Off-highway Electric Vehicle Market Size Worth $17.45 Billion By 2027: Grand View Research, Inc.

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Oct 13, 2020, 05:05 ET

SAN FRANCISCO, Oct. 13, 2020 /PRNewswire/ -- The global off-highway electric vehicle market size is expected to reach USD 17.45 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 21.2% during the forecast period. The increasing infrastructural developments in emerging economies and the initiation of re-development projects in developed countries boost the sales of electric-off highway vehicles. The government authorities' stringent emission standards, such as emission standards for greenhouse gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), and European Commission are also the prominent factors impacting the demand for off-highway Electric Vehicles (EVs) globally. Moreover, factors such as improved efficiency of electric machinery, lower noise level and vibrations, lower overhaul cost, among others are also leveraging the demand for off-highway electric vehicles.

Key suggestions from the report:

The market accounted for USD 5.48 billion in 2019 and is projected to expand at a CAGR of 21.2% over the forecast period
The construction segment emerged as the largest segment in 2019 and is anticipated to generate revenue of over USD 6.68 billion by the end of the forecast period
The BEV segment is projected to expand at the fastest CAGR of 30.5% over the forecast period. The slowdown in the adoption of internal combustion engine vehicles and restrictions on CO2 targets is anticipated to support segmental growth
The North America market held the largest revenue share in 2019 as the region has a presence of prominent Original Equipment Manufacturers for off-highway electric vehicles

Read 120 page research report with ToC on "Off-highway Electric Vehicle Market Size, Share & Trends Analysis Report By Application (Construction, Agriculture, Mining), By Electric Vehicle (BEV, HEV), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/off-highway-electric-vehicle-market

Electrically propelled types of machinery provide various advantages, such as high maneuverability, high overall efficiency, and accuracy during operations. The electrification of off-highway vehicles has multiple advantages; however, its adoption in the industry is expected to be slow-paced, owing to various factors, such as the batteries' limited storage capacity and limited infrastructure for charging vehicles. The shortcoming of the full electric propelled machinery has provided an advantage to the hybrid off-highway vehicle and is considered a viable option. The high cost of developing hybrid off-highway equipment proves to be a constraining factor for the overall market growth. Furthermore, the electrification of powertrains is under the radar owing to the concerns of noise generated and emissions produced by a conventional diesel-powered engine.

The off-highway equipment, including construction, agriculture, and mining equipment being electrified for control of emissions, reliability, and better performance. Many light-duty vehicles, such as small excavators and small wheel loaders, are fully battery electric vehicles in the construction equipment segment, as these types of machines require a smaller battery and less power as compared to large equipment. Many OEMs offer larger wheel excavators and loaders in hybrid electric variants, including Volvo CE, Caterpillar, and Komatsu. In the mining sector, electric machinery usage is prominent to reduce the emission inside the mines. The concept of electrification is also prevalent in the agriculture sector owing to the low cost of ownership, and the equipment can be equipped with Artificial Intelligence (AI) technology providing autonomy. In January 2020, Kubota Corp. announced the launch of the X tractor - cross tractor concept in Kyoto City, Japan. The concept tractor is equipped with electrification technology and artificial intelligence (AI) and is also completely autonomous.

Grand View Research has segmented the global off-highway electric vehicle market based on application, electric vehicle, and region:

Off-highway Electric Vehicle Application Outlook (Revenue, USD Billion, 2016 - 2027)

Construction
Agriculture
Mining

Off-highway Electric Vehicle Outlook (Revenue, USD Billion, 2016 - 2027)

Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)

Off-highway Electric Vehicle Regional Outlook (Revenue, USD Billion, 2016 - 2027)

North America

The U.S.
Canada

Europe

Germany
The U.K.
France
Norway

Asia Pacific

China
Japan
India

Rest of the World (RoW)

List of Key Players of Off-highway Electric Vehicle Market

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.
CNH Industrial N.V.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.