Electric Off-highway Vehicle Market by Equipment Type (Excavator, Motor Grader, Dozer, Loader, LHD, Dump truck, Lawnmower, Sprayer, Tractor), Application, Propulsion, Battery Type, Battery Capacity, Power Output and Region - Global Forecast to 2025
Electric Off-highway Vehicles Market
Electric off-highway vehicles include both battery-electric and hybrid-electric off-highway vehicles. Hybrid-electric vehicles are powered by an ICE in combination with one or more electric motors that use energy stored in batteries to meet the additional auxiliary power for the vehicle, electronic devices, and power tools. Battery-electric vehicles are fully electric, where the combustion engine is replaced with batteries and an electric motor that powers the movement of the machine and its attachments.
Market Drivers
- Aggressive step toward minimizing emissions and ventilation costs in underground mining
- Rising demand for low noise and emission-free construction machines in residential areas
Market Restraints
- Higher initial cost than conventional ICE vehicles
- Loss of productivity due to high charging time
Top 10 Players:
- Hitachi Construction Machinery - Hitachi Construction Machinery was established in 1970 and is headquartered in Tokyo, Japan. The company is a leading manufacturer of construction machinery that brings extensive technological, product, marketing, and service capabilities. Hitachi Construction Machinery, under its construction machinery business, offers a series of total lifecycle solutions related to construction machinery such as manufacturing and sales of hydraulic excavators, wheeled loaders, ultra-large hydraulic excavators, and parts related to these products. Hitachi Construction Machinery leverages innovations in electric construction equipment by switching the motive power to electricity, reducing exhaust and CO2 emissions to ‘zero’ on construction sites, creating a greener work environment. The company currently produces electric construction and hybrid machinery with a focus on pollution prevention as well as global environmental protection and improvement.
- Caterpillar - Caterpillar was founded in 1925 and is headquartered in Illinois, US. Caterpillar designs, manufactures, and markets a wide range of machinery and engines. It manufactures construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company also provides financial services through its subsidiaries. The Construction Industries segment supports customers using machinery in infrastructure and developing construction applications. The segment offers backhoe loaders, small wheel loaders, small track-type tractors, skid steer loaders, multi-terrain loaders, mini excavators, compact wheel loaders, telehandlers, select work tools, and small, medium, and large track excavators. It also provides wheel excavators, medium wheel loaders, compact track loaders, medium track-type tractors, track-type loaders, motor graders, pipe layers, mid-tier soil compactors, and related parts. Caterpillar is the only manufacturer of electric and hybrid dozers, along with electric variants of LHD loaders, excavators, and dump trucks, and markets them globally. In FY2019, the Construction Industries segment reported a revenue of USD 22.6 billion, which accounted for 40.8% of the company’s total revenue, excluding corporate items and eliminations.
- Komatsu - Komatsu was founded in 1921 and is headquartered in Tokyo, Japan. It has three major business segments, namely, construction, mining, and utility equipment, industrial machinery and others, and retail finance. Its heavy construction equipment business falls under the construction, mining, and utility equipment segment. In 2008, Komatsu launched the very first hydraulic excavator equipped with a fully functional and efficient hybrid system. The construction, mining, and utility equipment segment offers several types of equipment, including large mining machines and general construction equipment and mini construction equipment for urban use. Komatsu's range of products in this segment also includes a wide variety of attachments to be used with its products. Additionally, the segment provides hydraulic excavators, wheeled hydraulic excavators, bulldozers, wheel loaders, dump trucks, motor graders, and forklifts trucks. The segment also includes downstream businesses such as used equipment and equipment rental. The company currently offers electrified versions of construction excavators and hybrid versions of mining dump trucks.
- JCB - JCB was founded in 1945 and is headquartered in Rocester, UK. The company offers products for different business verticals such as construction, agriculture, government & defense, waste and recycling, and power generation. It offers a wide range of machines such as backhoe loaders, loading shovels, tracked excavators, compactors, telehandlers, skid steer loaders, and ‘pick and carry’ cranes. JCB has been at the forefront of developing innovative, low-emission construction equipment for years. It provides practical and affordable solutions for appliances that demand zero emissions. The company has started producing electric construction equipment, including excavators and mini excavators, since 2019. The company has presence in over 150 countries with 22 manufacturing facilities across Asia, Europe, North America, and South America. 11 of the 22 factories are in the UK.
- Volvo Construction Equipment - Volvo Construction Equipment (Volvo CE) was incorporated in 1832 and is headquartered in Gothenburg, Sweden. It develops, manufactures, and markets equipment for mining and related industries under the brands Volvo and SDLG. Volvo CE, a part of the Volvo Group, is a leading manufacturer of trucks, buses, construction equipment, and marine and industrial engines. Its products include a comprehensive range of wheel loaders, hydraulic wheeled and crawler excavators, articulated haulers, and road machinery. The company offers electrically propelled wheel loaders and excavators, both powered by lithium batteries. Furthermore, the company is planning to stop the development and production of diesel variants of few mini excavators and loaders in the future.
