Off-Highway Electric Vehicles Market

Market Insights

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.

1.Preface
1.1.Report Description
1.1.1.Purpose of the Report
1.1.2.Target Audience
1.1.3.USP and Key Offerings
1.2.Research Scope
1.3.Research Methodology
1.3.1.Phase I – Secondary Research
1.3.2.Phase II – Primary Research
1.3.3.Phase III – Expert Panel Review
1.3.4.Approach Adopted
1.3.4.1.Top-Down Approach
1.3.4.2.Bottom-Up Approach
1.3.5.Assumptions
1.4.Market Segmentation

2.Executive Summary
2.1.Market Snapshot: Global Off-Highway Electric Vehicles Market

3.Market Dynamics
3.1.Introduction
3.1.1. Global Off-Highway Electric Vehicles Market Value, 2015-2027, (US$ Bn)
3.2.Market Dynamics
3.2.1.Key Growth Trends
3.2.2.Major Industry Challenges
3.2.3.Key Growth Pockets
3.3.Attractive Investment Proposition, 2020
3.3.1.Type
3.3.2.Application
3.3.3.Geography

4.Market Positioning of Key Players, 2020
4.1.Company market share of key players, 2020
4.2.Top 6 Players
4.3.Top 3 Players
4.4.Major Strategies Adopted by Key Players

5.COVID 19 Impact Analysis
5.1.Global Off-Highway Electric Vehicles Market Pre Vs Post COVID 19, 2019 – 2027
5.2.Impact on Import & Export
5.3.Impact on Demand & Supply

6.North America
6.1.North America Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
6.1.1.U.S.
6.1.2.Canada
6.1.3.Mexico
6.2.North America Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
6.2.1.Overview
6.2.2.Battery Electric Vehicle (BEV)
6.2.3.Hybrid Electric Vehicle (HEV)
6.2.4.Full-hybrid
6.2.5.Acrylic
6.3.North America Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
6.3.1.Overview
6.3.2.Construction
6.3.3.Agriculture
6.3.4.Mining

7.Europe
7.1.Europe Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
7.1.1.UK
7.1.2.France
7.1.3.Germany
7.1.4.Italy
7.1.5.Russia
7.1.6.Spain
7.1.7.Belgium
7.1.8.Netherland
7.1.9.Austria
7.1.10.Sweden
7.1.11.Poland
7.1.12.Denmark
7.1.13.Switzerland
7.1.14.Rest of Europe
7.2.Europe Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
7.2.1.Overview
7.2.2.Battery Electric Vehicle (BEV)
7.2.3.Hybrid Electric Vehicle (HEV)
7.2.4.Full-hybrid
7.2.5.Acrylic
7.3.Europe Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
7.3.1.Overview
7.3.2.Construction
7.3.3.Agriculture
7.3.4.Mining

8.Asia Pacific
8.1.Asia Pacific Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
8.1.1.China
8.1.2.Japan
8.1.3.South Korea
8.1.4.India
8.1.5.Australia
8.1.6.New Zealand
8.1.7.Taiwan
8.1.8.Southeast Asia
8.1.9.Central Asia
8.1.10.Rest of Asia Pacific
8.2.Asia Pacific Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
8.2.1.Overview
8.2.2.Battery Electric Vehicle (BEV)
8.2.3.Hybrid Electric Vehicle (HEV)
8.2.4.Full-hybrid
8.2.5.Acrylic
8.3.Asia Pacific Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
8.3.1.Overview
8.3.2.Construction
8.3.3.Agriculture
8.3.4.Mining

9.Latin America
9.1.Latin America Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
9.1.1.Brazil
9.1.2.Argentina
9.1.3.Peru
9.1.4.Chile
9.1.5.Colombia
9.1.6.Rest of Latin America
9.2.Latin America Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
9.2.1.Overview
9.2.2.Battery Electric Vehicle (BEV)
9.2.3.Hybrid Electric Vehicle (HEV)
9.2.4.Full-hybrid
9.2.5.Acrylic
9.3.Latin America Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
9.3.1.Overview
9.3.2.Construction
9.3.3.Agriculture
9.3.4.Mining

10.Middle East
10.1.Middle East Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
10.1.1.UAE
10.1.2.KSA
10.1.3.Israel
10.1.4.Turkey
10.1.5.Iran
10.1.6.Rest of Middle East
10.2.Middle East Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
10.2.1.Overview
10.2.2.Battery Electric Vehicle (BEV)
10.2.3.Hybrid Electric Vehicle (HEV)
10.2.4.Full-hybrid
10.2.5.Acrylic
10.3.Middle East Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
10.3.1.Overview
10.3.2.Construction
10.3.3.Interior
10.3.4.Mining

11.Africa
11.1.Africa Off-Highway Electric Vehicles Market, by Country, 2015-2027 (US$ Bn)
11.1.1.South Africa
11.1.2.Egypt
11.1.3.Nigeria
11.1.4.Rest of Africa
11.2.Africa Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
11.2.1.Overview
11.2.2.Battery Electric Vehicle (BEV)
11.2.3.Hybrid Electric Vehicle (HEV)
11.2.4.Full-hybrid
11.2.5.Acrylic
11.3.Africa Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
11.3.1.Overview
11.3.2.Construction
11.3.3.Agriculture
11.3.4.Mining

12.Global
12.1.Global Off-Highway Electric Vehicles Market, By Type, 2015-2027 (US$ Bn)
12.1.1.Overview
12.1.2.Battery Electric Vehicle (BEV)
12.1.3.Hybrid Electric Vehicle (HEV)
12.1.4.Full-hybrid
12.1.5.Acrylic
12.2.Global Off-Highway Electric Vehicles Market, by Application, 2015-2027 (US$ Bn)
12.2.1.Overview
12.2.2.Construction
12.2.3.Agriculture
12.2.4.Mining

13.Company Profiles
13.1.Henkel AG & Company
13.2.KGaA
13.3.H.B. Fuller
13.4.DuPont de Nemours, Inc.
13.5.Arkema S.A.
13.6.Permabond LLC
13.7.Ashland Inc.
13.8.LORD Corporation
13.9.PPG Industries, Inc.
Avery Dennison Corporation