Off-Highway Electric Vehicles Market by Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)) by Application (Construction, Agriculture, Mining): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The global Off-Highway Electric Vehicles Market is anticipated to have a 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 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. In addition, off-road hybrid electric vehicles are equipped with a diesel engine and a restorative energy storage system to boost fuel economy. Credence Research is offering holistic information and absolute accuracy in the report titled “Global Off-Highway Electric Vehicles Market.”

Key Market Drivers and Restraints

Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify 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 significantly impacted 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 worldwide to stop the spread of the disease, which has significantly impacted 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 the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the 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 vehicles (HEV) are the two types of the global market. In 2020, Hybrid Electric Vehicle (HEV) accounted for the highest share in the global market. These vehicles make the internal combustion engine work better with the electric powertrain. Government bodies like the European Commission and the United States have enacted strict pollution regulations. 

Construction continues to dominate the global market in terms of Applications.

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. As a result, OEMs are introducing electric off-highway equipment to comply with the stricter emission standards. 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.

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