Off-Highway Electric Vehicle Market By Vehicle Type (HEV, BEV), By Energy Storage Capacity (<50 kWh, 50–200 kWh, >200 kWh), By Battery Type (Lithium-Ion (Li-Ion), Lead–Acid), By Application (Construction, Agriculture, Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The report incorporates the study of the global off-highway electric vehicle market that focuses on the type of electric vehicles which includes agriculture tractors, mining trucks, lawn movers, and construction equipment utilized in off-highway applications with electric propulsion. This includes the increased usage of the same in agricultural, construction, infrastructure developments, and others. The increased demand for such vehicles has enabled electric vehicle (EV) manufacturers to increase the production related of off-highway vehicles, thus supplementing the growth of the global market. For instance, China, the European Union, and the U.S. collectively account for over 90% of the global EV sales, while Costa Rica and Colombia have lately established much-more-robust EV sales objectives. Major automakers have also increased their investments in the development of electric vehicles to cater to the anticipated growth in demand for such vehicles in the coming decade. Also, rapid urbanization is leading to the increasing demand for houses, thus propelling residential development across the globe. For instance, in August 2020, SANY Group unveiled the electric version of its truck mixers with features such as 350kW permanent magnet synchronous motors, high-energy-density lithium iron phosphate batteries along with modern monitoring functions such as real-time monitoring, performance analysis and remote diagnosis.
The factors such as increase in trend of recreational activities and adventure sports, rise in demand for electric machinery in construction sector, and increasing sales of electric vehicles supplement the growth of the off-highway electric vehicle market. However, high maintenance cost of off-highway electric vehicles and ban on ATV and UTV driving in wildlife area are the factors expected to hamper the growth of the off-highway electric vehicle market. In addition, technology development in off-highway electric vehicle and expansion of dealer network for effective product reach creates market opportunities for the key players operating in the off-highway electric vehicle market.
For the purpose of analysis, the global off-highway electric vehicle market is segmented on the basis of vehicle type, energy storage capacity, battery type, application, and region. By vehicle type, the market is divided into hybrid electric vehicle (HEV) and battery electric vehicle (BEV). By energy storage capacity, it is fragmented into <50 kWh, 50–200 kWh, and >200 kWh. By battery type, it is categorized into lithium-ion (Li-Ion) and lead–acid. By application, it is further classified into construction, agriculture, mining, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the off-highway electric vehicle market are AB Volvo, Anhui Heli Co., Ltd., Cargotec Corporation, Caterpillar, Clark, CNH Industrial N.V., DEERE & COMPANY, Epiroc AB, Hitachi Construction Machinery, Hyundai Construction Equipment Co., Ltd., JCB, Komatsu Ltd., Liebherr-International AG, Narrow Isle inc., Sandvik AB, SANY Group, and Toyota Motor Corporation.
Key Benefits For Stakeholders
This study presents analytical depiction of the global off-highway electric vehicle market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall off-highway electric vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global off-highway electric vehicle market with a detailed impact analysis.
The current off-highway electric vehicle market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Vehicle Type
HEV
BEV
By Energy Storage Capacity
Less than 50 kWh
50–200 kWh
and200 kWh
By Battery Type
Lithium-Ion (Li-Ion)
Lead–Acid
By Application
Mining
Others
Construction
Agriculture
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Netherlands
Italy
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
DEERE & COMPANY
Epiroc
Hitachi Construction Machinery
Hyundai Doosan Infracore Co. Ltd.
JCB
Komatsu Ltd.
AB Volvo
Anhui Heli Co., Ltd.
Cargotec corporation
Caterpillar
Clark
CNH Industrial
LIEBHERR-International Deutschland GmbH
Narrow Isle inc.
Sandvik
SANY Group
Toyota Motor Corporation
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