Off-highway Electric Vehicle Market

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Off-highway Electric Vehicle Market by Equipment, Propulsion, Application (Construction, Mining, and Agriculture), Battery Type, Battery Capacity (<50 kWh, 50 – 200 kWh, 200 – 500 kWh, >500 kWh), Power Output, Electric Tractor - Global Forecast to 2027

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Report Code: AT 7341 Sep, 2019, by marketsandmarkets.com

[177 Pages Report] The off-highway electric vehicle market is projected to reach USD 29.8 billion by 2027 from an estimated USD 4.9 billion in 2019 at a CAGR of 25.2%. With the increase in global emission levels and stringency of emission norms, manufacturers face operational issues in reaching an optimum balance between the output received, cost incurred, and profit margins. Growing stringency of emission norms for off-highway vehicles has shifted the focus of manufacturers on alternate powertrain sources such as their electrical counterparts. Such factors are driving the market.

Off-highway electric vehicle market

Off-highway hybrid electric vehicle is estimated to be the largest segment, by propulsion type.

Off-highway hybrid electric vehicles are equipped with a diesel engine along with the regenerative energy storage system that helps increase the fuel efficiency by 40–50%. Developed countries in Europe and North America have a higher demand for electric and hybrid equipment due to their well established and robust electricity grid. However, in developing countries, demand for off-highway hybrid electric vehicles is lower than in developed countries. High capital cost is the major reason behind the low acceptance of off-highway electric vehicles in Asian countries.

Electric tractor is projected to be the fastest growing segment for the off-highway electric vehicle market.

Farmers have started adopting advanced agricultural processes and modern farm equipment to gain higher yield. Also, governments around the world are focusing on increasing food productivity. Thus, the demand for farm equipment with modern technologies like electric and hybrid tractors is expected to rise. There are limited manufacturers such as John Deere and Solectrac who are working on electric tractors. As the population in Asia Pacific continues to increase at a rapid pace, countries such as China and India would observe a significant growth in the demand for food consumption, which, in turn, will drive the demand for electric tractors with high-power capacity.

Off-highway electric vehicle market

Asia Pacific is estimated to be the fastest growing market during the forecast period.

Asia Pacific has experienced growth in terms of number of projects such as dams, airports, and hydroelectric because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. Also, the region is estimated to be the most populated in the world. However, a large part of the population in the region still does not own a house, which gives an immense opportunity for construction activities in the region. Such factors, along with the increasing emission norms, are expected to drive the Asia Pacific off-highway electric vehicle market.

Key Market Players

Some of the key off-highway electric vehicle manufacturers and suppliers include Volvo CE (Sweden), Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), JCB (UK). Hitachi Construction Machinery adopted a mix of the contracts & agreements and mergers & acquisitions strategies to retain its market position, while Caterpillar also followed these strategies to remain a prominent player in the market. For instance, In January 2019, Caterpillar, along with Pon Equipment, unveiled an all-electric, 26-ton excavator with a 300-kWh battery pack to electrify construction equipment.

Scope of The Report

Report Metric

Details

Market Size Available for Years

2017–2027

Base Year Considered

2017

Forecast Period

2019–2027

Forecast Units

Value (USD Million) and Volume (Units)

Segments Covered

By equipment type, Propulsion, Application, Battery Technology, Battery capacity, Power Output, Electric Tractor, and Region

Geographies Covered

Asia Pacific, Europe, North America, and RoW

Companies Covered

Volvo CE (Sweden), Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), and JCB (UK)
Total 20 major players covered

Off-highway electric vehicle market, by propulsion type

  • Hybrid Electric
  • Battery Electric

Off-highway electric vehicle market, by equipment type

  • Excavator
  •  Motor Grader
  •  Dozer
  •  Loader
  •  Dump Truck
  •  LHD
  •  Lawn Mower
  •  Sprayer
  • Tractor

