Off-highway Electric Vehicle Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027

The global Off-highway Electric Vehicle market size is expected to be worth around US$ 17.44 billion by 2027, according to a new report by Vision Research Reports.

The global Off-highway Electric Vehicle market size was valued at US$ 5.47 billion in 2019 and is anticipated to grow at a CAGR of 21.3% during forecast period 2021 to 2027.

Growth Factors

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.

Report Highlights

The construction off-highway electric vehicle segment accounted for the largest revenue share of around 38.3% in 2019. The segment includes electric construction equipment such as electric loaders, electric excavators, and among others. Increasing investments by governments worldwide for developing public infrastructure has been one of the prime factors driving the market demand for this equipment. The OEMs are launching electric off-highway equipment to abide by the stricter emission norms. Regulations in the future could require zero-emissions on heavy-duty construction equipment which would pave the way for OEMs to drop production of diesel-powered engines and go all-electric.

The agriculture segment is projected to grow at the compound annual growth rate of 22.4% from 2020 to 2027. The segment includes electric agricultural equipment such as electric tractors, electric harvesters, among others. In regions such as North America and Europe, consumers have started adopting modern farm equipment and advanced agriculture processes to gain higher yields. Thus, the demand for electric and hybrid tractors and other farm equipment is expected to rise in the forecasted timeline.

The HEV segment accounted for the largest revenue share of 66.2% in 2019 and is anticipated to sustain its dominance over the forecast period. These types of vehicles are designed to enhance the use of the internal combustion engine in interaction with the electric powertrain. The stringent emission regulations by the government agencies such as the European Commission and the U.S. EPA, the demand for hybrid propulsion off-highway equipment is growing and driving the manufacturers to develop more environmentally friendly off-highway vehicles. Since 2017, off-highway vehicle manufacturers have been adopting a hybrid engine, a combination of the diesel-electric propulsion system. These diesel-electric hybrid drive systems allow the user to run with a slightly smaller engine at a lower rpm, providing fewer parts movement and high fuel efficiency.

The BEV segment is projected to expand at the highest CAGR of 30.4% over the forecast period. The growth can be attributed to the slowdown in the adoption of internal combustion engine vehicles and restrictions on CO2 targets. However, the power required for the majority of off-highway vehicles to function is too high; therefore, the use of fully electric BEV is still limited. The reduction in lithium-ion battery prices and advancements in battery technology would leverage the demand for BEVs in the forecast period.

The North America region accounted for the largest revenue share of 42.6% for the market in 2019 and is anticipated to continue its dominance over the forecast period. The region holds a dominant share throughout the forecast period owing to the presence of key companies such as Caterpillar, Deere & Company, and CNH Industrial N.V. The construction industry is growing in the North American region, impacting the demand for off-highway electric equipment in the region. The U.S. has implemented stringent emission norms, according to the United States Environment Protection Agency (EPA), in 2018; the off-highway equipment contributed nearly 30% of the total greenhouse gas emission. The increased greenhouse gas emission has forced the companies to launch new electric models for off-highway vehicles.

The off-highway EV market in the Asia Pacific region is projected to expand at the highest CAGR of 34.3% from 2020 to 2027. The countries in the Asia Pacific region, such as China and India, recorded a strong performance in 2019 owing to the boost in the infrastructure investment. China region is one of the significant contributors to the manufacturing of construction equipment owing to the presence of numerous OEMs, low production cost, low labor cost, and availability of excellent manufacturing facilities in the country. The Chinese Government is encouraging the adoption of electric equipment in the country. For instance, in June 2020, the National Institute of Agro-machinery and Innovation and Creation (CHIAIC) in Luoyang, China announced the launch of its first hydrogen fuel-cell electric tractor named ET504H tractor.

Key Players

• 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.

Market Segmentation

• Application Outlook 

  • Construction

  • Agriculture

  • Mining

• Electric Vehicle Outlook 

  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)

• Regional Outlook 

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

    • France

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World (RoW)

The Off-highway Electric Vehicle market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Off-highway Electric Vehicle market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Off-highway Electric Vehicle market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Off-highway Electric Vehicle market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Off-highway Electric Vehicle market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Off-highway Electric Vehicle capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Off-highway Electric Vehicle by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Off-highway Electric Vehicle market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Off-highway Electric Vehicle market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Off-highway Electric Vehicle market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Off-highway Electric Vehicle industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Off-highway Electric Vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Off-highway Electric Vehicle market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Off-highway Electric Vehicle market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Off-highway Electric Vehicle market. These factors have benefited the growth of the global market for Off-highway Electric Vehicle. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Off-highway Electric Vehicle. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Off-highway Electric Vehicle are as follows:

• Historic Year: 2016-2019
• Base Year: 2020
• Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.