- Deere & Company
- BYD Company LTD
- Sandvik
- Liebherr
- Epiroc
Other Regional Players:
- Soletrac INC
- Dana Limited
- Deutz AG
- Fendt
- Kobelco Contruction Machinery Europe
- Husqvama
- Exel Industries
- Sky-well New Energy AutomobileGroup
- XCMG
- Doosan
- Sany Heavy Industries
- Kubota
- BEML
- CRRC
Top Segments
- Electric Off-Highway Vehicle Market, By Equipment Type
- Excavator
- Motor Grader
- Dozer
- Loader
- ump Truck
- LHD
- Lawn Mower
- Sprayer
- Tractor
- Electric Off-Highway Vehicle Market, By Application Type
- Construction
- Mining
- Agriculture
- Gardening
- Electric Off-Highway Vehicle Market, By Battery Capacity
- <50 kWh
- 50–200 kWh
- 200–500 kWh
- >500 kWh
- Electric Off-Highway Vehicle Market, By Power Output
- <50 hp
- 50–150 hp
- 150–300 hp
- >300 hp
- Electric Off-Highway Vehicle Market, By Equipment Type
- Lawn Mower
- Sprayer
- Tractor
- Electric Off-Highway Vehicle Market, By Battery Type
- Lithium-Ion
- Lead-Acid
- Other Batteries
- Electric Off-Highway Vehicle Market, By Propulsion
- Battery-Electric
- Hybrid-Electric
- Electric Off-Highway Vehicle Market, By Region
- Asia Pacific
- North America
- Europe
- RoW
[211 Pages Report] The Electric Off-highway Vehicle Market is projected to reach USD 17.5 Billion by 2025 from USD 6.3 Billion in 2020, at a CAGR of 22.8% during the forecast period. The growth of this market is primarily driven by the increasing demand to minimize equipment emissions, ventilation costs in underground mining and the preference for the low noise & emission-free construction machines in residential areas. The demand for construction equipment is high across the world. However, the trend of full electrification is limited to mini construction vehicles, including mini excavators and mini loaders. Mining dump trucks require a high-power output and battery capacity to perform heavy-duty mining applications. Currently available battery technologies do not provide the required power output, resulting in major mining dump trucks operating on hybrid-electric propulsion. The demand for electric construction and mining equipment is higher from North American and European countries as compared to Asian countries due to emission regulations, preference for mini construction equipment, and other governmental policies. Thus, major construction equipment manufacturing companies, including Volvo CE, John Deere, and Caterpillar, are working on several technologies and mini electric construction equipment product prototypes to cater to the demand form North American and European countries.
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In 2020, OEMs reduced the financial investments in R&D activities related to electric off-highway vehicles, owing to the COVID-19 pandemic. However, rapid recovery of world economy since the mid of 2021 has propelled the development and launch of new products and technologies related to electric off-highway vehicles.
The shift from mini electric off-highway vehicles to standard and large electric off-highway vehicles might also get delayed, with decreased demand for EOHVs all over the globe. This scenario is expected to affect the electric off-highway vehicle market, as the growth of this market is directly related to the production of vehicles.
However, several off-highway vehicle OEM’s including manufacturers of electric excavators, electric loaders, electric dump trucks, electric lawnmower, and electric tractor has resumed production since May 2020. China started production since early February, with BYD Auto Co., Ltd. and XCMG Group reopening their plants at full capacity in the country. In the US, large OEMs, such as John Deere, who halted production in May temporarily, resumed operations in the third quarter of 2020 and the market started to completely recover from the second quarter of 2021.
The upcoming emission norms for off-highway vehicles, need for better ROI, and recovery of end-use sectors post-2020 are supporting the growth of the electric off-highway vehicle market. Considering all these factors, global electric off-highway vehicle sales are expected to grow at a rate of 22.8% from 2020 to 2025.
COVID-19 IMPACT
The global off-highway industry is witnessed a downturn of –3.3% in 2020 owing to the COVID-19 pandemic. The COVID-19 pandemic has affected the heavy equipment (including off-highway equipment) industry significantly as some manufacturers are shutting down plant operations while others are considering using their efforts to cater to the demand for medical supplies. As lockdowns are implemented across the globe to contain the spreads of the disease, construction, and mining projects are significantly affected. Scheduled projects are anticipated to be delayed, which is likely to affect the sales of equipment, coupled with the demand for frequently replaced products like lubricants from existing fleets. Key players in the market are aware that when the market reopens, the production levels will reduce in order to adhere to safety measures. Moreover, the spending of customers whose business is affected due to the pandemic will be low.
However, with the resumption of production facilities in many parts of the world, the season of harvesting & planting, the use of digital services to help customers, and the opening of mines globally the off-highway equipment market started fully recovering since the second quarter of 2021.
Some China-based players have shown a positive outlook in March 2020, thus representing a revival of off-highway industries in the country. Also, the relaxation of lockdown restrictions in Japan and the gradual opening of facilities in India is boosting the demand for off-highway equipment since second quarter of 2021.
Market Dynamics
DRIVER: Rising demand for low noise and emission-free construction machines in residential areas
Diesel-powered construction machines are one of the major reasons behind the noise generated in residential areas. This results in various disturbances, including irritation, poor concentration, general fatigue, and hypertension among residents near construction sites.
According to the WHO, approximately 44% of the European population is affected by road and vehicle noise, leading to severe health issues among people. Moreover, an HSE reports states that in the UK alone, nearly 17,000 people suffer from deafness, ringing in the ears, or other ear conditions caused by excessive noise. To counter this, countries are working toward regulations to control the noise generated by construction equipment.
Emissions from diesel-powered construction machines are driving the development of initiatives and policies associated with minimizing emissions in residential areas. For instance, Oslo’s municipal corporation is anticipating operating all public construction sites with emission-free machinery by 2025. Thus, the city municipal corporation is working on a series of initiatives under the ‘What Can Be Run on Electric, Shall Be Run on Electric’ plan, which involves setting minimum standards for bidders on contracts it puts out to tender to create the market for electrified construction equipment.
Additionally, the city of London is working on a trial of NRMM projects that limit emissions from construction equipment. The London and Paris city corporations are working in tandem on the most ambitious plans and schemes to ban or significantly reduce all polluting vehicles in residential areas. This is expected to drive other major cities to enact zero or ultra-low emission zones all over Europe.
RESTRAINTS: Loss of productivity due to high charging time
Loss of productivity due to high charging time is one of the major factors hindering the adoption of electric off-highway vehicles in both mining and construction applications. As construction and mining companies work 8–16 hours a day, it decreases the space for the charging time required to charge electric off-highway vehicles fully. Most electric off-highway vehicles take between 4–8 hours to charge completely, thereby decreasing productivity due to time lost in recharging these vehicles. For instance, JCB’s 19C-1E mini excavator requires eight hours to charge from empty using a 230V 16A supply, or 12 hours using a 110V 16A supply. A 2.5-tonne ECR25 compact excavator from Volvo CE requires six hours of charging for eight hours of runtime.
