What the Future of Off-Highway Electric Vehicles Market Looks Like (2022-2028)?

 

The global off-highway electric vehicles market is expected to register a CAGR of around 21% over the period of 2021-2027. The infrastructural growth is increasing the demand for off-highway vehicles in the region and the Paris act, COP 26, and other environmental policies lead to increasing investments in the off-highway electric vehicles industry. Off-highway vehicles are being used in the agriculture and mining sector in major economies such as China and Japan. Moreover, major economies are increasing their investments in the electric off-highway vehicles industry as they are trying to meet their carbon emission targets quickly. Furthermore, China announced its commitment to reach carbon neutrality before 2060 while being the major producer of several agricultural products, and one of the major exporters of the critical minerals such as ferroalloys, manganese, tungsten, and other minerals. Thereby increasing demand for off-highway electric vehicles in the region.

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 According to UnivDatos Market Insights (UMI)’ research report “global off-highway electric vehicles market”, the market is expected to witness robust growth during the forecast period 2021-2027. This is mainly due to the increased awareness of the usage of electric vehicles coupled with the rapid technological advancements in electric vehicles. Various private firms as well as the government leading to the development of robust infrastructure for the usage of electric vehicles.

Based on the propulsion, the off-highway electric vehicles market is bifurcated into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicle segment held a prominent share in the global off-highway electric vehicle market. Cleaner emission, less fuel dependency, and regenerative braking are some of the most prominent factors driving the growth of this segment. It produces cleaner emissions compared to the internal combustion engines (ICE) because hybrid cars employ both electric engines and ICE. Moreover, hybrid vehicles have an electric motor to support the main petrol engine and to provide additional power. Hence, they are less dependent on fossil fuels.

Based on battery type, the lithium-ion battery category grabbed a significant amount of market share and is expected to grow at a robust growth rate during the forecast period. Lightweight, high energy density, low maintenance, more charge cycles, and low self-discharging are some of the major reasons for the growth of this segment. The use of lithium-ion batteries has grown significantly in recent years. They offer some major advantages over other forms of battery technology including nickel-metal hydride, and lead-acid batteries. Electrodes commonly used in lithium-ion batteries, lithium, and carbon, are lightweight on their own, making for much smaller and lighter batteries than other types of batteries.

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APAC to witness extensive growth

Asia-Pacific off-highway electric vehicles market is expected to witness substantial growth during the forecast period. The growth of this market can be attributed to the growing industrialization, urbanization, and high economic growth in the region. Major economies are increasing their investments in the electric off-highway vehicles industry as they are trying to meet their carbon emission targets quickly. Furthermore, China announced its commitment to reach carbon neutrality before 2060 while being the major producer of several agricultural products, and one of the major exporters of the critical minerals such as ferroalloys, manganese, tungsten, and other minerals. Thereby increasing demand for off-highway electric vehicles in the region.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global off-highway electric vehicles market are Hyundai Motor Company, AB Volvo, Komatsu Ltd., Caterpillar Inc., Deere & Company, LIEBHERR-International Deutschland GmbH, Sany Heavy Equipment International Holdings Company Limited, Epiroc AB, Hitachi Ltd., Sandvik AB along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Off-Highway Electric Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.    

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Market Segmentation:

1.     By Propulsion (Battery Electric Vehicles and Hybrid Electric Vehicles)

2.     By Equipment Type (Dump Truck, Dozer, Sprayer, Tractor, and Others)

3.     By Battery Type (Lithium-Ion, Nickel Metal Hydride, Lead-Acid, and Others)

4.     By Application (Construction, Mining, Agriculture, and Others)

5.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

6.     By Company (Hyundai Motor Company, AB Volvo, Komatsu Ltd., Caterpillar Inc., Deere & Company, LIEBHERR-International Deutschland GmbH, Sany Heavy Equipment International Holdings Company Limited, Epiroc AB, Hitachi Ltd., and Sandvik AB)

Key questions answered in the study:

1.     What are the current and future trends of the global off-highway electric vehicles industry?

2.     How the industry has been evolving in terms of propulsion, equipment type, battery type, and application?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global off-highway electric vehicles industry?

5.    What is the customer orientation, purchase behavior, and expectations from the global off-highway electric vehicle suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 OFF-HIGHWAY ELECTRIC VEHICLES MARKET COVID-19 IMPACT

6 OFF-HIGHWAY ELECTRIC VEHICLES MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY PROPULSION

8 MARKET INSIGHTS BY EQUIPMENT TYPE

9 MARKET INSIGHTS BY BATTERY TYPE

10 MARKET INSIGHTS BY APPLICATION

11 MARKET INSIGHTS BY REGION

12 OFF-HIGHWAY ELECTRIC VEHICLES MARKET DYNAMICS

13 OFF-HIGHWAY ELECTRIC VEHICLES MARKET OPPORTUNITIES

14 OFF-HIGHWAY ELECTRIC VEHICLES MARKET TRENDS

15 LEGAL & REGULATORY FRAMEWORK

16 DEMAND AND SUPPLY SIDE ANALYSIS

17 VALUE CHAIN ANALYSIS

18 COMPETITIVE SCENARIO

19 COMPANY PROFILED

20 DISCLAIMER