Global Electric Off-Highway Vehicles Market size is estimated to be worth USD XX million in 2021 with a CAGR of XX% during the forecast period. Electric cars built for off-road activities are known as electric off-highway vehicles (OHEVs). This includes growing use in agriculture, construction, as well as infrastructure projects, among other things. Because of the growing demand for such vehicles, electric vehicle (EV) manufacturers have been able to expand the production of electric off-highway vehicles, contributing to the worldwide market's development. Due to the growing demand for electric cars throughout the world, the global electric off-highway vehicles market is expected to rise over the forecast period.
Other reasons, such as greater environmental consciousness and automotive industry innovations, have also contributed to the worldwide electric off-highway vehicle market's expansion.
One of the biggest barriers to the adoption of electric off-highway vehicles in mining and construction is the loss of production owing to long charging times. Because construction and mining businesses work 12 to 14 hours a day, the amount of space available for charging electric off-highway vehicles is limited. The majority of electric off-highway vehicles require 4–8 hours to fully charge, reducing output owing to time spent recharging these vehicles.
For long distance applications, electric off-highway vehicles have limited interoperability. For example, dump trucks transport dumping materials from the mining site to the dumping place. Distance is a critical consideration in this situation since limited battery capacity makes it impossible for cars to go more distances.
On the other hand, the mining equipment manufacturers, are focusing on developing cable-connected equipment. Any cable-connected equipment, on the other hand, is limited in terms of adaptability can restrict the market growth in the forecast period.
In addition, the lack of transferability and standards in the charging of electric off-highway vehicles is limiting the market's growth. Interchangeability refers to the ability to charge electric off-highway vehicles at the station with a single form of identification and payment that is currently not possible.
Impact of COVID-19 on Global Electric Off-Highway Vehicles Market
The COVID-19 pandemic has had a substantial impact on the heavy equipment (including off-highway equipment) sector, with some manufacturers closing plants and others considering utilizing their resources to meet the need for medical supplies. Lockdowns are being enforced throughout the world to stop the spread of the illness, which has had a severe impact on building and mining operations.
Scheduled projects are expected to be delayed, affecting equipment sales as well as the need for regularly updated consumables such as lubricants from current operations. When the market reopens, major companies are aware that output levels will be reduced in order to comply with safety requirements. Furthermore, clients whose businesses are harmed by the epidemic will spend less.
However, by the year 2021, the off-highway equipment market is projected to be boosted by the restart of production facilities in many areas of the world, the harvesting and planting season, the usage of digital services to assist consumers, and the opening of mines across the world.
TABLE 1: GLOBAL ELECTRIC OFF-HIGHWAY VEHICLES MARKET OVERALL SNAPSHOT
Market Segmentation
The global electric off-highway vehicles market report has been segmented by battery type, propulsion, application and region.
FIGURE 1 GLOBAL ELECTRIC OFF-HIGHWAY VEHICLES MARKET
Global Electric Off-Highway Vehicles Market, by Battery Type
Based on battery type, the market is segmented into lithium-ion, lead–acid battery. Among these segments, lithium-ion captures the largest market share in the global electric off-highway vehicles market in 2021 and is anticipated to remain largest till the forecast period.
The factors attributed to the growth of the segment include lithium-ion batteries are used in 90 to 95 % of electric off-highway vehicles, which are mostly used in construction as well as mining. Electric excavators, electric dozers, electric dump trucks, as well as electric motor graders, electric loaders are examples of construction equipment that are used to manage heavy raw ingredients and worksite transportation.
Lithium-ion battery technology is also being used in earthmoving applications. Lithium-ion batteries are becoming increasingly popular due to their high energy density as well as longer battery backup compared to other batteries.
Lithium-ion battery technology advancements can enhance the performance and efficiency of construction equipment, encouraging Investments in research and development and expanding the market for lithium-ion batteries in the construction sector.
Global Electric Off-Highway Vehicles Market, by Propulsion
Based on propulsion, the market is segmented into the hybrid electric vehicles (HEV), battery electric vehicles (BEV). Among these segments, hybrid electric vehicle (HEV) captures the largest market share in global electric off-highway vehicles market in 2021 and is anticipated to remain largest till the forecast period.
The factors attributed to the growth of market include the electric cars are made to make the internal combustion engine work better in conjunction with the electric powertrain. The demand for hybrid propulsion off-highway equipment is rising as a result of severe pollution rules imposed by government bodies like the European Commission and the United States, forcing manufacturers to produce more ecologically responsible electric off-highway vehicles.