OPPORTUNITIES: Development of long-range and fast charging battery technology
Most electric off-highway vehicles are currently working on lithium-ion batteries due to their numerous advantages over lead-acid and nickel-metal hydride batteries. However, lithium-ion batteries have several limitations that affect battery performance. Limitations of lithium-ion batteries include issues related to robustness (as they require protection from being overcharged and discharged too far), limited power density, short lifespan (often 500–1,000 charge-discharge cycles before their capacity degrades), performance fluctuations with changing temperatures, rigidness, and high cost.
Many companies are working on the development of fast charging methods and chargers, as powerful DC fast chargers working at 350 kW could charge a 300-kWh battery in just under an hour. But the availability of the required capacity of electricity is still the biggest concern for such developments.
Companies like Volvo CE and Daimler AG are working on the development of fuel cell systems for heavy-duty and electric off-highway vehicles. Volvo CE and Daimler AG formed a 50/50 joint venture intended to establish the way for the superior use and commercialization of hydrogen fuel cell technology in heavy-duty and electric off-highway vehicles. This development is aimed at achieving CO2 neutrality for new vehicles in the European, Japanese, and North American markets.
Such developments are not only expected to strengthen the product portfolio but these would also increase the efficiency of electric off-highway vehicles, offering promising growth opportunities for the global players in the market.
CHALLENGES: Issues related to compatibility, interchangeability, and standardization
Electric off-highway vehicles have limited compatibility for long haul applications. Dump trucks, for instance, carry dumping materials from the mining site to the dumping area. In this case, distance is a crucial factor, as it becomes difficult for vehicles to cover long distances due to limited battery capacity. However, mining equipment manufacturing companies are working on the development of cable connected equipment. However, such cable connected equipment lack in terms of versatility.
The lack of interchangeability and standardization in terms of charging electric off-highway vehicles is affecting the growth of the electric off-highway vehicle market. Interchangeability refers to the charging of electric off-highway vehicles at any station with a single identification or payment method, which is not the case at present.
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The battery-electric segment is estimated to be the lead the market during the forecast period
The emission and noise control regulations for off-highway equipment have constantly been upgrading at regional levels. According to the EU emission regulations, NOx and particulate matter (PM) levels for off-highway vehicles have been reduced by nearly 95.7% and 97.2%, respectively, from Stage I to Stage V. Similarly, as per the US EPA norms, NOx and PM levels have seen a decline of around 95.6% and 96.2%, respectively, from Tier I to Tier IV. Countries such as China, Japan, South Korea, and India are also expected to follow the same norms in line with the EU and US standards.
Leading equipment manufacturers such as Caterpillar, Volvo CE, Hitachi Construction, and JCB have an adequate mix of product offerings for electric off-highway vehicles. These manufacturers are also undertaking R&D activities to introduce battery-electric off-highway vehicles with high battery capacity and power output in the coming years. Hence, with the growing stringency of emission regulations and desired operational efficiency, the demand for battery-electric off-highway vehicles is expected to continue in the coming years.
<50hp power output is expected to hold the largest market share
Motors generating an output of <50 hp are generally used in small electric off-highway vehicles. CAT, Komatsu, Volvo CE, Hitachi Construction, John Deere, Sandvik, and Solectrac are the leading OEMs for <50 hp electric off-highway vehicles. Equipment like compact-sized excavators, small and compact loaders, farm tractors, and small dozers are generally equipped with <50 hp motors. The <50 hp power output construction vehicles are mostly used in light construction activities.
The present demand for electric off-highway vehicles is mostly limited to mini construction vehicles due to product availability and limitations of electrification technology. Thus, by power output, the market for <50 hp is projected to be the largest market segment globally.
The North American market is expected to be the largest region in terms of market share during the forecast period, especially in the US. The growth of the US market is driven primarily by the environmental protection measures, with the upcoming stringent emission norms for fuel economy in the country, and local companies are making efforts to manufacture electric and hybrid equipment for the domestic market. Caterpillar recently launched the world’s biggest electric excavator equipped with a 300-kWh battery pack. The US, with the presence of major electric off-highway vehicle providers with increasing investments in electric off-highway vehicles, subsystems, and battery developments, is expected to drive market growth during the forecast period. Moreover, companies like Caterpillar developing advanced solid-state battery technology with the aim to minimize drawbacks of the conventional battery types in electric loaders and excavators are further expected to drive the growth for the electric off-highway vehicles in the US.
Key Market Players
The electric off-highway vehicle market is dominated by a few globally established players such as Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), and Sandvik (Sweden). These companies have received contracts and entered partnerships with other players to strengthen their position in the high-growth market. These companies develop new products, adopt expansion strategies, obtain supply contracts, and establish collaborations, partnerships, and mergers & acquisitions to gain traction in the market.