Off-highway electric vehicle market, by Application

  • Construction
  • Mining
  • Agriculture

Off-highway electric vehicle market, by battery technology

  • Lithium-ion
  • Nickel Metal Hydride
  • Lead-acid
  • Other

Off-highway electric vehicle market, by battery capacity

  • <50 kWh
  • 50–200 kWh
  • 200–500 kWh
  • >500 kWh

Off-highway electric vehicle market, by power output

  • <50 hp
  • 50–150 hp
  • 150–300 hp
  • >300 hp

Off-highway electric vehicle market, by region

  • Asia Pacific
  • Europe
  • North America
  • RoW

Recent Developments

  • In 2019, JCB announced that the 19C-1E, the company’s first fully electric mini excavator, entered production. The company said that it is the first electric excavator to be put into production by an OEM.
  • In April 2019, Komatsu developed an electric mini excavator—designed to set the course for next-generation construction equipment—and was unveiled at bauma 2019, a leading international trade fair for construction equipment held in Munich, Germany, on April 8.
  • In March 2019, CASE Construction Equipment, a brand of CNH Industrial, expanded its commercial network in Latin America with the inauguration of a new concessionaire in the metropolitan region of Asunciσn, Paraguay.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst


Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 Product Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources
           2.2.2 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Market Size Estimation
           2.4.1 Bottom-Up Approach
           2.4.2 Top-Down Approach
    2.5 Market Breakdown and Data Triangulation
    2.6 Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 34)
    4.1 Attractive Opportunities in Off-Highway Electric Vehicle Market
    4.2 Market in Asia Pacific, By Equipment and Country
    4.3 Market, By Region
    4.4 Market, By Equipment
    4.5 Market, By Application
    4.6 Market, By Propulsion
    4.7 Market, By Power Output
    4.8 Market, By Battery Cpacity
    4.9 Market, By Battery Technology

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Low Noise and Vibration
                    5.2.1.2 Improved Efficiency
                    5.2.1.3 Low Overhaul Cost
                    5.2.1.4 High Cost of Ventilation of Diesel Emissions in Mining
                    5.2.1.5 Environmental and Human Safety
           5.2.2 Restraints
                    5.2.2.1 Higher Initial Cost Than Diesel-Powered Equipment
                    5.2.2.2 Insufficient Charging Infrastructure
                    5.2.2.3 Lower Acceptance of Electric Vehicles
           5.2.3 Opportunities
                    5.2.3.1 New Advancements in Industrial Sector
           5.2.4 Challenges
                    5.2.4.1 Low Battery Capacity
                    5.2.4.2 Lack of Qualified Workers
                    5.2.4.3 Low Compatibility for Long Haul Applications
                    5.2.4.4 Low Compatibility for Electrification

6 Off-Highway Electric Vehicle Market, By Application (Page No. - 46)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
    6.1 Introduction
           6.1.1 Research Methodology
           6.1.2 Assumptions
    6.2 Mining
           6.2.1 Asia Pacific is Projected to Be the Fastest Growing Market Due to Growing Mining Activities in the Region
    6.3 Construction
           6.3.1 Europe is Expected to Be the Largest Market Due to Rapid Infrastructural Advancements
    6.4 Gardening
           6.4.1 Europe is Expected to Be the Largest Market
    6.5 Agriculture
           6.5.1 Asia Pacific is Projected to Be the Fastest Growing Market Due to Its Growing Agriculture Sector

7 Off-Highway Electric Vehicle Market, By Equipment (Page No. - 52)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and Row
    7.1 Introduction
           7.1.1 Research Methodology
           7.1.2 Assumptions
    7.2 Dump Truck
           7.2.1 North America is Expected to Be the Largest Market Due to Growing Mining Activities in the Region
    7.3 Dozer
           7.3.1 Asia Pacific is Projected to Be the Fastest Growing Market
    7.4 Excavator
           7.4.1 Asia Pacific is Projected to Be the Fastest Growing Market Due to Increasing Infrastructural Activity
    7.5 Motor Grader
           7.5.1 North America is Expected to Be the Largest Market
    7.6 Lhd
           7.6.1 Asia Pacific is Expected to Be the Largest Market for Lhd
    7.7 Loader
           7.7.1 Europe is Expected to Be the Largest Market for Loaders
    7.8 Lawn Mower
           7.8.1 Europe is Estimated to Be the Largest Market Due to Advancements in Agriculture Industry
    7.9 Sprayer
           7.9.1 North America is Expected to Be the Largest Market
    7.1 Tractor
           7.10.1 North America is Estimated to Be the Largest Market Due to Advancements in Agriculture Industry

