The global Off-Highway Electric Vehicles Market is anticipated to cross market value of USD 18.98 billion in 2027 from USD 5.90 billion in 2020. It is predicted to reach a CAGR of over 21.5% during the forecast period.
A vehicle that is driven entirely or partly by electricity is known as an electric vehicle. For propulsion, they use one or more electric motors. The battery is normally used to store energy. These electric vehicles use a variety of batteries, including lead acid, nickel metal hybrid and lithium-ion. Off-highway EV equipment includes lawn mowers, loafers, LHDs, and other vehicles. To boost fuel economy, off-road hybrid electric vehicles are equipped with a diesel engine and a restorative energy storage system. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Off-Highway Electric Vehicles Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
COVID-19 IMPACT
Due to the COVID-19 pandemic, the global off-highway industry is expected to experience a –3.5 percent decline in 2020. The COVID-19 pandemic has had a major impact on the heavy vehicles (including off-highway equipment) industry, with some manufacturers closing plants and others considering using their resources to meet the demand for medical supplies. Lockdowns are being introduced around the world to stop the spread of the disease, which has had a major impact on construction and mining ventures. Scheduled projects are expected to be postponed, affecting equipment sales as well as the market for regularly replacement goods such as lubricants from existing fleets. When the market reopens, key market participants are conscious that production levels will be reduced in order to adhere to safety measures. Furthermore, consumers whose businesses are affected by the pandemic will spend less.
North-America to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. North-America dominated with over 35.7% share in 2020.
Global Market is led by the Hybrid Electric Vehicle (HEV)
Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV) are the two Types of global market. In 2020, Hybrid Electric Vehicle (HEV) accounted for the highest share in global market. These vehicles are made to make the internal combustion engine work better in conjunction with the electric powertrain. Government bodies like the European Commission and the United States have enacted strict pollution regulations.
Construction continue to dominate the global market in terms of Application
Construction, Agriculture and Mining are three various applications of this market. In 2020, the construction segment accounted for about 39.4 percent of total sales. Electric construction equipment, such as electric loaders and electric excavators, are included in this section. One of the primary factors driving consumer demand for this equipment is increased government investments in expanding public infrastructure around the world. To comply with the stricter emission standards, OEMs are introducing electric off-highway equipment. In the future, regulations will mandate zero-emissions on heavy-duty construction equipment, paving the way for OEMs to abandon diesel engines in favor of all-electric engines.
Frequently asked questions about global industry
- Which are the different Types present in this market?
Ans: Hybrid Electric Vehicle (HEV) and Battery Electric Vehicle (BEV) are the different Types available in the market
- Who are the key players in the global industry?
Ans: Komatsu Ltd., Epiroc AB, CNH Industrial N.V., Volvo Construction Equipment AB, Deere & Company, Hitachi Construction Machinery Co., Ltd., Doosan Corporation, JC Bamford Excavators Ltd. are the key players operating in this market
- Which is the fastest growing Application segment for global industry?
Ans: Construction Application offers tremendous opportunities to players
- Which is the leading regional market for global industry?
Ans: North-America has the largest share owing to various developments happening in this space
- What will be the CAGR (2021 - 2027) of in global industry?
Ans: The market is anticipated to grow at a CAGR of 21.5% throughout the forecast peri
