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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

Published by Grand View Research, Inc. Product code 967462
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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
Published: October 7, 2020 Content info: 120 Pages
Description

Off-highway Electric Vehicle Market Growth & Trends

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.

Off-highway Electric Vehicle Market Report Highlights

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

Table of Contents
Product Code: GVR-4-68039-161-1

Table of Contents

Chapter 1 Methodology & Scope

  • 1.1 Market Segmentation & Scope
  • 1.2 Market Definition
  • 1.3 Information Procurement
    • 1.3.1 Purchased Database
    • 1.3.2 GVR's Internal Database
    • 1.3.3 Secondary Sources & Third-Party Perspectives
    • 1.3.4 Primary Research
  • 1.4 Information Analysis
  • 1.5 Market Formulation & Data Visualization
  • 1.6 Data Validating & Publishing

Chapter 2 Executive Summary

  • 2.1 Market Outlook

Chapter 3 Market Variables, Trends, & Scope

  • 3.1 Penetration and Growth Prospect Mapping
  • 3.2 Off-highway Electric Vehicle - Value Chain Analysis
  • 3.3 Off-highway Electric Vehicle Market Dynamics
    • 3.3.1 Market Drivers Analysis
    • 3.3.2 Market Restraint Analysis
  • 3.4 Off-highway Electric Vehicle Industry Analysis - PESTLE
  • 3.5 Off-highway Electric Vehicle Industry Analysis - Porter's

Chapter 4 Off-highway Electric Vehicle Market: Application Estimates & Trend Analysis

  • 4.1 Application Movement Analysis & Market Share, 2019 & 2027
    • 4.1.1 Construction
      • 4.1.1.1 Construction Off-highway Electric Vehicle Market estimates and forecast by region, 2016 - 2027 (USD Million)
    • 4.1.2 Agriculture
      • 4.1.2.1 Agriculture Off-highway Electric Vehicle Market estimates and forecast by region, 2016 - 2027 (USD Million)
    • 4.1.3 Mining
      • 4.1.3.1 Mining Off-highway Electric Vehicle Market estimates and forecast by region, 2016 - 2027 (USD Million)

Chapter 5 Off-highway Electric Vehicle Market: Electric Vehicle Estimates & Trend Analysis

  • 5.1 Electric Vehicle Movement Analysis & Market Share, 2019 & 2027
    • 5.1.1 BEV
      • 5.1.1.1 BEV Off-highway Electric Vehicle Market estimates and forecast by region, 2016 - 2027 (USD Million)
    • 5.1.2 HEV
      • 5.1.2.1 HEV Off-highway Electric Vehicle Market estimates and forecast by region, 2016 - 2027 (USD Million)

Chapter 6 Off-highway Electric Vehicle Market: Regional Estimates & Trend Analysis

  • 6.1 North America
    • 6.1.1 North America Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
    • 6.1.2 North America Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.1.3 U.S.
      • 6.1.3.1 U.S. Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.1.3.2 U.S. Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.1.4 Canada
      • 6.1.4.1 Canada Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.1.4.2 Canada Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • 6.2 Europe
    • 6.2.1 Europe Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
    • 6.2.2 Europe Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.2.3 U.K.
      • 6.2.3.1 U.K. Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.2.3.2 U.K. Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.2.4 Germany
      • 6.2.4.1 Germany Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.2.4.2 Germany Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.2.5 Norway
      • 6.2.5.1 Norway Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.2.5.2 Norway Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.2.6 France
      • 6.2.6.1 France Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.2.6.2 France Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • 6.3 Asia Pacific
    • 6.3.1 APAC Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
    • 6.3.2 APAC Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.3.3 China
      • 6.3.3.1 China Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.3.3.2 China Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.3.4 India
      • 6.3.4.1 India Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.3.4.2 India Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
    • 6.3.5 Japan
      • 6.3.5.1 Japan Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
      • 6.3.5.2 Japan Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • 6.4 Rest of the World
    • 6.4.1 Rest of the World Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
    • 6.4.2 Rest of the World Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)