8 Off-Highway Electric Vehicle Market, By Battery Type (Page No. - 66)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
    8.1 Introduction
           8.1.1 Research Methodology
           8.1.2 Assumptions
    8.2 Lithium-Ion
           8.2.1 Asia Pacific is Expected to Be the Fastest Growing Market Due to Presence of Leading Battery Manufacturers
    8.3 Nickel Metal Hydride
           8.3.1 Asia Pacific is Estimated to Be the Largest Market
    8.4 Lead-Acid
           8.4.1 Asia Pacific is Estimated to Be Largest and Fastest Market
    8.5 Others
           8.5.1 Europe is Expected to Be the Largest Market

9 Off-Highway Electric Vehicle Market, By Battery Capacity (Page No. - 74)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
    9.1 Introduction
           9.1.1 Research Methodology
           9.1.2 Assumptions
    9.2 <50 Kwh
           9.2.1 Europe is Expected to Be the Largest Market
    9.3 50–200 Kwh
           9.3.1 Asia Pacific is Expected to Be the Fastest Growing Market
    9.4 200–500 Kwh
           9.4.1 Asia Pacific is Expected to Be the Fastest Growing Market
    9.5 >500 Kwh
           9.5.1 Europe is Expected to Be the Largest Market

10 Off-Highway Electric Vehicle Market, By Propulsion Type (Page No. - 81)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
     10.2 Introduction
             10.2.1 Research Methodology
             10.2.2 Assumptions
     10.3 Battery Electric
             10.3.1 Europe is Expected to Hold the Largest Market During the Forecast Period Due to Its Advanced State of Technologies
     10.4 Hybrid Electric
             10.4.1 North America is Expected to Hold the Largest Market Due to Its Higher Rate of Technology Adoption

11 Off-Highway Electric Vehicle Market, By Power Output (Page No. - 86)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
     11.1 Introduction
             11.1.1 Research Methodology
             11.1.2 Assumptions
     11.2 <50 Hp
             11.2.1 Asia Pacific is Expected to Be the Fastest Growing Market
     11.3 50–150 Hp
             11.3.1 Europe is Expected to Be the Largest Market
     11.4 150–300 Hp
             11.4.1 Europe is Expected to Be the Largest Market
     11.5 >300 Hp
             11.5.1 Europe is Expected to Be the Largest Market

12 Electric Tractor Market, By Equipment (Page No. - 93)
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
     12.1 Introduction
             12.1.1 Research Methodology
             12.1.2 Assumption
     12.2 Lawn Mower
             12.2.1 Europe is Estimated to Be the Largest Market
     12.3 Sprayer
             12.3.1 North America is Expected to Be the Largest Market
     12.4 Tractor
             12.4.1 North America is Estimated to Be the Largest Market

