Off-Highway Electric Vehicle Market to Record an Exponential CAGR by 2030

 

Off-Highway Electric Vehicle Market: Introduction

• Off-highway electric vehicles include agriculture tractors, mining trucks, lawn movers, and construction equipment utilized in off-highway applications with electric propulsion

Key Drivers of Global Off-Highway Electric Vehicle Market

• Rapid development of infrastructure in developing countries and initiation of re-development projects in developed countries are boosting the sales of electric-off highway vehicles. Electric off-highway vehicles are more productive as compared to their IC engine counterparts. They contribute to lesser operational cost due to fewer mechanical parts and hence, are being increasingly preferred by construction contractors.
• Off-highway vehicles are also preferred in agricultural applications due to an increase in fuel prices and active government measures such as subsidies on electric tractors spurring the adoption of electric tractors, which in turn is driving the off-highway electric vehicle market
• Rising stringency in emission norms and environmental awareness is anticipated to drive the off-highway electric vehicle market

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Challenges of Global Off-Highway Electric Vehicle Market

• Electric off-highway vehicles are expensive owing to the high price of the electric battery, which is a major challenge to the market. Development of battery technology and decline in price of battery are anticipated to boost the off-highway electric vehicle market.

Mining segment to hold dominant share of global off-highway electric vehicle market

• Electric trucks are being increasingly preferred at deep and underground mines, as they do not generate emissions and noise. Rising demand for commodities such as copper, iron, and gold is driving the mining industry prompting mining companies to update their equipment and invest in purchase of more productive electric vehicles.

<50 HP segment held prominent share in 2019

• Electrification trend is currently popular among the smaller & low HP off-highway vehicles. One or two electric motors are used in pure electric or with hybrid off-highway electric vehicles. The higher HP segments such as 150-300 HP and above 300 HP, currently, hold a relatively minor share; however, they are anticipated to expand at a high growth rate during the forecast period.

Europe and North America to lead the global off-highway electric vehicle market

• Europe and North America have enacted stringent emission norms and are taking active measures to reduce emissions. Thus, Europe and North America, together, are expected to hold a dominant share of the off-highway electric vehicle market. The market in Asia Pacific is anticipated to expand at a high growth rate owing to rising usage of electric mining trucks in ANZ and China.

Key Players Operating in Global Off-Highway Electric Vehicle Market

The global off-highway electric vehicle market has presence of a large number of players. A few of the key players operating in the global off-highway electric vehicle market are:

• CHN Industrial
• Deere & Company
• Kubota Corporation
• Duetz AG
• Doosan Corporation
• Atlas Copco
• Sumitomo Heavy Industries
• Sandvik
• Terex
• Stihl Holding AG and Co. Kg
• Liebherr Group
• Hitachi Construction Machinery

Global Off-Highway Electric Vehicle Market: Research Scope

Global Off-Highway Electric Vehicle Market, by Power Output

• <50 HP
• 50-150 HP
• 150-300 HP
• >300 HP

Global Off-Highway Electric Vehicle Market, by Battery Capacity

• <50 Kwh
• 50-200 Kwh
• 200-500 Kwh
• >500 Kwh

Global Off-Highway Electric Vehicle Market, by Propulsion Type

• Battery Electric
• Hybrid Electric

Global Off-Highway Electric Vehicle Market, by Battery Type

• Lithium Ion
• Lead-Acid
• Others

Global Off-Highway Electric Vehicle Market, by Application

• Mining
• Construction
• Agriculture
• Gardening/ Landscaping

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