𝐎𝐟𝐟-𝐡𝐢𝐠𝐡𝐰𝐚𝐲 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

Posted 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. 

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Off-highway Electric Vehicle Market Report Highlights

• The market accounted for USD 5.48 billion in 2020 and is projected to expand at a CAGR of 21.2% over the forecast period
• The construction segment emerged as the largest segment in 2020 and is anticipated to generate revenue of over USD 6.68 billion by the end of the forecast period
• The BEV segment is projected to expand at the fastest CAGR of 30.5% over the forecast period. The slowdown in the adoption of internal combustion engine vehicles and restrictions on CO2 targets is anticipated to support segmental growth
• The North America market held the largest revenue share in 2020 as the region has a presence of prominent Original Equipment Manufacturers for off-highway electric vehicles

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:

• Caterpillar
• Volvo Construction Equipment AB
• Komatsu Ltd.
• Deere & Company
• Sandvik AB
• Hitachi Construction Machinery Co., Ltd.
• Epiroc AB
• Doosan Corporation
• J C Bamford Excavators Ltd.
• CNH Industrial N.V.