Why Off-highway Electric Vehicle has been a bustPosted by Mrudula Anil Karmarkar on January 9th, 2022 The global off-highway electric vehicle market size is expected to reach USD 17.45 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 21.2% during the forecast period. The increasing infrastructural developments in emerging economies and the initiation of re-development projects in developed countries boost the sales of electric-off highway vehicles. The government authorities\' stringent emission standards, such as emission standards for greenhouse gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), and European Commission are also the prominent factors impacting the demand for off-highway Electric Vehicles (EVs) globally. Moreover, factors such as improved efficiency of electric machinery, lower noise level and vibrations, lower overhaul cost, among others are also leveraging the demand for off-highway electric vehicles. Electrically propelled types of machinery provide various advantages, such as high maneuverability, high overall efficiency, and accuracy during operations. The electrification of off-highway vehicles has multiple advantages; however, its adoption in the industry is expected to be slow-paced, owing to various factors, such as the batteries\' limited storage capacity and limited infrastructure for charging vehicles. The shortcoming of the full electric propelled machinery has provided an advantage to the hybrid off-highway vehicle and is considered a viable option. The high cost of developing hybrid off-highway equipment proves to be a constraining factor for the overall market growth. Furthermore, the electrification of powertrains is under the radar owing to the concerns of noise generated and emissions produced by a conventional diesel-powered engine. The off-highway equipment, including construction, agriculture, and mining equipment being electrified for control of emissions, reliability, and better performance. Many light-duty vehicles, such as small excavators and small wheel loaders, are fully battery electric vehicles in the construction equipment segment, as these types of machines require a smaller battery and less power as compared to large equipment. Many OEMs offer larger wheel excavators and loaders in hybrid electric variants, including Volvo CE, Caterpillar, and Komatsu. In the mining sector, electric machinery usage is prominent to reduce the emission inside the mines. The concept of electrification is also prevalent in the agriculture sector owing to the low cost of ownership, and the equipment can be equipped with Artificial Intelligence (AI) technology providing autonomy. In January 2020, Kubota Corp. announced the launch of the X tractor - cross tractor concept in Kyoto City, Japan. The concept tractor is equipped with electrification technology and artificial intelligence (AI) and is also completely autonomous. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/off-highway-electric-vehicle-market/request/rs1 Electrification of off-highway heavy-duty vehicles is on the rise, and companies are showing keen interest in exploring how this new trend can supplement their existing business models. The electric system in heavy-duty vehicles provides multiple benefits. Still, factors such as battery technology, infrastructure, and overall development cost play a vital role in conducting research and adopting the electric solution. Pursuing electrification of off-highway vehicles promises less fuel consumption and long-term cost savings because of less maintenance. As the OEMs, designers, and engineers make advancements in battery technology, the off-highway electric vehicle is poised for growth in the coming years. Off-highway Electric Vehicle Market Report Highlights
The key players offer a wide range of electrically-propelled off-highway vehicles for construction, agriculture, and mining applications. The companies are stressing on providing technologically driven and advanced equipment to reduce the carbon footprint and adhere to the emissions norms and regulations in regions such as North America and Europe. New product launches and upgrades of the existing product portfolio have remained the key strategy of these players. For instance, in August 2020, Doosan Bobcat announced a strategic partnership with Green Machine Equipment Inc. to produce electric compact excavators for the markets in North America. Green Machine Equipment Inc. would help Doosan Bobcat custom retrofit its excavators with their proprietary battery technology to replace the standard diesel power source. In July 2020, Chinese OEM Sany Heavy Industry Co., Ltd. gained success in electric mining automation with the help of two unmanned electric SKT90E wide-body mining trucks. The wide-body mining trucks were successfully connected to a 5G remote-controlled excavator. Some prominent players in the global off-highway electric vehicle market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it! More by this author |