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|
Report Metric |
Details |
|
Market size available for years |
2018–2025 |
|
Base year considered |
2019 |
|
Forecast period |
2020–2025 |
|
Forecast units |
Volume (Units) & Value (USD Million) |
|
Segments covered |
By Equipment Type, Application, Propulsion, Battery Type, Battery Capacity, Power Output, and Region |
|
Geographies covered |
North America, Asia Pacific, Europe and Rest of the World |
|
Companies covered |
Caterpillar (US), Komatsu Ltd. (Japan), and Hitachi Construction Machinery (Japan). |
This research report categorizes the given market based on equipment type, application, propulsion, battery type, battery capacity, power output, and region
Based on equipment type:
- Excavator
- Motor Grader
- Dozer
- Loader
- Dump Truck
- LHD
- Lawnmower
- Sprayer
- Tractor
Based on application:
- Construction
- Mining
- Agriculture
- Gardening
Based on propulsion:
- Hybrid-Electric
- Battery-Electric
Based on battery type:
- Lithium-Ion
- Lead-Acid
- Other Batteries
Based on battery capacity:
- <50 kWh
- 50–200 kWh
- 200–500 kWh
- >500 kWh
Based on power output:
- <50 hp
- 50–150 hp
- 150–300 hp
- >300 hp
Based on the region:
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Russia
- Rest of Europe
- Rest of the World
- Argentina
- Brazil
- South Africa
Recent Developments
- In January 2022, Moog Inc. launched a new business venture to produce electric, zero-emission systems for construction vehicles. Moog Construction will replace the diesel engine and hydraulics of construction vehicles with an electrification system and software that allows for more automation.
- In September 2021, Sandvik Mining and Rock Solutions introduced new products and services and exhibited some of its latest technologies at MINExpo INTERNATIONAL 2021, including battery-driven equipment to enable emission-free underground mining and help customers improve sustainability and profitability. Sandvik is continuing to strengthen its electric equipment range with product introductions such as the Sandvik TH550B, its latest 50-ton battery-electric truck. The new truck features Sandvik’s patented self-swapping battery system, including the AutoSwap and AutoConnect functions, for improved availability and safety.
- In December 2021, China’s ZOOMLION held an event to launched new mining machinery lineup at its factory in Ningxiang, Hunan Province including 32 different equipment models including mining trucks, mobile crushers and excavators. It also reported that it obtained strategic cooperation intention with a total value of more than 2 billion yuan.
- In October 2021, Volvo Construction Equipment (Volvo CE) announced plans to introduce three new electric powered compact machines. These will include: L20 Electric compact wheel loader, EC18 Electric compact excavator, and ECR18 Electric compact excavator.
- In February 2020, Volvo Construction Equipment (Volvo CE) started accepting advance orders for its electric construction equipment, specifically for the ECR25 Electric compact excavator and the L25 Electric compact wheel loader.
Frequently Asked Questions (FAQ):
Many companies are operating in the electric off-highway vehicle market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
Caterpillar (US), Komatsu Ltd. (Japan), and Hitachi Construction Machinery (Japan)are some of the front leaders in the electric off-highway vehicle market. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in the high growth electric off-highway vehicle market.
Which companies are working on the development of new and efficient battery technologies? How will this transform the overall market?
Volvo CE, BYD, and Caterpillar are the major companies working on alternate battery technologies to commercialize those batteries in the electric off-highway vehicle market.
Which leading companies are working on the electric off-highway vehicle capacity and battery capability, and what organic and inorganic strategies have they adopted?
The leading companies working on electric off-highway electric vehicle and subsystem development include Volvo Construction Equipment (Volvo CE), Hitachi Construction Machinery, Komatsu Ltd., Caterpillar, Epiroc, and Others. Under organic development, companies have adopted new product development strategies. Whereas, under inorganic development company adopted collaborations, partnerships
What are the key market trends impacting the growth of the electric off-highway vehicle market?
The ongoing trend of mining automation, emission-free mining and pharm mechanization is projected to drive the demand for electric off-highway vehicle market
Which are the largest application segments in the electric off-highway vehicle market?
Construction and mining are the largest application segments in the electric off-highway vehicle market owing to the high demand for minimizing operational cost and vehicle emission. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 25)
1.1 OBJECTIVES OF THE STUDY
1.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET DEFINITION
1.3 INCLUSIONS & EXCLUSIONS
TABLE 1 INCLUSIONS & EXCLUSIONS FOR ELECTRIC OFF-HIGHWAY VEHICLE MARKET
1.4 MARKET SCOPE
1.4.1 MARKETS COVERED
FIGURE 1 ELECTRIC OFF-HIGHWAY VEHICLE MARKET SEGMENTATION: ELECTRIC OFF-HIGHWAY VEHICLE
1.4.2 YEARS CONSIDERED FOR THE STUDY
1.5 PACKAGE SIZE
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 29)
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
FIGURE 3 RESEARCH METHODOLOGY MODEL
2.1.1 SECONDARY DATA
2.1.1.1 Key secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
2.1.2.1 Sampling techniques & data collection methods
2.1.2.2 Primary participants
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET
2.2.2 TOP-DOWN APPROACH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET
2.3 MARKET BREAKDOWN & DATA TRIANGULATION
FIGURE 5 DATA TRIANGULATION