Chapter 7 Competitive Landscape

  • 7.1 Key Company Analysis, 2019
  • 7.2 Company Profiles
    • 7.2.1 Caterpillar
      • 7.2.1.1 Company Overview
      • 7.2.1.2 Financial Performance
      • 7.2.1.3 Product Benchmarking
      • 7.2.1.4 Strategic Initiatives
    • 7.2.2 Volvo Construction Equipment AB
      • 7.2.2.1 Company Overview
      • 7.2.2.2 Financial Performance
      • 7.2.2.3 Product Benchmarking
      • 7.2.2.4 Strategic Initiatives
    • 7.2.3 Komatsu Ltd.
      • 7.2.3.1 Company Overview
      • 7.2.3.2 Financial Performance
      • 7.2.3.3 Product Benchmarking
      • 7.2.3.4 Strategic Initiatives
    • 7.2.4 Deere & Company
      • 7.2.4.1 Company Overview
      • 7.2.4.2 Financial Performance
      • 7.2.4.3 Product Benchmarking
      • 7.2.4.4 Strategic Initiatives
    • 7.2.5 Sandvik AB
      • 7.2.5.1 Company Overview
      • 7.2.5.2 Financial Performance
      • 7.2.5.3 Product Benchmarking
      • 7.2.5.4 Strategic Initiatives
    • 7.2.6 Hitachi Construction Machinery Co., Ltd.
      • 7.2.6.1 Company Overview
      • 7.2.6.2 Financial Performance
      • 7.2.6.3 Product Benchmarking
      • 7.2.6.4 Strategic Initiatives
    • 7.2.7 Epiroc AB
      • 7.2.7.1 Company Overview
      • 7.2.7.2 Financial Performance
      • 7.2.7.3 Product Benchmarking
      • 7.2.7.4 Strategic Initiatives
    • 7.2.8 Doosan Corporation
      • 7.2.8.1 Company Overview
      • 7.2.8.2 Financial Performance
      • 7.2.8.3 Product Benchmarking
      • 7.2.8.4 Strategic Initiatives
    • 7.2.9 J C Bamford Excavators Ltd.
      • 7.2.9.1 Company Overview
      • 7.2.9.2 Financial Performance
      • 7.2.9.3 Product Benchmarking
      • 7.2.9.4 Strategic Initiatives
    • 7.2.10 CNH Industrial N.V.
      • 7.2.10.1 Company Overview
      • 7.2.10.2 Financial Performance
      • 7.2.10.3 Product Benchmarking
      • 7.2.10.4 Strategic Initiatives

List of Tables

  • Table 1 List of Abbreviation
  • Table 2 Off-highway Electric Vehicle market, 2016 - 2027 (USD Billion)
  • Table 3 Off-highway Electric Vehicle market, by application 2016 - 2027 (USD Billion)
  • Table 4 Off-highway Electric Vehicle market, by electric vehicle 2016 - 2027 (USD Billion)
  • Table 5 Off-highway Electric Vehicle market, by region 2016 - 2027 (USD Billion)
  • Table 6 Construction market, by region, 2016 - 2027 (USD Billion)
  • Table 7 Agriculture market, by region, 2016 - 2027 (USD Billion)
  • Table 8 Mining market, by region, 2016 - 2027 (USD Billion)
  • Table 9 BEV market, by region, 2016 - 2027 (USD Billion)
  • Table 10 HEV market, by region, 2016 - 2027 (USD Billion)
  • Table 11 North America Off-highway Electric Vehicle market, by country, 2016 - 2027 (USD Billion)
  • Table 12 North America Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 13 North America Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 14 U.S. Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 15 U.S. Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 16 Canada Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 17 Canada Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 18 Europe Off-highway Electric Vehicle market, by country, 2016 - 2027 (USD Billion)
  • Table 19 Europe Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 20 Europe Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 21 Germany Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 22 Germany Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 23 U.K. Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 24 U.K. Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 25 France Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 26 France Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 27 Norway Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 28 Norway Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 29 Asia Pacific Off-highway Electric Vehicle market, by country, 2016 - 2027 (USD Billion)
  • Table 30 Asia Pacific Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 31 Asia Pacific Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 32 China Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 33 China Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 34 Japan Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 35 Japan Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 36 India Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 37 India Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)
  • Table 38 Rest of the World (RoW) Off-highway Electric Vehicle market, by application, 2016 - 2027 (USD Billion)
  • Table 39 Rest of the World (RoW) Off-highway Electric Vehicle market, by electric vehicle, 2016 - 2027 (USD Billion)

List of Figures

  • Fig. 1 Off-highway Electric Vehicle market research methodology
  • Fig. 2 Off-highway Electric Vehicle market data triangulation technique
  • Fig. 3 Off-highway Electric Vehicle market primary research scope
  • Fig. 4 Off-highway Electric Vehicle market: Market segmentation
  • Fig. 5 Off-highway Electric Vehicle market: Market snapshot, 2019
  • Fig. 6 Off-highway Electric Vehicle market: Value chain analysis
  • Fig. 7 Off-highway Electric Vehicle market: Penetration and growth prospect mapping
  • Fig. 8 Off-highway Electric Vehicle market: Key company analysis, 2019
  • Fig. 9 Off-highway Electric Vehicle market: PEST analysis
  • Fig. 10 Off-highway Electric Vehicle market: Porter's five forces analysis
  • Fig. 11 Off-highway Electric Vehicle market: Application segment analysis, 2019 Vs 2027 (USD Billion)
  • Fig. 12 Off-highway Electric Vehicle market: Electric Vehicle segment analysis, 2019 Vs 2027 (USD Billion)
  • Fig. 13 Off-highway Electric Vehicle market: Regional segment analysis, 2019 Vs 2027 (USD Billion)
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