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

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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.

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.

Find more research reports on Automotive & Transportation Industry, by Grand View Research:

Road Safety Market – Road safety involves products, solutions, and services used to maintain traffic discipline and prevent road accidents. Products include traffic enforcement cameras, and incident response and detection systems, while services cover installation, maintenance, and repair of these systems.
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Forklift Market – Forklifts, also known as lift trucks or powered industrial trucks, are compact machines used to lift and transport materials from one location to another. Developments in the e-commerce industry are fueling the demand for lift trucks over the forecast period.