2.4 ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 39)
3.1 PRE- & POST-COVID-19 SCENARIO
FIGURE 6 PRE- & POST-COVID-19 SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 2018–2025 (USD MILLION)
TABLE 2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET: PRE- VS. POST-COVID-19 SCENARIO, 2018–2025 (USD MILLION)
3.2 REPORT SUMMARY
FIGURE 7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2020 VS. 2025 (USD MILLION)
4 PREMIUM INSIGHTS (Page No. - 42)
4.1 ATTRACTIVE OPPORTUNITIES IN ELECTRIC OFF-HIGHWAY VEHICLE MARKET
FIGURE 8 GROWING NEED TO MINIMIZE EMISSION AND VENTILATION COSTS IN UNDERGROUND MINING TO DRIVE THE MARKET, 2020–2025
4.2 MARKET, BY REGION
FIGURE 9 NORTH AMERICA TO LEAD DURING FORECAST PERIOD, 2020 VS 2025 (USD MILLION)
4.3 MARKET, BY EQUIPMENT TYPE
FIGURE 10 DUMP TRUCK SEGMENT ESTIMATED TO BE THE LARGEST, 2020 VS. 2025 (USD MILLION)
4.4 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION
FIGURE 11 MINING SEGMENT ESTIMATED TO LEAD THE ELECTRIFICATION MARKET, 2020 VS. 2025 (USD MILLION)
4.5 MARKET, BY BATTERY TYPE
FIGURE 12 LITHIUM-ION BATTERIES ESTIMATED TO SHOWCASE LARGEST DEMAND, 2020 VS. 2025 (USD MILLION)
4.6 MARKET, BY BATTERY CAPACITY
FIGURE 13 <50 KWH SEGMENT ESTIMATED TO BE THE LARGEST, 2020 VS. 2025 (USD MILLION)
4.7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION
FIGURE 14 BATTERY ELECTRIC SEGMENT ESTIMATED TO BE THE LARGEST, 2020 VS. 2025 (USD MILLION)
4.8 MARKET, BY POWER OUTPUT
FIGURE 15 LOW POWER OUTPUT EQUIPMENT SEGMENT ESTIMATED TO BE THE LARGEST, 2020 VS. 2025 (USD MILLION)
5 MARKET OVERVIEW (Page No. - 46)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 16 ELECTRIC OFF-HIGHWAY VEHICLE MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Aggressive step toward minimizing emissions and ventilation costs in underground mining
FIGURE 17 COUNTRY-WISE OFF-HIGHWAY EQUIPMENT EMISSION REGULATIONS EMISSION REGULATIONS OVERVIEW
5.2.1.2 Rising demand for low noise and emission-free construction machines in residential areas
TABLE 3 CONSTRUCTION EQUIPMENT NOISE EMISSION LEVELS: RESIDENTIAL AREAS, BY COUNTRY
5.2.2 RESTRAINTS
5.2.2.1 Higher initial cost than conventional ICE vehicles
TABLE 4 COST COMPARISON: ELECTRIC VS DIESEL POWERED OFF-HIGHWAY EQUIPMENT, BY OEM
5.2.3 OPPORTUNITIES
5.2.3.1 Development of long-range and fast charging battery technology
5.2.4 CHALLENGES
5.2.4.1 Issues related to compatibility, interchangeability, and standardization
5.2.4.2 Power capacity limitations for standard and large electric off-highway vehicles
5.3 SUPPLY CHAIN ANALYSIS
FIGURE 18 SUPPLY CHAIN: MARKET
5.4 REVENUE SHIFT FOR ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS
FIGURE 19 SHIFT OF FOCUS TOWARDS AUTOMATION AND LARGE SYSTEM MANUFACTURING
5.5 MARKET ECOSYSTEM
FIGURE 20 ELECTRIC OFF-HIGHWAY VEHICLE MARKET ECOSYSTEM
5.6 AVERAGE SELLING PRICE TREND
FIGURE 21 AVERAGE SELLING PRICE TREND: ELECTRIC OFF-HIGHWAY VEHICLES, (USD/UNIT), 2018-2025
6 COVID-19 IMPACT ANALYSIS (Page No. - 55)
6.1 COVID-19 IMPACT ANALYSIS ON OFF-HIGHWAY INDUSTRY
FIGURE 22 OFF-HIGHWAY EQUIPMENT SALES: PRE- VS. POST-COVID-19 SCENARIO, 2018–2025 (‘000 UNITS)
TABLE 5 OFF-HIGHWAY EQUIPMENT SALES: PRE- VS. POST-COVID-19 SCENARIO, 2018–2025 (‘000 UNITS)
6.2 COVID-19 IMPACT ANALYSIS ON ELECTRIC OFF-HIGHWAY VEHICLE MARKET
6.2.1 ELECTRIC OFF-HIGHWAY VEHICLE SCENARIO ANALYSIS
FIGURE 23 MARKET SCENARIO, 2018–2025 (USD MILLION)
6.2.1.1 Realistic scenario
TABLE 6 REALISTIC SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
6.2.1.2 Low impact scenario
TABLE 7 LOW IMPACT SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
6.2.1.3 High impact scenario
TABLE 8 HIGH IMPACT SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE (Page No. - 60)
7.1 INTRODUCTION
7.1.1 RESEARCH METHODOLOGY
7.1.2 ASSUMPTIONS
7.1.3 INDUSTRY INSIGHTS
FIGURE 24 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2020 VS. 2025 (USD MILLION)
TABLE 9 MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 10 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
7.2 ELECTRIC EXCAVATOR
TABLE 11 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 12 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018–2025 (USD MILLION)
7.3 ELECTRIC LOADER
TABLE 13 ELECTRIC LOADER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 14 ELECTRIC LOADER MARKET, BY REGION, 2018–2025 (USD MILLION)
7.4 ELECTRIC MOTOR GRADER
TABLE 15 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 16 ELECTRIC MOTOR GRADER MARKET, 2018–2025 (USD MILLION)
7.5 ELECTRIC DOZER
TABLE 17 ELECTRIC DOZER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 18 ELECTRIC DOZER MARKET, BY REGION, 2018–2025 (USD MILLION)
7.6 ELECTRIC DUMP TRUCK
TABLE 19 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 20 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018—2025 (USD MILLION)
7.7 ELECTRIC LOAD-HAUL-DUMP LOADER(LHD)
TABLE 21 ELECTRIC LHD MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 22 ELECTRIC LHD MARKET, BY REGION, 2018–2025 (USD MILLION)
7.8 ELECTRIC LAWN MOWER
TABLE 23 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 24 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2025 (USD MILLION)
7.9 ELECTRIC SPRAYER
TABLE 25 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 26 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2025 (USD MILLION)
7.10 ELECTRIC TRACTOR
TABLE 27 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 28 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2025 (USD MILLION)
8 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION (Page No. - 73)
8.1 INTRODUCTION
8.1.1 RESEARCH METHODOLOGY
8.1.2 ASSUMPTIONS
8.1.3 INDUSTRY INSIGHTS
FIGURE 25 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION, 2020 VS. 2025 (USD MILLION)
TABLE 29 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION, 2018–2025 (UNITS)
TABLE 30 MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
8.2 CONSTRUCTION