13 Off-Highway Electric Vehicle Market, By Region (Page No. - 100)
The Chapter is Further Segmented at Country Level By Equipment and Considered Countries are Asia Pacific (China, Japan, India), Europe (Germany, UK, France, Russia, Spain, Italy), North America (US, Canada, Mexico) and RoW (Brazil and South Africa)
     13.1 Introduction
             13.1.1 Research Methodology
     13.2 Asia Pacific
             13.2.1 China
                        13.2.1.1 in Terms of Volume, Lawn Mower is Estimated to Have the Largest Market Share
             13.2.2 India
                        13.2.2.1 Motor Grader is Expected to Have the Fastest Growing Market*
             13.2.3 Japan
                        13.2.3.1 The Excavator Segment is Projected to Grow at the Highest CAGR
     13.3 Europe
             13.3.1 Germany
                        13.3.1.1 in Terms of Volume, Lawn Mower is Estimated to Have the Largest Market Share
             13.3.2 UK
                        13.3.2.1 Tractor is Projected to Be the Fastest Growing Market*
             13.3.3 France
                        13.3.3.1 in Terms of Volume, Lawn Mower is Estimated to Have the Largest Market Share
             13.3.4 Russia
                        13.3.4.1 Tractor is Projected to Be the Fastest Growing Market
             13.3.5 Spain
                        13.3.5.1 Lawn Mower is Estimated to Have the Largest Market Share By Value
             13.3.6 Italy
                        13.3.6.1 Loader is Expected to Hold the Largest Market
     13.4 North America
             13.4.1 US
                        13.4.1.1 The Tractor Segment is Projected to Grow at the Highest CAGR*
             13.4.2 Canada
                        13.4.2.1 in Terms of Volume, Lawn Mower is Estimated to Have the Largest Market Share
             13.4.3 Mexico
                        13.4.3.1 Dump Truck is Estimated to Be the Largest Market
     13.5 Rest of the World (RoW)
             13.5.1 Brazil
                        13.5.1.1 Loader is Projected to Be Largest Segment By Volume & Value
             13.5.2 South Africa
                        13.5.2.1 Dozer is Projected to Be the Fastest Growing Market

14 Recommendation Chapter (Page No. - 129)
     14.1 Asia Pacific Will Be the Key Region for Off-Highway Electric Vehicle Market
     14.2 Electrification in Underground Mining Equipment Will Be A New Hot Bed for Off-Highway Electric Vehcile Manufacturers
     14.3 Conclusion
     14.4 Connected Markets


15 Competitive Landscape (Page No. - 131)
     15.1 Overview
     15.2 Off-Highway Electric Vehicle Market: Market Ranking Analysis
     15.3 Competitive Scenario
     15.4 Competitive Leadership Mapping
             15.4.1 Terminology
                        15.4.1.1 Visionary Leaders
                        15.4.1.2 Innovators
                        15.4.1.3 Dynamic Differentiators
                        15.4.1.4 Emerging Companies
     15.5 Strength of Product Portfolio
             15.5.1 Off-Highway Electric Vehicle Manufacturers: Company-Wise Product Offering Analysis
     15.6 Business Strategy Excellence
             15.6.1 Electric Construction Equipment: Company-Wise Business Strategy Analysis

16 Company Profiles (Page No. - 141)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Mnm View)* 
     16.1 Hitachi Construction Machinery
     16.2 Caterpillar
     16.3 Komatsu
     16.4 JCB
     16.5 Volvo Construction Equipment
     16.6 Deere & Company
     16.7 CNH Industrial
     16.8 Sandvik
     16.9 Liebherr
     16.10 Epiroc
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies. 
     16.11 Additional Companies
             16.11.1 Americas
                        16.11.1.1 Terex
             16.11.2 Europe
                        16.11.2.1 Deutz AG
                        16.11.2.2 Atlas Copco
                        16.11.2.3 Fendt
                        16.11.2.4 Husqvarna
                        16.11.2.5 Stihl Holding AG and Co. Kg
                        16.11.2.6 Exel Industries
             16.11.3 Asia Oceania
                        16.11.3.1 Xcmg
                        16.11.3.2 Sumitomo Heavy Industries
                        16.11.3.3 Doosan
                        16.11.3.4 Sany Heavy Industries
                        16.11.3.5 Kubota
                        16.11.3.6 Beml
                        16.11.3.7 Zoomlion

17 Appendix (Page No. - 168)
     17.1 Primary Insight
     17.2 Discussion Guide
     17.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     17.4 Available Customizations
             17.4.1 Off Highway Electric Vehicle Market By Country & Battery Technology
                        17.4.1.1 Lithium-Ion
                        17.4.1.2 Nickel Metal Hydride
                        17.4.1.3 Lead-Acid
                        17.4.1.4 Other
             17.4.2 Off Highway Electric Vehicle Market By Country & Propulsion
                        17.4.2.1 Electric
                        17.4.2.2 Hybrid
     17.5 Related Reports
     17.6 Author Details


