DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
The <50 hp segment is estimated to be the largest market during the forecast period, by power output
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 specifications. 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 is estimated to be the second-largest market for off-highway electric vehicles, by battery capacity
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 the author's analysis, Asia Pacific accounted for about more than 30% of the total sales of this battery capacity, in terms of volume.
North America: The largest off-highway electric vehicle market during the forecast period
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.
- Low Noise and Vibration
- Improved Efficiency
- Low Overhaul Cost
- High Cost of Ventilation of Diesel Emissions in Mining
- Environmental and Human Safety
- Higher Initial Cost Than Diesel-Powered Equipment
- Insufficient Charging Infrastructure
- Lower Acceptance of Electric Vehicles
- New Advancements in Industrial Sector
- Low Battery Capacity
- Lack of Qualified Workers
- Low Compatibility for Long Haul Applications
- Low Compatibility for Electrification
- Atlas Copco
- CNH Industrial
- Deere & Company
- Deutz AG
- Exel Industries
- Hitachi Construction Machinery
- Sany Heavy Industries
- Stihl Holding AG and Co. Kg
- Sumitomo Heavy Industries
- Volvo Construction Equipment
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