OTTAWA, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global off-highway electric vehicle market is anticipated to grow at a compound annual growth rate (CAGR) of 21.4% during the forecast period 2020 to 2027.
Various advantages are offered by electrically propelled types of machinery, such as high maneuverability, high overall performance, and accuracy during operations. The electrification of off-highway vehicles has many advantages; however, due to numerous variables, such as the limited storage capacity of the batteries and limited infrastructure for charging vehicles, its acceptance in the industry is expected to be slow-paced.
Growth Factors
The growing growth of infrastructure in developing markets and the introduction of redevelopment projects in developed countries are boosting sales of electric highway vehicles. Strict emission standards by government agencies, such as emission standards for greenhouse gas (GHG) emissions by the U.S. The Environmental Protection Agency (EPA) and the European Commission are both main factors influencing the global market for off-road electric vehicles (EVs). Electrification of heavy-duty off-highway vehicles is on the rise, and businesses are highly interested in exploring how this emerging development will complement their current business models. There are many advantages to the electrical system of heavy duty vehicles. However, in conducting research and implementing the electrical solution, factors such as battery technology, infrastructure, and overall cost of production play a vital role.
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In addition, the market for off-highway electric vehicles is also leveraged by factors such as improved electrical machinery performance, lower noise and vibration levels, lower overhaul costs, and others. Government authorities have introduced increasing stringency in emission standards for off-highway vehicles, such as emission standards for greenhouse gas (GHG) emissions by the U.S. India and China VI Environmental Protection Agency (EPA), BS-VI. The increasing strictness of emission standards has shifted the attention of OEMs towards alternative powertrain sources such as hybrid electric and full electric off-highway vehicles that exploit global demand.
Report Highlights
- The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
- The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
- The BEV segment is expected to grow over the forecast period at the fastest CAGR of 30.5 percent. The slowdown in the adoption of internal combustion engine vehicles and the limitation of CO2 targets are expected to encourage segmental expansion.
- The construction sector emerged as the largest sector in 2019 and by the end of the forecast period it is projected to produce revenues of over USD 6.68 billion
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Regional Snapshots
The North America region accounted for the largest sales share of the market and its dominance over the projected period is expected to continue. Due to the presence of key companies such as Caterpillar, Deere & Company, and CNH Industrial N.V., the area holds a dominant share in the forecast era. In the North American region, the construction industry is increasing, affecting the region's demand for off-highway electric equipment.
In the Asia Pacific region, the off-highway EV market is projected to grow from 2020 to 2027 at the highest CAGR of 34.4 percent. Asia Pacific countries, such as China and India, reported a strong performance in 2019 due to the increase in investment in infrastructure. Due to the existence of numerous OEMs, low production prices, low labour costs, and the availability of outstanding manufacturers, China is one of the major contributors to the production of construction equipment.
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Key Players & Strategies
The Off-highway Electric Vehicle industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. Further, with the technological advancements the shape of the consumer electronic products is changing rapidly that again trigger the rate of competition among the market players. Presently, consumers are more inclined towards Battery charger Vehicle that has forced the manufacturers in the industry to innovate new and flexible technologies. In the wake of same, the industry players invest prominently in the market to develop new and advanced products.
Some of the key players operating in the market are Caterpillar, Volvo Construction Equipment AB, Komatsu Ltd, Deere & Company, Sandvik AB, Hitachi Construction Machinery Co., Ltd, Epiroc AB, Doosan Corporation, J C Bamford Excavators Ltd, and CNH Industrial N.V.
Market Segmentation
By Application
- Construction
- Agriculture
- Mining
By Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
By Regional
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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