charging with little or no impact on the existing electrical infrastructure.
The other battery segment is expected to register the highest CAGR rate within the electric off-highway vehicle market
Other battery types include lithium manganese oxide (LMO), lithium iron phosphate, nickel-metal hydride (Ni-MH), lithium titanate oxide (LTO), and solid-state battery. Ongoing developments related to various alternative battery types by major electric off-highway vehicle manufacturers and battery companies to minimize the drawbacks of conventional battery types are expected to drive the growth of this segment during the forecast period. For instance, Caterpillar is working on the development of solid-state battery technology for applications in construction, energy, storage, transportation, and mining.
“The Asia Pacific market is expected to offer promising growth opportunities in the global electric off-highway vehicle market”
The demand for electric off-highway vehicles including electric excavator, electric loader, electric dozer, electric mining dump truck, electric lawnmower, and electric tractor to reduce emissions and noise generation, are factors expected to drive the market growth of the Asia-pacific region.
Increasing demand for electric off-highway vehicles to achieve higher productivity, fuel efficiency, and convenience at reduced carbon footprints are expected to drive the adoption of electric off-highway vehicles in Asia-pacific. Additionally, the presence of major electric off-highway vehicle manufacturer companies like Hitachi, Sany, BYD, and Komatsu and their focus on domestic market sales will drive the Asia-pacific electric off-highway vehicle market during the forecast period.
In-depth interviews were conducted with sales managers, marketing directors, CEOs and VPs, technology and innovation directors, and related key executives from various key companies operating in this market.
- By Company Type: OEM-40%, Tier I - 30%, and Tier II - 30%
- By Designation: C Level - 30%, Director Level - 20%, and Others - 50%
- By Region: North America - 30%, Europe - 20%, Asia Pacific - 40%, and Rest of the World – 10%
The electric off-highway vehicle market comprises major manufacturers such as Caterpillar (US), Komatsu Ltd. (Japan), and Hitachi Construction Machinery (Japan), Volvo CE (Sweden), among others.
The study segments the electric off-highway vehicle market and forecasts the market size based on equipment type (excavator, motor grader, dozer, loader, dump truck, LHD, lawnmower, electric sprayer, and tractor), application (construction, mining, gardening, and agriculture), battery capacity (<50 kWh, 50–200 kWh, 200–500 kWh, and >500 kWh), end market (OEM and aftermarket), battery type (lithium-ion, lead-acid, and other batteries), power output (<50 hp, 50–150 hp, 150–300 hp, and >300 hp), propulsion (battery-electric and hybrid-electric), electric tractor market, by equipment type (lawnmower, sprayer, and tractor) and region (North America, Europe, Asia Pacific, and RoW).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall electric off-highway vehicle market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.