Because of the adoption of a hybrid engine, which combines the diesel and electric power systems, off-highway vehicle manufacturers have started embracing hybrid engines. These diesel-electric hybrid drive systems enable the user to operate with a somewhat smaller engine at a lower Rpm, resulting in less component movement and improved fuel economy.
Global Electric Off-Highway Vehicles Market, by Application
Based on application, the market is segmented into agriculture, construction, mining. Among these segments, agriculture captures the largest market share in global electric off-highway vehicles market in 2021 and is anticipated to remain largest till the forecast period.
The factors attributed to the growth of the segment include unpredictable weather, a growing global population, fluctuating soil conditions (such as soil moisture and water availability), and increased demand for food grain products have all spurred agricultural technology improvements.
To increase yields, farmers have begun to use innovative agricultural methods and contemporary farm equipment. Additionally, governments all around the world are concentrating their efforts on improving food output. As a result, demand for advanced agricultural equipment such as electric tractors and electric sprayers is projected to increase.
As a result, several tractor manufacturers are working on electric farm tractors and electric sprayer models. For example, in 2019, rising demand, continuous product development, and the introduction of new goods in the market are projected to fuel demand for electric tractors and electric sprayers in agriculture.
Global Electric Off-Highway Vehicles Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Among these segments, North America captures the largest market share in global electric off-highway vehicles market in 2021 and is anticipated to remain largest till the forecast period. Due to the presence of important businesses such as Caterpillar and CNH Industrial N.V. Deere & Company, the area retains a leading position during the projection period.
In the North American area, the construction sector is expanding, which is affecting demand for the electric off-highway vehicles. According to the U.S. Environmental Protection Agency (EPA), electric off-highway vehicles produced approximately 30% of total greenhouse gas emissions in the United States. Companies have had to introduce new electric versions for off-highway vehicles due to rising greenhouse gas emissions.
TABLE 2: Global Electric Off-Highway Vehicles Market Overview
FIGURE 2: Global Electric Off-Highway Vehicles Market (USD MILLION), 2021–2030
Recent Developments in Global Electric Off-Highway Vehicles Market
July 2020 -Epiroc and Vale agreed to deliver four Scooptram ST14 loaders, two Boomer M2C drill rigs, two Boltec MC bolting rigs, as well as two Minetruck MT42 trucks to two Canadian mining locations.
March 2020-Komatsu debuted the PC30E-5 Electric Mini Excavator in Japan. This excavator has a 36-kWh battery as well as an 18.2 kW electric motor, allowing for zero-emission, silent, and vibration-free operation.
December 2019 -Hitachi Construction Machinery created a prototype battery-powered small excavator (5-ton class), also with goal of establishing electric construction machinery technologies for a market that is projected to take off quickly in the future.
June 2019-JCB announced in June 2019 that the 19C-1E, the company's first fully electric compact excavator, had entered manufacturing. As per company, it will be the first electric excavator built by an OEM.
Market Segmentation
By Battery Type
- Lithium-Ion Battery (Li-Ion)
- Lead–Acid Battery
By Propulsion
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
By Application
- Agriculture
- Construction
- Mining
By Region
North America Electric Off-Highway Vehicles Market
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Battery type
- North America, by Propulsion
- North America, by Application
Europe Electric Off-Highway Vehicles Market
- Europe, by Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Europe, by Battery type
- Europe, by Propulsion
- Europe, by Application
Asia Pacific Electric Off-Highway Vehicles Market
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Asia Pacific, by Battery type
- Asia Pacific, by Propulsion
- Asia Pacific, by Application
Middle East and Africa Electric Off-Highway Vehicles Market
- Middle East and Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Battery type
- Middle East and Africa, by Propulsion
- Middle East and Africa, by Application
South America Electric Off-Highway Vehicles Market
- South America, by Country
- Brazil
- Argentina
- Rest of South America
- South America, by Battery type
- South America, by Propulsion
- South America, by Application
Major Companies: In this report, the major companies studied are Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), and Sandvik (Sweden).
Objectives of this Report:
- To estimate the market size for the global electric off-highway vehicles market on a regional and global basis.
- To identify major segments in the global electric off-highway vehicles market and evaluate their market shares and demand.
- To provide a competitive scenario for the global electric off-highway vehicles market with major developments observed by the key companies in the historic years.
- To evaluate key factors governing the dynamics of global electric off-highway vehicles market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications.
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that impacting on the global electric off-highway vehicles market?
- What the market size both in terms of value and volume for global electric off-highway vehicles market?
- Who are leading market players and who are the new market players that operate in the global electric off-highway vehicles market with an estimated market share?
- What are the future investment pockets and opportunity in the global electric off-highway vehicles market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume.
- Impact of COVID-19 on global electric off-highway vehicles market.
Customization:
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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