List of Tables (113 Tables)

Table 1 Currency Exchange Rates (Per USD)
Table 2 Emission Norms Comparative Analysis for Non-Road Vehicles: Us Epa vs Eu Emission Standards
Table 3 Comparison of Efficiency Between Passenger Vehicles, Heavy Duty Vehicles and Off Road Mobile Machinery
Table 4 Off-Highway Electric Vehicle Market, By Application, 2017–2027 (’00 Units)
Table 5 Mining: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 6 Construction: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 7 Gardening: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 8 Agriculture: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 9 Market, By Equipment, 2017–2027 (‘00 Units)
Table 10 Market, By Equipment, 2017–2027 (USD Million)
Table 11 Dump Truck: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 12 Dump Truck: Off-Highway Electric Vehicle Market, By Region,2017–2027 (USD Million)
Table 13 Dozer: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 14 Dozer: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 15 Excavator: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 16 Excavator: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 17 Motor Grader: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 18 Motor Grader: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 19 Lhd: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 20 Lhd: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 21 Loader: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 22 Loader: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 23 Lawn Mower: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 24 Lawn Mower: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 25 Sprayer: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 26 Sprayer: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 27 Tractor: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 28 Tractor: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 29 Market, By Battery Type, 2017–2027 (‘00 Units)
Table 30 Market, By Battery Type, 2017–2027 (USD Million)
Table 31 Lithium-Ion: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 32 Lithium-Ion: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Millioin)
Table 33 Nickel Metal Hydride: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (Units)
Table 34 Nickel Metal Hydride: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 USD Million)
Table 35 Lead-Acid: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (‘00 Units)
Table 36 Lead-Acid: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 37 Others: Market, By Region, 2017–2027 (‘00 Units)
Table 38 Others: Market, By Region, 2017–2027 (USD Million)
Table 39 Market, By Battery Capacity, 2017–2027 (‘00 Units)
Table 40 Market, By Battery Capacity, 2017–2027 (USD Million)
Table 41 <50 Kwh: Market, By Region, 2017–2027 (‘00 Units)
Table 42 <50 Kwh: Market, By Region, 2017–2027 (USD Million)
Table 43 50–200 Kwh: Market, By Region, 2017–2027 (‘00 Units)
Table 44 50–200 Kwh: Market, By Region, 2017–2027 (USD Million)
Table 45 200–500 Kwh: Market, By Region 2017–2027 (‘00 Units)
Table 46 200–500 Kwh: Market, By Region, 2017–2027 (USD Million)
Table 47 >500 Kwh: Market, By Region, 2017–2027 (‘00 Units)
Table 48 >500 Kwh: Market, By Region, 2017–2027 (USD Million)
Table 49 Market, By Propulsion Type, 2017–2027 (00’ Units)
Table 50 Market, By Propulsion Type, 2017–2027 (USD Million)
Table 51 Battery Electric: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 52 Battery Electric: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 53 Hybrid Electric: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (’00 Units)
Table 54 Hybrid Electric: Off-Highway Electric Vehicle Market, By Region, 2017–2027 (USD Million)
Table 55 Market, By Power Output, 2017–2027 (‘00 Units)
