Introduction of the Electric Off-Highway Vehicle Market Report

Off-highway electric vehicles are kind of electric vehicles designed to carry off-the-road operations. These vehicles are majorly used in agriculture, construction, infrastructure developments, among others. Off-highway electric vehicles include forklifts, agricultural tractors, construction equipment, etc.

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Market Dynamic

Key Drivers and Emerging Trends

The major factors propelling the growth of the global off-highway electric vehicles market are aggressive steps towards the reduction of carbon emissions and ventilation costs in underground mining. Diesel-powered vehicles, such as LHD loaders and dump trucks, emit massive amounts of harmful gases, which include nitrogen dioxide, carbon dioxide, carbon monoxide, among others. These gases affect workers as they are exposed to these harmful gases for a long time and hence, experience various health effects, including severe respiratory irritation, chronic bronchitis, emphysema, and effect on sensory perceptions. According to the International Council of Mining and Metals, 40% of an underground mine’s energy outlay is spent on ventilation systems to mitigate heat and pollutants from mining tunnels, which is another factor playing a crucial role in supplementing the growth of the global electric off-highway vehicles market.

Impact of COVID-19 on the Electric Off-Highway Vehicle Market

The COVID-19 pandemic has significantly impacted the growth of the global electric off-highway vehicles market. The widespread outbreak has affected the off-highway equipment manufacturers due to the shut down of the production plants across the globe. Moreover, due to the worldwide lockdown, mining and construction projects were halted, which is another factor that has negatively impacted the growth of the market.

Restraint in the Electric Off-Highway Vehicle Market

One of the biggest factors that are likely to hinder the growth of the market is the loss of productivity due to the high charging time spent in these vehicles. Mining and construction companies work for around 8-16 hours per day, which reduces the time required for charging an off-highway electric vehicle. Most electric off-highway vehicles take 4-8 hours to charge completely, decreasing the productivity due to the time lost in charging these vehicles. These factors might act as a restrain in the growth of the global electric off-highway vehicle market.

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Product – Segment Analysis

Based on the product, the excavators segment is anticipated to grow at a faster CAGR over the forecast period owing to the ease of operating electric excavators. Moreover, a fully electric excavator offers ten times higher efficiency, zero emissions, ten times lower noise levels, and reduced total cost of ownership when compared to traditional counterparts. These factors are significantly contributing to the growth of the excavators segment in the global electric off-highway vehicles market.

Application – Segment Analysis

On the basis of the application, the construction segment is expected to grow at a higher CAGR over the forecast period. This is majorly due to the growing investments by governments across the globe to develop public infrastructure owing to the rapid urbanization in developing nations. OEMs are investing in the research & development activities to launch off-highway electric vehicles to abide by the stringent emission norms. For instance, in 2021, Komatsu collaborated with Proterra, a leading innovator in commercial vehicle electrification technology, to develop Komatsu’s first zero-emission battery-electric hydraulic excavator. These factors are likely to boost the growth of the construction segment in the global electric off-highway vehicles market.

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Region – Segment Analysis

Based on the region, the North America region is projected to grow at a higher CAGR during the forecast period. This is majorly attributed to the environmental protection measures and strict emission norms for fuel economy. Moreover, these norms are encouraging local companies to manufacture hybrid and electric equipment for the domestic market. For instance, in 2019, Caterpillar launched the world’s biggest electric excavator, which comes with a 300-kWh battery pack. These factors play a crucial role in augmenting the growth of the electric off-highway vehicle market in North America.

Top Market Players

Various notable players operating in the market include Caterpillar, Volvo, Deere & Company, Komatsu Ltd, Hitachi Construction Machinery Co., Ltd., Epiroc AB, J C Bamford Ltd., Doosan Corporation, LIEBHERR, BYD Company Ltd., among others.

Key Developments:

• • In 2020, Komatsu Ltd, a global leader in construction equipment, announced the launch of PC30E-5 Electric Mini Excavator in Japan, which offers zero-emission and quiet and simple operations without vibrations. This excavator comes with an 18.2 kW electric motor and a 36-kWh battery.
  • In 2020, Epiroc AB announced an agreement with Vale to provide 10 battery-electric vehicles for two Canadian mining sites, which includes four Scooptram ST14 loaders, two Boltec MC bolting rigs, two Minetruck MT42 trucks, and two Boomer M2C drill rigs. 

Segments covered in the Report:

The global electric off-highway vehicle market has been segmented on the basis of product, battery type, application, and regions. Based on product, the market is segmented into excavators, forklifts, harvesters, dumpsters, tractors and others. Based on battery type, the market is segmented into lead-acid and lithium-ion. Based on application, the market is segmented into construction, agriculture, mining, municipal, and others. 

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Key questions answered in this research report:

• • At what pace is global electric off-highway vehicle market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in electric off-highway vehicle market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global electric off-highway vehicle market?
  • Which product generated maximum revenues in 2019 and identify the most promising product during the forecast period?
  • What are the various battery type areas of global electric off-highway vehicle market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Battery Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Caterpillar, Volvo, Deere & Company, Komatsu Ltd, Hitachi Construction Machinery Co., Ltd., Epiroc AB, J C Bamford Ltd., Doosan Corporation, LIEBHERR, BYD Company Ltd., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Electric Off-Highway Vehicle Market by Product

• • Excavators
  • Forklifts
  • Harvesters
  • Dumpsters
  • Tractors
  • Others

Global Electric Off-Highway Vehicle Market by Battery Type

• • Lead-Acid
  • Lithium-Ion

Global Electric Off-Highway Vehicle Market by Application

• • Construction
  • Agriculture
  • Mining
  • Municipal
  • Others

Global Electric Off-Highway Vehicle Market by Region

• • North America Electric Off-Highway Vehicle Market (Option 1: As a part of the free 25% customization)
    • North America Market by Product
    • North America Market by Battery Type
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Electric Off-Highway Vehicle Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Product
    • Europe Market by Battery Type
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Electric Off-Highway Vehicle Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Product
    • Asia-Pacific Market by Battery Type
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Electric Off-Highway Vehicle Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Product
    • RoW Market by Battery Type
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Electric Off-Highway Vehicle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Caterpillar
  • Volvo
  • Deere & Company
  • Komatsu Ltd
  • Hitachi Construction Machinery Co., Ltd.
  • Epiroc AB
  • J C Bamford Ltd.
  • Doosan Corporation
  • LIEBHERR
  • BYD Company Ltd.