Global Off-highway Electric Vehicle Market, By Equipment (Dump Truck, Dozer, Excavator, Motor Grader, Lhd, Loader, Lawn Mower, Sprayer, Tractor), Battery Type (Lithium- ion, Nickel Metal Hydride, Lead- Acid, Others), Battery Capacity (<50 Kwh, 50–200 Kwh, 200–500 Kwh, >500 Kwh), Propulsion Type (Battery Electric, Hybrid Electric), Power Output (<50 Hp, 50–150 Hp, 150–300 Hp, >300 Hp), Electric Trator Equipment (Lawn Mower, Sprayer, Tractor), Application (Construction, Mining, Agriculture, Gardening), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Off-highway Electric Vehicle Market
The off-highway electric vehicle market is expected to witness market growth at a rate of 21.3% in the forecast period of 2021 to 2028. Data Bridge Market Research report on off-highway electric vehicle market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The expansion of the automotive sector globally is escalating the growth of off-highway electric vehicle market.
An electric vehicle refers to a vehicle that is powered entirely or partially by electricity and uses one or more electric motors for propulsion purposes. These vehicles generally store energy in the battery, and are armed with a diesel engine and a restorative energy storage system to enhance fuel efficiency. Various batteries such as lead acid, nickel metal hybrid and lithium are used in these electric vehicles.
The increased demand for electric vehicles across the globe acts as one of the major factor driving the growth of the off-highway electric vehicle market. The rise in stringency in the emission standards for off-highway vehicles implemented by the government authorities, and increase in stringency of emission norms shifting the focus of the OEMs towards alternative powertrain sources such a hybrid electric and full electric off-highway vehicles accelerate the market growth. The electric system in heavy-duty vehicles providing multiple benefits and surge in demand for low noise and emission-free construction machines in residential areas further influence the market. Additionally, expansion of automotive sector, growth of the heavy engineering industry, rapid urbanization and need for minimizing emissions and ventilation costs in underground mining positively affect the off-highway electric vehicle market. Furthermore, development of long-range and fast charging battery technology extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, higher initial cost than conventional ICE vehicles and issues related to compatibility, interchangeability, and standardization are expected to obstruct the market growth. Power capacity limitations for standard and large electric off-highway vehicles are projected to challenge the off-highway electric vehicle market in the forecast period of 2021-2028.
This off-highway electric vehicle market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on off-highway electric vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Off-highway Electric Vehicle Market Scope and Market Size
The off-highway electric vehicle market is segmented on the basis of equipment, battery type, battery capacity, propulsion type, power output, electric trator equipment and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of equipment, the off-highway electric vehicle market is segmented into Dump Truck, Dozer, Excavator, Motor Grader, Lhd, Loader, Lawn Mower, Sprayer, and Tractor.
- On the basis of battery type, the off-highway electric vehicle market is segmented into lithium- ion, nickel metal hydride, lead- acid and others.
- On the basis of battery capacity, the off-highway electric vehicle market is segmented into <50 kwh, 50–200 kwh, 200–500 kwh and >500 kwh.
- On the basis of propulsion type, the off-highway electric vehicle market is segmented into battery electric and hybrid electric.
- On the basis of power output, the off-highway electric vehicle market is segmented into <50 hp, 50–150 hp, 150–300 hp, and >300 hp.
- On the basis of electric trator equipment, the off-highway electric vehicle market is segmented into lawn mower, sprayer and tractor.
- On the basis of application, the off-highway electric vehicle market is segmented into construction, mining, agriculture and gardening.
Off-highway Electric Vehicle Market Country Level Analysis
The off-highway electric vehicle market is analyzed and market size, volume information is provided by country, equipment, battery type, battery capacity, propulsion type, power output, electric trator equipment and application as referenced above.
The countries covered in the off-highway electric vehicle market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the off-highway electric vehicle market due to the increased greenhouse gas emission and launch of new electric models within the region. Asia-Pacific is expected to witness high growth during the forecast period of 2021 to 2028 because of the presence of numerous OEMs, and low production cost in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Off-highway Electric Vehicle Market Share Analysis
The off-highway electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to off-highway electric vehicle market.
The major players covered in the off-highway electric vehicle market report are Komatsu America Corp, AB Volvo, Deere & Company, CNH Industrial, Sandvik AB, Liebherr Group, Epiroc Mining India Limited, Terex, DEUTZ AG, Atlas Copco UK Holdings Ltd, AGCO GmbH., Zoomlion Heavy Industry Science&Technology Co., Ltd., KUBOTA Corporation, Rockwell Automation, Inc., Hitachi Construction Machinery Co., Ltd, and Caterpillar, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.