Table 56 Market, By Power Output, 2017–2027 (USD Million)
Table 57 <50 Hp: Market, By Region, 2017–2027 (‘00 Units)
Table 58 <50 Hp: Market, By Region, 2017–2027 (USD Million)
Table 59 50–150 Hp: Market, By Region, 2017–2027 (‘00 Units)
Table 60 50–150 Hp: Market, By Region, 2017–2027 (USD Million)
Table 61 150–300 Hp: Market, By Region, 2017–2027 (‘00 Units)
Table 62 150–300 Hp: Market, By Region, 2017–2027 (USD Million)
Table 63 >300 Hp: Market, By Region, 2017–2027 (‘00 Units)
Table 64 >300 Hp: Off-Highway Electric Vehicle Market for >100 Hp, By Region, 2017–2027 (USD Million)
Table 65 Electric Tractor Market, By Equipment Type, 2017–2027 (‘00 Units)
Table 66 Electric Tractor Market, By Equipment Type, 2017–2027 (USD Million)
Table 67 Lawn Mower: Electric Tractor Market, By Region, 2017–2027 (‘00 Units)
Table 68 Lawn Mower: Electric Tractor Market, By Region, 2017–2027 (USD Million)
Table 69 Sprayer: Electric Tractor Market, By Region, 2017–2027 (‘00 Units)
Table 70 Sprayer: Electric Tractor Market, By Region, 2017–2027 (USD Million)
Table 71 Tractors: Electric Tractor Market, By Region, 2017–2027 (‘00 Units)
Table 72 Tractors: Electric Tractor Market, By Region, 2017–2027 (USD Million)
Table 73 Off-Highway Electric Vehicle Market, By Region, 2017–2027 (Units)
Table 74 Market, By Region, 2017–2027 (USD Million)
Table 75 Asia Pacific: Market, By Country, 2017–2027 (Units)
Table 76 Asia Pacific: Market, By Country, 2017–2027 (USD Million)
Table 77 China: Market, By Equipment Type, 2017–2027 (Units)
Table 78 China: Market, By Equipment Type, 2017–2027 (USD Million)
Table 79 India: Market, By Equipment Type, 2017–2027 (Units)
Table 80 India: Market, By Equipment Type, 2017–2027 (USD Million)
Table 81 Japan: Market, By Equipment Type, 2017–2027 (Units)
Table 82 Japan: Market, By Equipment Type, 2017–2027 (USD Million)
Table 83 Europe: Market, By Country, 2017–2027 (Units)
Table 84 Europe: Market, By Country, 2017–2027 (USD Million)
Table 85 Germany: Off-Highway Electric Vehicle Market, By Equipment Type, 2017–2027 (Units)
Table 86 Germany: Market, By Equipment Type, 2017–2027 (USD Million)
Table 87 UK: Market, By Equipment Type, 2017–2027 (Units)
Table 88 UK: Market, By Equipment Type, 2017–2027 (USD Million)
Table 89 France: Market, By Equipment Type, 2017–2027 (Units)
Table 90 France: Market, By Equipment Type, 2017–2027 (USD Million)
Table 91 Russia: Market, By Equipment Type, 2017–2027 (Units)
Table 92 Russia: Market, By Equipment Type, 2017–2027 (USD Million)
Table 93 Spain: Market, By Equipment Type, 2017–2027 (Units)
Table 94 Spain: Market, By Equipment Type, 2017–2027 (USD Million)
Table 95 Italy: Market, By Equipment Type, 2017–2027 (Units)
Table 96 Italy: Market, By Equipment Type, 2017–2027 (USD Million)
Table 97 North America: Market, By Country, 2017–2027 (Units)
Table 98 North America: Market, By Country, 2017–2027 (USD Million)
Table 99 US: Market, By Equipment Type, 2017–2027 (Units)
Table 100 US: Market, By Equipment Type, 2017–2027 (USD Million)
Table 101 Canada: Market, By Equipment Type, 2017–2027 (Units)
Table 102 Canada: Market, By Equipment Type, 2017–2027 (USD Million)
Table 103 Mexico: Off-Highway Electric Vehicle Market, By Equipment Type, 2017–2027 (Units)
Table 104 Mexico: Market, By Equipment Type, 2017–2027 (USD Million)
Table 105 RoW: Market, By Country, 2017–2027 (Units)
Table 106 RoW: Market, By Equipment Type, 2017–2027 (USD Million)
Table 107 Brazil: Market, By Equipment Type, 2017–2027 (Units)
Table 108 Brazil: Market, By Equipment Type, 2017–2027 (USD Million)
Table 109 South Africa: Market, By Equipment Type, 2017–2027 (Units)
Table 110 South Africa: Market, By Equipment Type, 2017–2027 (USD Million)
Table 111 New Product Development (2016-2019)
Table 112 Expansions (2016-2019)
Table 113 Joint Ventures/ Agreement (2016-2019)


