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Market Research Report
Off-highway Electric Vehicle Market by Equipment, Propulsion, Application (Construction, Mining, and Agriculture), Battery Type, Battery Capacity (<50 kWh, 50 - 200 kWh, 200 - 500 kWh, >500 kWh), Power Output, Electric Tractor - Global Forecast to 2027 |
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| Published by | MarketsandMarkets | Product code | 911219 | ||||
| Published | Content info | 169 Pages Delivery time: 1-2 business days |
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| Off-highway Electric Vehicle Market by Equipment, Propulsion, Application (Construction, Mining, and Agriculture), Battery Type, Battery Capacity (<50 kWh, 50 - 200 kWh, 200 - 500 kWh, >500 kWh), Power Output, Electric Tractor - Global Forecast to 2027 | ||
| Published: September 11, 2019 | Content info: 169 Pages |
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"Increase in mining and construction application and need for infrastructure development in developing countries is expected to drive the market for off-highway vehicles while increasing stringency in emission regulations to drive the demand for electric and hybrid equipment"
The off-highway electric vehicle market is projected to grow at a CAGR of 25.2% to reach USD 29.8 billion by 2027 from an estimated USD 4.9 billion in 2019. Emission regulations have a significant impact on mining equipment. Growing environmental concerns and awareness of the harmful effects of equipment emissions have forced engine and equipment manufacturers to develop engines that comply with emission norms. Alternatively, the need to comply with stringent emission norms has shifted the focus of manufacturers on electrical equipment.
An electric motor is a device used in hybrid and electric vehicles to convert electrical energy into mechanical energy. Most of the hybrid and electric off-highway vehicles are equipped with one or sometimes two electric motors, depending on vehicle specification. Currently, electrification is primarily observed in small and compact vehicles. Motors generating an output of <50 hp are generally used in small off-highway electric and hybrid vehicles. These types of electric and hybrid off-highway vehicles have the largest market in Europe. Caterpillar, Komatsu, John Deere, Sandvik, and Solectrac are the leading OEMs for off-highway electric and hybrid vehicles.
The 50-200 kWh segment of off-highway electric vehicles is estimated to account for the second largest market value in 2019, owing to the higher demand for small- and mid-range off-highway equipment in countries such as China, India, and the US. In addition, as per MarketsandMarkets analysis, Asia Pacific accounted for about more than 30% of the total sales of this battery capacity, in terms of volume.
North America is expected to lead the off-highway electric vehicle market, in terms of value, during the forecast period. The construction and mining equipment demand in North America is expected to increase due to measures adopted by the US that have increased the demand for domestically extracted minerals and infrastructure development. The US is estimated to be the largest market for off-highway electric vehicles in North America. US-based Caterpillar Inc. offers its full range of off-highway equipment across the globe. In addition, with upcoming stringent emission norms for fuel economy in the country, companies are trying harder to manufacture electric and hybrid equipment for the domestic market.
The study contains insights provided by various industry experts, ranging from off-highway electric vehicle manufacturers, shipping authorities, and distributors.
The break-up of the primaries is as follows:
The report provides detailed profiles of the following companies:
The primary objective of the study is to define, describe, and forecast the off-highway electric vehicle market by equipment, battery technology, battery capacity, power output, propulsion type, application, electric tractor, and region. It analyzes the opportunities offered by various segments of the market to stakeholders. It tracks and analyzes competitive developments such as market share analysis, expansions, joint ventures, acquisitions, and other industrial activities carried out by key industry participants.
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
The Chapter is Further Segmented at Country Level by equipment and Considered Countries are Asia Pacific (China, Japan, India), Europe (Germany, UK, France, Russia, Spain, Italy), North America (US, Canada, Mexico) and RoW (Brazil and South Africa)
(Business overview, Products offered, Recent developments & SWOT analysis)*
Details on Business overview, Products offered, Recent developments & SWOT analysismight not be captured in case of unlisted companies.
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