Off-highway Electric Vehicle Market to Rise 21.4 Percent Says Precedence Research

Precedence Research recently published a report on “Off-highway Electric Vehicle Market (By Application: Construction, Agriculture, Mining; By Electric Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)) – Global Industry Analysis, Market Size, Share, Growth, Trends, Regional Outlook and Forecasts 2020 – 2027”. Amid the COVID-19 crisis, The global Off-highway Electric Vehicle market size is projected to reach USD 3 billion by 2027 from an estimated USD 1 billion in 2020, at a CAGR of 4% from 2020 – 2027.

The market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This research report evaluates Off-highway Electric Vehicle market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global Off-highway Electric Vehicle market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2027 along with a forecast from 2020 to 2027 based on value.

Various advantages are offered by electrically propelled types of machinery, such as high maneuverability, high overall performance, and accuracy during operations. The electrification of off-highway vehicles has many advantages; however, due to numerous variables, such as the limited storage capacity of the batteries and limited infrastructure for charging vehicles, its acceptance in the industry is expected to be slow-paced.

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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.

Scope of the Study

This Off-highway Electric Vehicle market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report 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

Key Players:

This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Off-highway Electric Vehicle market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent 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.

Regional Snapshots

The North America region accounted for the largest sales share of the market and its dominance over the projected period is expected to continue. Due to the presence of key companies such as Caterpillar, Deere & Company, and CNH Industrial N.V., the area holds a dominant share in the forecast era. In the North American region, the construction industry is increasing, affecting the region’s demand for off-highway electric equipment.

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. Asia Pacific countries, such as China and India, reported a strong performance in 2019 due to the increase in investment in infrastructure. Due to the existence of numerous OEMs, low production prices, low labour costs, and the availability of outstanding manufacturers, China is one of the major contributors to the production of construction equipment.

Segments Covered in the Report

By Application

• Construction
• Agriculture
• Mining

By Electric Vehicle

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

By Regional

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

Key Takeaways

• Comprehensive analysis of the Off-highway Electric Vehicle market trends and shares from 2020 to 2027 at global and regional level to identify growth opportunities and analyze market developments
• Exhaustive analysis of price trends with respect to resin type and region that are expected to impact the outlook of the global Off-highway Electric Vehicle market
• Porters’ Five Forces analysis that highlights the bargaining power of buyers and suppliers to enable stakeholders to make profit-oriented business decisions
• Extensive market outlook of key geographic regions along with market drivers, inhibitors, current & future market trends, and emerging applications
• Comprehensive list of key potential clients across major end-use industries in different geographies
• Thorough import-export analysis  across the globe
• Regional level production output to comprehend the demand-supply scenario
• Competitive landscape covers key companies’ profiling, market share analysis, market footprint analysis, competitive business strategies, channels, and competition matrix for key players

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

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