Off-highway Electric Vehicles Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Off-highway Electric Vehicles Market: Overview and Definition
The off-highway electric vehicles market refers to the industry that manufactures and sells vehicles powered by electricity, designed for off-road use in various sectors, including agriculture, construction, mining, and forestry. These vehicles are designed to offer several advantages over traditional diesel or gasoline-powered vehicles, including lower operating costs, reduced emissions, and improved performance.
Off-highway electric vehicles typically have electric motors powered by batteries or hybrid systems that combine electric and combustion engines. These vehicles can include electric tractors, forklifts, excavators, mining trucks, and other specialized equipment designed for various applications.
The off-highway electric vehicles market is growing rapidly, driven by various factors, including environmental regulations, fuel efficiency requirements, and technological advancements. Many countries are implementing stricter emission standards for off-road vehicles, which is encouraging manufacturers to develop more electric and hybrid solutions.
The market includes a wide range of players, from established manufacturers of off-highway equipment such as Caterpillar, John Deere, and Komatsu, to newer entrants in the electric vehicle space such as Tesla, Rivian, and Bollinger Motors. The market is highly competitive, with manufacturers investing in research and development to improve the efficiency, reliability, and performance of their vehicles.
Off-highway electric vehicles are basically zero-emissions vehicles that have the power and strength for the toughest off-road jobs and performance and agility required for urban applications. These vehicles designed and built with the off-road tires, front and rear suspensions, and traction equivalent to a four-wheel-drive diesel vehicle provide outstanding productivity in tough environments such as rough terrain, farms, vineyards, hilly terrains, dirt roads, construction sites, and others. They use one or more electric motors for propulsion purposes and usually store energy in their batteries.
The electrical system in these vehicles offers several advantages such as reduced fuel consumption and long-term cost because of less maintenance, high maneuverability, high overall performance, and accuracy during operations.
Some examples of these types of vehicles include agriculture tractors, mining trucks, lawn movers, and construction equipment utilized in off-highway applications.
The global electric off-highway vehicle market is projected to grow at a more than healthy CAGR over the next few years.
MARKET DRIVERS:
The growth of this market is attributed towards major relying factors including; the rapid development of infrastructure in developing countries coupled with the initiation of re-development projects in the developed countries, the global rising demand for low noise and emission-free machines, the increasing awareness about the environmental benefits of EVs, the increasing demand for advanced equipment in the industrial sector and rising stringency in emission norms and environmental awareness etc.
Additionally, these vehicles are comparatively more productive as compared to their IC engine counterparts as they contribute to lesser operational cost due to fewer mechanical parts and hence, are increasingly used by construction contractors. These vehicles are also preferred in agricultural applications due to an increase in fuel prices and active government measures such as subsidies on electric tractors spanning the adoption of electric tractors, which in turn is expanding the off-highway electric vehicle market.
Moreover, factors such as improved efficiency of electric machinery, lower noise level and vibrations, lower upgradation and maintenance cost, among several other factors are also propelling the demand for off-highway electric vehicles.
Furthermore, the increasing demand for emission-free mining vehicles including electric mining dump truck and electric LHD, the declining in price of battery, the shift of attention of OEMs towards alternative powertrain sources such as hybrid electric and full electric off-highway vehicles and the development and advancements in battery technology by the OEMs, designers, and engineers are expected to further contribute in the growth of this market.
However, the high investment cost of EVs, the limited storage capacity of the batteries, the limited infrastructure for charging vehicles, the current issues related to compatibility, interchangeability, and standardization and less acceptance of electric vehicles among population restrain the growth of this market.
Most importantly, as of now, the off-highway electric vehicle market is most vulnerable to the COVID-19 crisis owing to its dependency on the global investments for its core technology, the batteries. However, several off-highway vehicle OEM’s including manufacturers have been witnessed to have resumed production since May 2022. Also, the upcoming emission norms for off-highway vehicles, development of new and advanced products, and recovery of end-use sectors post-2022 are expected to comprehensively contribute to the growth of the electric off-highway vehicle market in the coming years.
ELECTRIC OFF-HIGHWAY VEHICLE MARKET SEGMENTATION:
By Power Output:
- <50 HP
- 50-150 HP
- 150-300 HP
- >300 HP
By Battery Capacity:
- <50 Kwh
- 50-200 Kwh
- 200-500 Kwh
- >500 Kwh
By Propulsion Type:
- Battery Electric
- Hybrid Electric
By Battery Type
- Lithium- ion
- Nickel Metal Hydride
- Lead- Acid
- Others
By Equipment:
- Dump Truck
- Dozer
- Excavator
- Motor Grader
- Lhd
- Loader
- Lawn Mower
- Sprayer
- Tractor
By Application:
- Mining
- Construction
- Agriculture
- Gardening
- Landscaping
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
REGIONAL INSIGHT:
The North American accounted for the largest share in the Electric Off-Highway Vehicle Market in the previous years followed by Europe and it is estimated that a similar trend is likely to continue in the next few years as well. This can be attributed to the increasing stringent emission norms and active measures to reduce emissions, presence of major key in the region, increasing investment , the growing construction industry coupled with increasing demand for construction and mining equipments and the rapid advancements in technology and innovations to adhere to the standards and for improving quality and service etc. The major contributor in the region is the U.S.
The Asia Pacific region is the fastest growing regional market for electric off-highway vehicles and the region is also expected to continue to expand at an increasingly rapid rate owing to factors such as the increasing infrastructure investment, the presence of numerous OEMs, low production cost, low labor cost, and availability of excellent manufacturing facilities in the economies of the region, the increasing government encouragement for adoption of electric equipments, increasing number of stringent regulations, the increasing demand for electric off-highway vehicles to achieve higher productivity, fuel efficiency, and convenience etc. The major contributors in the region are India, China and ANZ.
FEW KEY PLAYERS IN ELECTRIC OFF-HIGHWAY VEHICLE MARKET:
- Volvo Construction Equipment (Volvo CE)
- Deere & Company
- Sandvik AB
- Hitachi Construction Machinery Co. Ltd.
- Epiroc AB
- Kubota Corporation
- Duetz AG
- Doosan Corporation
- Atlas Copco
- Sumitomo Heavy Industries
- Terex
- Stihl Holding AG and Co.
- Liebherr Group
- Caterpillar
- J C Bamford Excavators Ltd.
- CNH Industrial N.V.
- Komatsu
- JCB
- Other Players
RECENT DEVELOPMENTS:
- In December 2020, Volvo Autonomous Solutions (VAS) commercialized its first-ever autonomous electric solution, the TA15 autonomous hauler, originally named the HX02 concept autonomous electric hauler which runs on a battery-electric drivetrain and uses GNSS, Lidar, Radar and multiple sensors. Being selfdriving, it needs no cabin and can drive 24/7 or follow the productivity demands of the customer.
- In December 2020, Bel Power Solutions announced the BCL25-700-8, a 22/25 kW bi-directional liquid-cooled on-board inverter battery charger with export functionalities for hybrid (HEV) or full electric (EV) vehicles, as well as medium and heavy-duty on- and off-highway vehicles. The BCL25-700-8 is parallelable up to 4 units in charge mode, with typical efficiency up to 94%.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global electric off-highway vehicle market by the following segments:
- Power Output
- Battery Capacity
- Propulsion Type
- Battery Type
- Equipment
- Application
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Electric Off-Highway Vehicle Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 19th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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