The global off-highway electric vehicle market size is expected to reach a valuation of USD 5,745.96 million by 2030, growing at 14.1% CAGR from 2023 to 2030, according to a new study by Grand View Research Inc. The commencement of redevelopment initiatives and expanding infrastructural advancements in developing nations are the key drivers fueling the off-highway electric vehicle industry’s expansion.
Off-highway Electric Vehicle Market Report Highlights
- The growth of the off-highway electric vehicle industry in developed countries is being driven by rapid infrastructure development and improved regulations related to construction operations
- The global demand for off-highway EVs is fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA)
- The Asia Pacific region is anticipated to grow at a CAGR of 14.9% over the forecast period due to an increase in new development activity in the region’s healthcare and housing industries
- Since the COVID-19 outbreak, major off-highway electric vehicle industry participants have concentrated on acquisitions to grow their organization
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An off-highway electric vehicle (OHEV) refers to a type of vehicle designed for off-road or non-paved terrain that utilizes electric propulsion. These vehicles are specifically built to operate in rugged environments, such as construction sites, agricultural fields, mining areas, and recreational off-road trails. OHEVs are equipped with electric motors powered by rechargeable batteries, which provide them with the necessary torque and power to navigate challenging terrains. They offer several advantages over traditional internal combustion engine (ICE) off-road vehicles, including lower operating costs, reduced emissions, and quieter operation. The electric drivetrain of OHEVs provides instant torque, allowing for excellent off-road performance and enhanced maneuverability.
Additionally, the absence of an ICE engine eliminates the need for fuel and oil changes, resulting in reduced maintenance requirements and improved reliability. With advancements in battery technology, the range and endurance of OHEVs have significantly improved, making them a viable and sustainable alternative for off-road applications. As the world moves towards cleaner and more sustainable transportation solutions, off-highway electric vehicles are playing a crucial role in minimizing environmental impact and enhancing efficiency in various off-road industries.
The adoption of OHEVs has been steadily increasing across various sectors such as construction, agriculture, mining, and forestry. Many companies and organizations are recognizing the benefits of electric propulsion, including reduced emissions, lower operating costs, and improved performance. One of the critical areas of development in the OHEV market is battery technology. Improvements in battery energy density, charging speed, and overall performance are enabling OHEVs to have longer ranges and improved efficiency. Lithium-ion batteries dominate the market, but there are ongoing research and development efforts to enhance battery capabilities further. There has been a focus on electrifying larger and heavier off-highway machinery. Electric excavators, bulldozers, wheel loaders, and dump trucks are being developed and tested. These machines require significant power, and the advancements in battery technology are enabling their electrification.
The integration of autonomous technologies in OHEVs is gaining traction. Self-driving off-highway vehicles have the potential to improve efficiency, productivity, and safety in industries like mining and agriculture. Autonomy enables tasks to be performed with precision and consistency, reducing the need for human intervention. The development of charging infrastructure specifically designed for off-highway electric vehicles is becoming more prevalent. Companies are investing in charging stations and systems that can accommodate heavy-duty OHEVs and provide efficient charging solutions for large fleets. Various companies and organizations are forming collaborations and partnerships to drive innovation in the OHEV market. This includes partnerships between vehicle manufacturers, battery manufacturers, technology providers, and energy companies. These collaborations aim to leverage expertise and resources to accelerate the development and deployment of off-highway electric vehicles.
The global demand for off-highway electric vehicles (EVs) is also being fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA). These cars’ increased economy decreases overhaul costs and lowers noise and vibration levels to help increase demand for off-highway electric vehicles.
The benefits of off-highway electric machinery include increased operational maneuverability, accuracy, and overall efficiency. Off-highway vehicle electrification offers a number of advantages, but due to issues such as poor charging infrastructure and limited battery storage capacity, it is anticipated that market adoption would be sluggish. Due to the drawbacks of electrically-propelled machinery, hybrid off-highway electric vehicles-which are seen as a viable alternative-have gained an edge.
However, the significant investments involved in developing off-highway electric vehicles is limiting their commercial expansion. Despite this, for improved performance, pollution control, and reliability; off-highway equipment like vehicles, in areas such as agriculture, mining, and construction, are being electrified.
In order to stay ahead of their rivals, prominent corporations are launching new products, which is the main trend in the off-highway electric vehicle industry. For instance, The Volvo Group introduced an electric truck with a longer range in North America in January 2022. This truck is a modified Volvo VNR Electric with a range increase of up to 85% and faster charging. This is a class 8 electric truck variant with a greater energy storage capacity of up to 565 kWh and an operational range of up to 440 km (275 miles).
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Off-highway Electric Vehicle Market Insights By Region
North America accounted for the largest revenue share and is anticipated to continue its dominance during the forecast period. The growth of the construction industry in the region is further driving the demand for off-highway electric equipment. Due to rising GHG emissions, companies have introduced electric versions of their off-highway vehicles in the market. The Asia Pacific region is projected to register the highest CAGR. Due to its large number of OEMs, affordable labor, cheap production costs, and superior manufacturing facilities, China is a significant contributor to the production of construction equipment.
Competitive Analysis By Major Manufacturers
Key players operating in the off-highway electric vehicle industry offer a wide range of electrically-propelled off-highway vehicles for agriculture, construction, and mining applications. They are focused on providing advanced and technologically-driven equipment to reduce the carbon footprint and adhere to emission regulations. Major strategies adopted by the key players adopt new product launches and the expansion of product portfolios. The industry players are also focused on consolidating their market shares by undertaking M&A activities. 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.
Grand View Research has segmented the global off-highway electric vehicle market report based on application, propulsion, storage type, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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