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Off-highway Electric Vehicle Market Will Reach US$ 17.5 Bn by 2027

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The Off-highway Electric Vehicle market size is predicted to hit around US$ 17.5 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2027.

The Off-highway Electric Vehicle market report covers a detailed analysis for the historic period 2017-2020, considering 2021 as the base year and forecast (growth) for 2021-2027.

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This research report evaluates the Off-highway Electric Vehicle market on a global and regional level. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global Off-highway Electric Vehicle market for the period from 2017 to 2027.

Growth Factors

The growing growth of infrastructure in developing markets and the introduction of redevelopment projects in developed countries are boosting sales of electric highway vehicles. Strict emission standards by government agencies, such as emission standards for greenhouse gas (GHG) emissions by the U.S. The Environmental Protection Agency (EPA) and the European Commission are both main factors influencing the global market for off-road electric vehicles (EVs). Electrification of heavy-duty off-highway vehicles is on the rise, and businesses are highly interested in exploring how this emerging development will complement their current business models. There are many advantages to the electrical system of heavy duty vehicles. However, in conducting research and implementing the electrical solution, factors such as battery technology, infrastructure, and overall cost of production play a vital role.

In addition, the market for off-highway electric vehicles is also leveraged by factors such as improved electrical machinery performance, lower noise and vibration levels, lower overhaul costs, and others. Government authorities have introduced increasing stringency in emission standards for off-highway vehicles, such as emission standards for greenhouse gas (GHG) emissions by the U.S. India and China VI Environmental Protection Agency (EPA), BS-VI. The increasing strictness of emission standards has shifted the attention of OEMs towards alternative powertrain sources such as hybrid electric and full electric off-highway vehicles that exploit global demand.

Market Report Scope

Report Highlights Details
Market Size USD 17.5 Billion by 2027
Growth Rate CAGR of 21.4% from 2021 to 2027
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2027

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This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Off-highway Electric Vehicle market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Off-highway Electric Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

Key Highlights

  • The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
  • The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
  • The BEV segment is expected to grow over the forecast period at the fastest CAGR of 30.5 percent. The slowdown in the adoption of internal combustion engine vehicles and the limitation of CO2 targets are expected to encourage segmental expansion.
  • The construction sector emerged as the largest sector in 2019 and by the end of the forecast period it is projected to produce revenues of over USD 6.68 billion
  • The North America region accounted for the largest sales share of the market and its dominance over the projected period is expected to continue.
  • In the Asia Pacific region, the off-highway EV market is projected to grow from 2020 to 2027 at the highest CAGR of 34.4 percent.

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Competition Landscape

In the final section of the research report, Precedence Research provided the global Off-highway Electric Vehicle market structure and a detailed competition landscape to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.

Some of the major players in the Off-highway Electric Vehicle market include:

  • Caterpillar
  • Komatsu Ltd
  • Volvo Construction Equipment AB
  • Deere & Company
  • Sandvik AB
  • Hitachi Construction Machinery Co., Ltd
  • Epiroc AB
  • Doosan Corporation
  • CNH Industrial N.V
  • J C Bamford Excavators Ltd.

Market Segmentation

By Application

  • Construction
  • Agriculture
  • Mining

By Electric Vehicle

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

  • Market estimate for 2020
  • Average selling price (ASP) per region for specific product type
  • Filtrations and assortment of gathered data, to estimate the base year (2021) market size for the country
  • Gathering data from company websites, annual reports, white papers, financial reports, broker reports, investor presentations, and SEC filings
  • National government documents, statistical databases
  • News articles, press releases, and webcasts specific to companies operating in the market
  • Country wise analysis through internal and external proprietary databases, and relevant patent and regulatory databases
  • Determination of market penetration by country

Most Asked Questions –

What was the market size value of the Off-highway Electric Vehicle in 2020?

What is the expected market size by 2027?

What is the Off-highway Electric Vehicle market growth?

What are the key factors that positively influence market growth?

Who are the prominent players in the Off-highway Electric Vehicle market?

Why Buy this Report?

The purpose of Precedence Research’s Off-highway Electric Vehicle market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Off-highway Electric Vehicle Market, By Electric Vehicle

7.1. Off-highway Electric Vehicle Market, by Electric Vehicle Type, 2020-2027
7.1.1. Battery Electric Vehicle (BEV)
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Hybrid Electric Vehicle (HEV)
7.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Off-highway Electric Vehicle Market, By Application

8.1. Off-highway Electric Vehicle Market, by Application, 2020-2027
8.1.1. Construction
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Agriculture
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Mining
8.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Off-highway Electric Vehicle Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Application (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Electric Vehicle (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Application (2016-2027)

Chapter 10. Company Profiles

10.1. Caterpillar
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Komatsu Ltd
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Volvo Construction Equipment AB
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Deere & Company
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Sandvik AB
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Hitachi Construction Machinery Co., Ltd
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Epiroc AB
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Doosan Corporation
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. CNH Industrial N.V
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. J C Bamford Excavators Ltd.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions

Chapter 12. Appendix

12.1. About Us
12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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