TABLE 31 CONSTRUCTION: MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 32 CONSTRUCTION: MARKET, BY REGION, 2018–2025 (USD MILLION)
8.3 MINING
TABLE 33 MINING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 34 MINING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
8.4 GARDENING
TABLE 35 GARDENING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 36 GARDENING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 2018–2025 (USD MILLION)
8.5 AGRICULTURE
TABLE 37 AGRICULTURE: MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 38 AGRICULTURE: MARKET, BY REGION, 2018–2025 (USD MILLION)
9 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY (Page No. - 81)
9.1 INTRODUCTION
9.1.1 RESEARCH METHODOLOGY
9.1.2 ASSUMPTIONS
9.1.3 INDUSTRY INSIGHTS
FIGURE 26 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY, 2020 VS. 2025 (USD MILLION)
TABLE 39 MARKET, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 40 MARKET, BY BATTERY CAPACITY, 2018–2025 (USD MILLION)
9.2 <50 KWH
TABLE 41 <50 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 42 <50 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
9.3 50–200 KWH
TABLE 43 50–200 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 44 50–200 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
9.4 200–500 KWH
TABLE 45 200–500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 46 200–500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 2018–2025 (USD MILLION)
9.5 >500 KWH
TABLE 47 >500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 48 >500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
10 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE (Page No. - 89)
10.1 INTRODUCTION
10.1.1 RESEARCH METHODOLOGY
10.1.2 ASSUMPTIONS
10.1.3 INDUSTRY INSIGHTS
FIGURE 27 MARKET, BY BATTERY TYPE, 2020 VS. 2025 (USD MILLION)
TABLE 49 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE, 2018–2025 (UNITS)
TABLE 50 MARKET, BY BATTERY TYPE, 2018–2025 (USD MILLION)
10.2 LITHIUM-ION
TABLE 51 LITHIUM-ION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 52 LITHIUM-ION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
10.3 LEAD-ACID
TABLE 53 LEAD-ACID: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 54 LEAD-ACID: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
10.4 OTHER BATTERIES
TABLE 55 OTHER BATTERIES: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 56 OTHER BATTERIES: MELECTRIC OFF-HIGHWAY VEHICLE ARKET, BY REGION, 2018–2025 (USD MILLION)
11 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT (Page No. - 96)
11.1 INTRODUCTION
11.1.1 RESEARCH METHODOLOGY
11.1.2 ASSUMPTIONS
11.1.3 INDUSTRY INSIGHTS
FIGURE 28 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT, 2020 VS. 2025 (USD MILLION)
TABLE 57 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT, 2018–2025 (UNITS)
TABLE 58 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT, 2018–2025 (USD MILLION)
11.2 <50 HP
TABLE 59 <50 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 60 <50 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
11.3 50-150 HP
TABLE 61 50-150 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 62 50-150 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
11.4 150-300 HP
TABLE 63 150–300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 64 150–300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 2018–2025 (USD MILLION)
11.5 >300 HP
TABLE 65 >300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 66 >300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
12 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION (Page No. - 104)
12.1 INTRODUCTION
12.1.1 RESEARCH METHODOLOGY
12.1.2 ASSUMPTIONS
12.1.3 INDUSTRY INSIGHTS
FIGURE 29 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION, 2020 VS. 2025 (USD MILLION)
TABLE 67 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION, 2018–2025 (UNITS)
TABLE 68 MARKET, BY PROPULSION, 2018–2025 (USD MILLION)
12.2 HYBRID-ELECTRIC
TABLE 69 HYBRID-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 70 HYBRID-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
12.3 BATTERY-ELECTRIC
TABLE 71 BATTERY-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 72 BATTERY-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
13 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE (Page No. - 110)
13.1 INTRODUCTION
13.1.1 RESEARCH METHODOLOGY
13.1.2 ASSUMPTIONS
13.1.3 INDUSTRY INSIGHTS
FIGURE 30 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE, 2020 VS. 2025 (USD MILLION)
TABLE 73 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 74 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
13.2 ELECTRIC LAWN MOWER
TABLE 75 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 76 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2025 (USD MILLION)
13.3 ELECTRIC SPRAYER
TABLE 77 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 78 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2025 (USD MILLION)
13.4 ELECTRIC TRACTOR
TABLE 79 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 80 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2025 (USD MILLION)
14 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION (Page No. - 116)
14.1 INTRODUCTION
14.1.1 RESEARCH METHODOLOGY
14.1.2 ASSUMPTIONS
14.1.3 INDUSTRY INSIGHTS
FIGURE 31 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2019 VS. 2025 (USD MILLION)
TABLE 81 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 82 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
14.2 ASIA-PACIFIC
FIGURE 32 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION)
TABLE 83 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 84 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.2.1 CHINA
14.2.1.1 Innovations and developments by leading players to drive the market
TABLE 85 CHINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 86 CHINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.2.2 INDIA
