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Off-highway Electric Vehicle Market

Off-highway Electric Vehicle Market Size, Share and Segmentation by Type (BEV, HEV, PHEV), by Application (Construction, Mining, Agriculture), by Power Output (<50>300 hp), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1327 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Off-highway Electric Vehicle Market Size was valued at USD 7.5 billion in 2021 and is expected to reach USD 31.94 billion by 2028 and grow at a CAGR of 23% over the forecast period 2022-2028.

Electric cars designed for off-road operations are known as off-highway electric vehicles (OHEVs). Agriculture tractors, mining trucks, lawnmowers, and construction equipment used in off-highway applications with electric power are examples of off-highway electric vehicles. This includes expanded use in agricultural, construction, and infrastructure projects, among other things. Because of the rising demand for such vehicles, electric vehicle (EV) manufacturers have been able to raise the production of off-highway vehicles, contributing to the global market's growth. Due to the rising demand for electric cars around the world, the worldwide off-highway electric vehicles market is expected to develop over the forecast period.

Off-highway Electric Vehicle Market Revenue Graph

Tiny construction vehicles are the only vehicles that are fully electrified. To conduct heavy-duty mining tasks, mining dump trucks must have a large power output and battery capacity. Because current battery technologies are unable to produce the requisite power output, major mining dump trucks are forced to use the hybrid-electric drive. Off-highway heavy-duty vehicle electrification is on the rise, and OEMs are eager to learn how this new trend may complement their existing business models. The trend toward electrification of automobiles is likely to gain traction in the future years, thanks to variables favoring electric vehicles.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Increase in government investments in improving public infrastructure.

  • The off-highway electric vehicle industry is growing due to lower upgrade costs and increased efficiency.

  • The EV market is growing due to increased public awareness of electric vehicles.

  • Growing demand for low-noise, emission-free construction equipment.

RESTRAINTS: 

  • The market's expansion is hampered by a lack of adequate infrastructure.

  • The adoption of electric off-highway vehicles is the loss of productivity owing to long charging times.

OPPORTUNITIES: 

  • New continual innovations in the industrial sector provide a broader potential.

  • Hybrid vehicles' fuel economy improves, encouraging the market's growth.

  • Long-range and fast-charging battery technology development

CHALLENGES: 

  • Electric off-highway vehicles are costly due to the high cost of the electric battery, which poses a significant market hurdle.

  • Compatibility, interchangeability, and standards concerns.

IMPACT OF COVID-19:

Due to the COVID-19 pandemic, the worldwide off-highway industry will have a –3.3 percent decline in 2020. The COVID-19 epidemic has had a considerable impact on the heavy equipment business, with some manufacturers closing down plants and others considering leveraging their resources to meet the need for medical supplies. Lockdowns are being established around the world to stop the spread of the disease, which has had a huge impact on building and mining projects. When the market reopens, key market actors are aware that output levels will be reduced to conform to safety precautions. Furthermore, clients whose businesses are harmed by the pandemic will spend less.

BY KEY MARKET PLAYERS:

             Caterpillar (US), J C Bamford Excavators Ltd., Epiroc (Sweden), Komatsu Ltd. (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), CNH Industrial N.V., Doosan Corporation, Hitachi Construction Machinery (Japan), Deere & Company, and Sandvik (Sweden). are some of the affluent competitors with significant market share in the Off-highway Electric Vehicle Market.

MARKET ESTIMATION: 

Market, By Type:

The global market is divided into BEV, HEV, and PHEV based on the type segment. In 2021, the Hybrid Electric Vehicle (HEV) segment had the biggest market share of 58.8%, and it is expected to continue dominating the market from 2022 through 2030. The hybrid electric vehicle is intended to supplement the use of internal combustion engines by combining them with an electric drivetrain.

Market, By Application:

According to the application segment, the global market is divided into construction, mining, and agriculture. In 2021, the construction segment had the highest revenue share of roughly 38.2 percent. Electric construction equipment, such as electric loaders and excavators, are included in this sector. The agriculture category is expected to grow at a 32.8 percent compound annual growth rate.

Market, by Power Output:

Based on the power output segment, the global market has been divided into <50 hp, 50-150 hp, 150-300 hp, and >300 hp. Motors of less than 50 horsepower are commonly used in small electric off-highway vehicles. As a result, the market for 50 hp is expected to be the largest market category globally in terms of power output.

MARKET SEGMENTATION:

By Type:

  1. BEV

  2. HEV

  3. PHEV

By Application:

  1. Construction

  2. Mining

  3. Agriculture

By Power Output:

  1. <50 hp

  2. 50-150 hp

  3. 150-300 hp

  4. >300 hp

Off-highway Electric Vehicle Market  Segment Chart

REGIONAL ANALYSIS:

In 2021, the North American market accounted for 42.0 percent of total revenue, and it is expected to continue dominating the industry from 2022 through 2030. Furthermore, the region's growing construction industry is driving up demand for off-highway electric equipment. The Asia Pacific market is expected to grow at the fastest rate, with a CAGR of 46.6 percent. Due to an increase in infrastructure spending, countries like India and China performed well in 2020. Due to the presence of several OEMs, cheap labor costs, low production costs, and the availability of improved manufacturing facilities in the country, China is a key contributor to the manufacturing of construction equipment.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Off-highway Electric Vehicle Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 7.5 Billion
Market Size by 2028 US$ 31.94 Billion
CAGR CAGR of 23% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (BEV, HEV, PHEV)
• by Application (Construction, Mining, Agriculture)
• by Power Output (<50>300 hp)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Caterpillar (US), J C Bamford Excavators Ltd., Epiroc (Sweden), Komatsu Ltd. (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), CNH Industrial N.V., Doosan Corporation, Hitachi Construction Machinery (Japan), Deere & Company, and Sandvik (Sweden)
Key Drivers Increase in government investments in improving public infrastructure.

The off-highway electric vehicle industry is growing due to lower upgrade costs and increased efficiency.
RESTRAINTS The market's expansion is hampered by a lack of adequate infrastructure.

The adoption of electric off-highway vehicles is the loss of productivity owing to long charging times.


Frequently Asked Questions (FAQ) :

Ans:- The market size is expected to reach USD 31.94 billion by 2028.

Ans:- The construction segment is expected to see the most significant growth.

Ans:- North American region is anticipated to be the primary driver of the market.

Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, and End-use industries are the main stakeholders in the market.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

 

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Off-highway Electric Vehicle Market Segmentation, by Type

8.1 BEV

8.2 HEV

8.3 PHEV

 

9. Global Off-highway Electric Vehicle Market Segmentation, by Application

9.1 Construction

9.2 Mining

9.3 Agriculture

 

10. Global Off-highway Electric Vehicle Market Segmentation, by Power Output

10.1 <50 hp

10.2 50-150 hp

10.3 150-300 hp

10.4 >300 hp

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Epiroc (Sweden),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Caterpillar (US)

12.3 J C Bamford Excavators Ltd.

12.4 Komatsu Ltd. (Japan)

12.5 Volvo Construction Equipment (Volvo CE) (Sweden)

12.6 CNH Industrial N.V.

12.7 Doosan Corporation

12.8 Hitachi Construction Machinery (Japan)

12.9 Deere & Company

12.10 Sandvik (Sweden).

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

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Secondary Research

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