List of Figures (47 Figures)

Figure 1 Off-Highway Electric Vehicle Market Segmentation
Figure 2 Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Market: Bottom-Up Approach
Figure 6 Market: Top Down Approach
Figure 7 Data Triangulation
Figure 8 Market: Market Outlook
Figure 9 Market, By Region, 2019 vs. 2022 vs. 2027 (USD Million)
Figure 10 Focus on Emission-Free Construction and Mining Zones to Drive the Market for Off-Highway Electric Vehicles
Figure 11 Excavator to Account for the Largest Share in the Asia Pacific Market
Figure 12 North America to Lead the Market During the Forecast Period, 2019 vs. 2027 (USD Million)
Figure 13 Dump Truck Projected to Lead the Market, By Equipment, 2021 vs. 2027 (USD Million)
Figure 14 Construction is Expected to Lead the Market, By Application, 2021 vs. 2027 (’00 Units)
Figure 15 Hybrid Electric to Lead the Market, By Propulsion, 2019 vs. 2027 (USD Million)
Figure 16 <50 Hp Off-Highway Electric Vehicles to Hold the Largest Share During the Forecast Period
Figure 17 <50 Kwh Electric Off-Highway Vehicles to Hold the Largest Market Over the Forecast Period
Figure 18 Lithium-Ion to Lead the Market, By Battery Technology, 2019 vs. 2027
Figure 19 Off-Highway Electric Vehicle Market: Market Dynamics
Figure 20 Number of Charging Stations for Electric Vehicles Across Major Cities in 2018
Figure 21 Market, By Application, 2021 vs. 2027
Figure 22 Market, By Equipment, 2019 vs. 2027 (USD Million)
Figure 23 Market, By Battery Type, 2018 vs. 2025 (’000 Units)
Figure 24 Market, By Battery Capacity,2017–2027(USD Million)
Figure 25 Market, By Propulsion Type, 2019 vs. 2027 (USD Million)
Figure 26 Market, By Power Output, 2019 vs. 2027 (USD Million)
Figure 27 Electric Tractor Market, By Equipment, 2021–2027 (USD Million)
Figure 28 Market, By Region, 2019 vs. 2027 (USD Million)
Figure 29 Asia Pacific: Market, By Country, 2019 vs. 2027 (USD Million)
Figure 30 Europe: Market Snapshot
Figure 31 Europe: Market, By Country, 2019 vs. 2027 (USD Million)
Figure 32 North America: Market Snapshot
Figure 33 North America: Market, By Country, 2019 vs. 2027 (USD Million)
Figure 34 RoW: the Off-Highway Electric Vehicle Market, By Country, 2019 vs. 2027 (USD Million)
Figure 35 Off Highway Electric Vehicle Ranking Analysis in 2019
Figure 36 Companies Adopted Expansion and Mergers & Acquisition as the Key Growth Strategy, 2016–2019
Figure 37 Electric Construction Market Manufacturers: Competitive Leadership Mapping (2018)
Figure 38 Hitachi Construction Machinery: Company Snapshot
Figure 39 Caterpillar: Company Snapshot
Figure 40 Komatsu: Company Snapshot
Figure 41 JCB: Company Snapshot
Figure 42 Volvo Construction Equipment: Company Snapshot
Figure 43 Deere & Company: Company Snapshot
Figure 44 CNH Industrial: Company Snapshot
Figure 45 Sandvik: Company Snapshot
Figure 46 Liebherr: Company Snapshot
Figure 47 Epiroc: Company Snapshot

The study involves four main activities to estimate the current size of the off-highway electric vehicle market. Exhaustive secondary research and primary research was done to collect information on the market. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A top-down approach was employed to estimate the complete market size of the different segments considered in this study.  