14.2.2.1 Demand for cost-efficient construction products to drive the market
TABLE 87 INDIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 88 INDIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.2.3 JAPAN
14.2.3.1 Demand for compact equipment will help the market to grow
TABLE 89 JAPAN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 90 JAPAN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.2.4 SOUTH KOREA
14.2.4.1 High demand for farming automation will lead the market towards electrification
TABLE 91 SOUTH KOREA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 92 SOUTH KOREA: MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.2.5 REST OF ASIA-PACIFIC
14.2.5.1 Underground Mining automation to drive the market
TABLE 93 REST OF ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 94 REST OF ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3 EUROPE
FIGURE 33 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET SNAPSHOT
FIGURE 34 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION)
TABLE 95 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 96 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.3.1 GERMANY
14.3.1.1 Development of zero-emission zones in urban areas will have positive impact on electric off-highway vehicles
TABLE 97 GERMANY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 98 GERMANY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.2 UK
14.3.2.1 Demand for cable-connected lawnmowers to drive the market
TABLE 99 UK: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 100 UK: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.3 FRANCE
14.3.3.1 Urgency of replacing high-emission vehicles in populated areas will help the market to grow
TABLE 101 FRANCE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 102 FRANCE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.4 RUSSIA
14.3.4.1 Development of electric tractors will drive the market
TABLE 103 RUSSIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 104 RUSSIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.5 SPAIN
14.3.5.1 Need for reducing operating costs will support the market to grow
TABLE 105 SPAIN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 106 SPAIN: MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.6 ITALY
14.3.6.1 Government initiatives to drive market growth
TABLE 107 ITALY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 108 ITALY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.3.7 REST OF EUROPE
14.3.7.1 Demand for zero-emission vehicles will drive the market
TABLE 109 REST OF EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 110 REST OF EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.4 NORTH AMERICA
FIGURE 35 NORTH AMERICA: MARKET SNAPSHOT
FIGURE 36 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION)
TABLE 111 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 112 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.4.1 US
14.4.1.1 Growing investments in product development are bound to increase the demand for electric off-highway vehicles
TABLE 113 US: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 114 US: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.4.2 CANADA
14.4.2.1 Ongoing trend of all-electric mining to drive the market
TABLE 115 CANADA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 116 CANADA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.4.3 MEXICO
14.4.3.1 Electrification promotion programs to drive the market
TABLE 117 MEXICO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE 2018–2025 (UNITS)
TABLE 118 MEXICO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.5 REST OF THE WORLD (ROW)
FIGURE 37 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION)
TABLE 119 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 120 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.5.1 BRAZIL
14.5.1.1 Rising need to enhance health, safety, and operational efficiency will positively impact on the electric off-highway vehicle market
TABLE 121 BRAZIL: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 122 BRAZIL: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.5.2 SOUTH AFRICA
14.5.2.1 Electrification of compact equipment will drive the market
TABLE 123 SOUTH AFRICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 124 SOUTH AFRICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
14.5.3 ARGENTINA
14.5.3.1 High demand for electric lawnmowers to drive the market
TABLE 125 ARGENTINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (UNITS)
TABLE 126 ARGENTINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018–2025 (USD MILLION)
15 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 156)
15.1 ASIA-PACIFIC WILL BE THE KEY REGION FOR MARKET
15.2 ELECTRIFICATION OF UNDERGROUND MINING EQUIPMENT WILL BE A NEW HOT BED FOR OEMS
15.3 CONCLUSION
16 COMPETITIVE LANDSCAPE (Page No. - 158)
16.1 OVERVIEW
16.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET: MARKET RANKING ANALYSIS
FIGURE 38 ELECTRIC OFF-HIGHWAY VEHICLE RANKING ANALYSIS IN 2019
16.3 ELECTRIC OFF-HIGHWAY VEHICLE MARKET SHARE ANALYSIS
FIGURE 39 MARKET SHARE, 2019
16.4 MARKET EVALUATION FRAMEWORK
FIGURE 40 MARKET EVALUATION FRAMEWORK:
16.5 COMPETITIVE LEADERSHIP MAPPING
16.5.1 STAR
16.5.2 EMERGING LEADERS
16.5.3 PERVASIVE
16.5.4 EMERGING COMPANIES
FIGURE 41 ELECTRIC OFF-HIGHWAY VEHICLE MARKET (GLOBAL): COMPETITIVE LEADERSHIP MAPPING, 2019
16.6 WINNERS VS. TAIL-ENDERS
16.7 STRENGTH OF PRODUCT PORTFOLIO
FIGURE 42 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS MARKET
16.8 BUSINESS STRATEGY EXCELLENCE
FIGURE 43 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS MARKET
FIGURE 44 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENT AS THE KEY GROWTH STRATEGY, 2016–2020
16.9 COMPETITIVE SCENARIO & TRENDS
16.9.1 NEW PRODUCT DEVELOPMENT
TABLE 127 NEW PRODUCT DEVELOPMENT (2018-2020)
16.9.2 EXPANSIONS
TABLE 128 EXPANSIONS (2018-2020)
