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The market for off-highway electric vehicles was estimated at USD 1,964.7 million in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 15.1%. Strict emission regulations for off-road vehicles have been created by a number of government organisations, including the China VI and India BS-VI emission standards. Emissions of greenhouse gases (GHGs) are also subject to limits from the US Environmental Protection Agency (EPA). Due to equipment manufacturers' focus on alternative engine alternatives, such as full and hybrid off-highway electric vehicles, the industry has grown rapidly.
Off-highway heavy-duty vehicle electrification is growing, and OEMs are eager to learn how this new trend may support their current business models. The trend of electrifying automobiles is anticipated to gain pace in the upcoming years due to favourable aspects like battery technology, supply, and general economics. Electric solutions are more widely adopted when charging infrastructure, battery technology, and overall development costs are taken into account. Off-highway vehicle electrification ensures long-term cost savings due to less frequent maintenance and fuel usage compared to traditional vehicles.
The development of off-highway electric vehicles for use in mining and construction is encouraged by the rapid expansion of environmental, social, and governance (ESG) investing. ESG investing employs environmental, social, and governance criteria. Nitrogen Oxide (NOx) and particulate matter emissions are regulated by severe emission regulations. Off-highway vehicle manufacturers are coming up with creative strategies to achieve zero emissions in order to lessen these pollutants. Construct Connect estimates that at least 11% of CO2 emissions are attributable to the construction sector. A stage 5 emissions standard was created by the European Union (EU), and it becomes effective in 2019. Equipment powered by diesel engines is probably going to become obsolete in the future as European pollution standards continue to change. The demand for off-highway electric equipment is anticipated to be driven by electric alternatives for such equipment in mining and construction industries.
The COVID-19 pandemic caused a downturn in the global economy. Lockdowns that were enacted around the world caused supply chains to break down and temporarily halt output at a number of manufacturing plants. Due to its reliance on international sourcing for its core technology, batteries, the off-highway electric vehicle industry remained the most susceptible during the pandemic.
Report Coverage
Global Off-highway Electric Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-highway Electric Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-highway Electric Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-highway Electric Vehicle market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-highway Electric Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-highway Electric Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Off-highway Electric Vehicle market based on the below-mentioned segments:
Global Off-highway Electric Vehicle Market, By Storage Type
Li-ion
Lead-acid
Global Off-highway Electric Vehicle market, By Application
Construction
Agriculture
Mining
Global Off-highway Electric Vehicle Market, By Propulsion
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Global Off-highway Electric Vehicle market, Regional Analysis
Off-highway heavy-duty vehicle electrification is growing, and OEMs are eager to learn how this new trend may support their current business models. The trend of electrifying automobiles is anticipated to gain pace in the upcoming years due to favourable aspects like battery technology, supply, and general economics. Electric solutions are more widely adopted when charging infrastructure, battery technology, and overall development costs are taken into account. Off-highway vehicle electrification ensures long-term cost savings due to less frequent maintenance and fuel usage compared to traditional vehicles.
The development of off-highway electric vehicles for use in mining and construction is encouraged by the rapid expansion of environmental, social, and governance (ESG) investing. ESG investing employs environmental, social, and governance criteria. Nitrogen Oxide (NOx) and particulate matter emissions are regulated by severe emission regulations. Off-highway vehicle manufacturers are coming up with creative strategies to achieve zero emissions in order to lessen these pollutants. Construct Connect estimates that at least 11% of CO2 emissions are attributable to the construction sector. A stage 5 emissions standard was created by the European Union (EU), and it becomes effective in 2019. Equipment powered by diesel engines is probably going to become obsolete in the future as European pollution standards continue to change. The demand for off-highway electric equipment is anticipated to be driven by electric alternatives for such equipment in mining and construction industries.
The COVID-19 pandemic caused a downturn in the global economy. Lockdowns that were enacted around the world caused supply chains to break down and temporarily halt output at a number of manufacturing plants. Due to its reliance on international sourcing for its core technology, batteries, the off-highway electric vehicle industry remained the most susceptible during the pandemic.
Report Coverage
Global Off-highway Electric Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-highway Electric Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-highway Electric Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-highway Electric Vehicle market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Off-highway Electric Vehicle Market from 2021 to 2030.
- Market Forecast for Off-highway Electric Vehicle Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Off-highway Electric Vehicle competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Off-highway Electric Vehicle
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-highway Electric Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-highway Electric Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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.
Primary Target Market
- Market Players of Off-highway Electric Vehicle
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Off-highway Electric Vehicle market based on the below-mentioned segments:
Global Off-highway Electric Vehicle Market, By Storage Type
Li-ion
Lead-acid
Global Off-highway Electric Vehicle market, By Application
Construction
Agriculture
Mining
Global Off-highway Electric Vehicle Market, By Propulsion
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Global Off-highway Electric Vehicle market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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