Secondary Research

The secondary sources referred for this research study include annual reports, press releases and investor presentations of companies, white papers, certified publications, articles from recognized authors, directories, databases, and recognized associations and government publishing sources. Various data points have been collected through secondary research such as key company’s revenues, gross booking, types of equipment, propulsion type, battery technology & capacity, and average selling price of the off-highway electric vehicles.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the off-highway electric vehicle market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand- and supply-side players across five major regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW). Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report. The primary validations include the base market size, forecasted market size, CAGR, segment level data, and trends of each segment.

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.

Off-highway electric vehicle market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up approach has been used to estimate and validate the size of the off-highway electric vehicle market. The addition of regional-level sales numbers of off-highway electric vehicles gives the global-level market, in actual units. Further, the regional-level market (in terms of volume) is multiplied by the average price of the off-highway electric vehicles to get the market in USD million.

The top-down approach has been used to estimate and validate the size of the market, by battery type, equipment type, battery capacity, power output, electric tractor, and region in terms of volume. The market size (by volume), obtained through the bottom-up approach, is multiplied with the regional-level penetration of each propulsion type to get the regional-level market, by propulsion type. The historical trends of off-highway electric vehicles for different propulsion types have been studied. In addition, the ongoing and upcoming emission regulations have also been considered for the market projection. A similar approach has been followed to derive the market, by battery capacity (<50 kWh, 50–200 kWh, 200–500 kWh and >500 kWh). This approach is also followed for the country-level analysis. A similar method has been followed for other segments of the market.

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All parameters that are said to affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in this report.

Objectives of the Study

  • To define, describe, and forecast the off-highway electric vehicle market based on application, battery capacity, battery type, propulsion, power output, equipment type, electric tractor, and region
  • To analyze and forecast (2017–2027) the market in terms of value (USD million) and volume (‘00 units/units)
  • To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
  • To segment and forecast the market size in terms of value and volume based on application type (mining, construction, and agriculture)
  • To segment and forecast the market size in terms of value and volume based on battery type (lithium-ion, nickel metal hydride, lead-acid, and others)
  • To segment and forecast the market size in terms of value and volume based on battery capacity (<50 kWh, 50–200 kWh, 200–500 kWh, and >500 kWh)
  • To segment and forecast the market size in terms of value and volume based on power output (<50 hp, 50–150 hp, 150–300 hp, and >300hp)
  • To segment and forecast the market size in terms of value and volume based on equipment type (excavator, motor grader, dozer, loader, dump truck, LHD, lawn mower, sprayer, and tractor)
  • To segment and forecast the market size in terms of value and volume based on propulsion type (battery electric and hybrid electric)
  • To segment and forecast the electric tractor market size in terms of value and volume based on equipment type for electric tractor (lawn mower, sprayer, and tractor)
  • To forecast the market size in terms of value and volume with respect to key regions, namely, Asia Pacific, Europe, North America, and the Rest of the World
  • To strategically analyze markets with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze markets and find the competitive landscape, market ranking, market overview, and industry overview of the market
  • To analyze the current joint ventures, mergers and acquisitions, and partnerships of various players manufacturing and selling off-highway electric vehicles

The off-highway electric vehicle market consists of off-highway electric vehicle suppliers such as Volvo CE (Sweden), Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), and JCB (UK).

Target Audience

  • Component manufacturers of various off-highway electric vehicles
  • Raw material suppliers for off-highway electric vehicles
  • Off-highway electric vehicles manufacturers
    • Electric construction equipment manufacturers
    • Electric mining equipment manufacturers
    • Electric tractor manufacturers
  • Traders, distributors, and suppliers of off-highway vehicles systems/components
  • Automotive industry associations, government authorities, and research organizations

Available Customizations

Off-highway electric vehicle market, by battery technology & country

  • Asia Pacific
    • China
    • Japan
    • India
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Spain
  • North America
    • US
    • Mexico
    • Canada
  • Rest of the World
    • Brazil
    • South Africa
Report Code
AT 7341
Published ON
Sep, 2019
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