16.9.3 AGREEMENTS/PARTNERSHIPS/JOINT VENTURES/ACQUISITIONS
17 COMPANY PROFILES (Page No. - 170)
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
17.1 HITACHI CONSTRUCTION MACHINERY
FIGURE 45 HITACHI CONSTRUCTION MACHINERY: COMPANY SNAPSHOT
17.2 CATERPILLAR
FIGURE 46 CATERPILLAR: COMPANY SNAPSHOT
17.3 KOMATSU
FIGURE 47 KOMATSU: COMPANY SNAPSHOT
17.4 JCB
FIGURE 48 JCB: COMPANY SNAPSHOT
17.5 VOLVO CONSTRUCTION EQUIPMENT
FIGURE 49 VOLVO CONSTRUCTION EQUIPMENT: COMPANY SNAPSHOT
17.6 DEERE & COMPANY
FIGURE 50 DEERE & COMPANY: COMPANY SNAPSHOT
17.7 BYD COMPANY LTD.
FIGURE 51 BYD COMPANY LTD.: COMPANY SNAPSHOT
17.8 SANDVIK
FIGURE 52 SANDVIK: COMPANY SNAPSHOT
17.9 LIEBHERR
FIGURE 53 LIEBHERR: COMPANY SNAPSHOT
17.10 EPIROC
FIGURE 54 EPIROC: COMPANY SNAPSHOT
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
17.11 ADDITIONAL COMPANIES
17.11.1 AMERICAS
17.11.1.1 Solectrac, INC.
17.11.1.2 Dana Limited
17.11.2 EUROPE
17.11.2.1 Deutz AG
17.11.2.2 Fendt
17.11.2.3 Kobelco Construction Machinery Europe B.V.
17.11.2.4 Husqvarna
17.11.2.5 Stihl Holding AG and Co. Kg
17.11.2.6 Exel Industries
17.11.3 ASIA OCEANIA
17.11.3.1 Sky-well New Energy Automobile Group Co. Ltd
17.11.3.2 XCMG
17.11.3.3 Doosan
17.11.3.4 Sany Heavy Industries
17.11.3.5 Kubota
17.11.3.6 BEML
17.11.3.7 CRRC Corporation Limited (CRRC)
18 APPENDIX (Page No. - 200)
18.1 KEY INDUSTRY INSIGHTS
18.2 DISCUSSION GUIDE
18.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
18.4 AVAILABLE CUSTOMIZATIONS
18.4.1 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION, BY COUNTRY
18.4.1.1 Construction
18.4.1.2 Mining
18.4.1.3 Agriculture
18.4.1.4 Gardening
18.4.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION, BY COUNTRY
18.4.2.1 Electric
18.4.2.2 Hybrid
18.4.3 ELECTRIC OFF-HIGHWAY VEHICLE MARKET FOR ADDITIONAL COUNTRIES
18.4.3.1 Australia
18.4.3.2 Scandinavian Countries
18.5 RELATED REPORTS
18.6 AUTHOR DETAILS
The study involved four major activities in estimating the current size of the electric off-highway vehicle market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The bottom-up and top-down approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [such as publications of vehicle sales’ OEMs, Association of Equipment Manufacturers (AEM), Committee for European Off-highway Electric Vehicle (CECE), Indian Off-highway Electric Vehicle Manufacturers’ Association (ICEMA), Environmental Protection Agency (EPA), The Off-highway Electric Vehicle Association (CEA), Korea Off-highway Electric Vehicle Manufacturers Association, Japan Off-highway Electric Vehicle Manufacturers Association, electric off-highway vehicle magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles have been used to identify and collect information useful for an extensive study of the global electric off-highway vehicle market.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as sales managers, marketing directors, CEOs and VPs, technology and innovation directors, and related key executives from various key companies. Various industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.
Primary interviews have been conducted to gather insights such as vehicle sales forecast, electric off-highway vehicle penetration and market forecast, future technology trends, and upcoming technologies in the electric off-highway vehicle and battery industry. Data triangulation of all these points was done with the information gathered from secondary research as well as model mapping. Stakeholders from the demand as well as supply-side such as purchasing managers of construction companies, purchasing managers of mining companies, and plat heads of construction and mining companies have been interviewed to understand their views on the points mentioned above.
Extensive primary research was conducted after acquiring an understanding of the electric off-highway vehicle market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (construction and mining companies) and supply-side (electric off-highway vehicles manufacturers and distributors) players across four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, the Middle East, and Africa). Approximately 20% of primary interviews from the demand side and 80% from the supply side were conducted. Primary data was collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report.
After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The bottom-up approach was used to estimate and validate the size of the global market and various other dependent sub-markets of the overall electric off-highway vehicle market. The research methodology used to estimate the market size includes the following details.
The study employed the bottom-up method to estimate the market size of electric off-highway vehicles. In this approach, country-wise off-highway vehicles, including equipment such as excavator, motor grader, dozer, loader, dump truck, LHD, lawnmower, sprayer, and tractor, through secondary sources and different industry associations’ and organizations’ sales statistics (units) was derived.
Following this, secondary research was used to derive electric penetration (%) present in each of the equipment per country, and this information was validated from primary respondents. After multiplying the country-level off-highway vehicle sales statistics with electric penetration, the country-level volume of electric off-highway vehicle units was derived.
This resulted in the country-level volume of the electric off-highway vehicle market. The ASP by each equipment type for each country was derived from secondary research and validated with primary sources. The ASP of electric off-highway vehicles for different equipment types on the country level was multiplied with the volume figures to derive the country-level market in terms of value (USD million).
The addition of country-level markets (volume and value) gave the regional and global market, and the addition of country-level value gave the regional and global electric off-highway vehicle market, which was validated by primary respondents.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To define, describe, and forecast the global electric off-highway vehicle market, in terms of volume (units) and value (USD million)
- By equipment (excavator, motor grader, dozer, loader, dump truck, LHD, lawnmower, sprayer, and tractor)
- By battery capacity (<50 kWh, 50–200 kWh, 200–500 kWh, and >500 kWh)
- By battery type (lithium-ion, lead-acid, and other batteries)
- By power output (<50 hp, 50–150 hp, 150–300 hp, and >300 hp)
- By application (construction, mining, agriculture, and gardening)
- By propulsion (hybrid-electric and battery-electric)
- Electric tractor market, By equipment (lawnmower, sprayer, and tractor)
- By region (Asia-Pacific, Europe, North America, and RoW)
- To understand market dynamics (drivers, restraints, opportunities, and challenges) of the market
- To analyze the market ranking of key players operating in the market
- To analyze the competitive landscape and company profiles of global players operating in the market
- To analyze the key players in the company evaluation matrix, for their respective positioning in the market with respect to each other
- To analyze recent developments, alliances, joint ventures, mergers & acquisitions, new product launches, and other activities carried out by key industry participants in the market
Available Customizations
With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs.
Electric Off-Highway Vehicle Market, By Application, By Country
- Construction
- Mining
- Agriculture
- Gardening
Electric Off-Highway Vehicle Market, By Propulsion, By Country
- Electric
- Hybrid
Electric Off-Highway Vehicle Market For Additional Countries
- Australia
- Scandinavian Countries
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- What are the Known and Unknown Adjacencies Impacting the Electric Off-highway Vehicle Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
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Growth opportunities and latent adjacency in Electric Off-highway Vehicle Market
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Hello. I am looking to gain some statistics on commercial market and consumer market market share. In addition to this, how much of the commercial market is already electric? Thank you in advance.
Electric vehicle markets Evolution of electrification in mobility (road transport, maritime, aviation)
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