Electric Off-highway Vehicle Market

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

Report Code: AT 7341 Sep, 2020, by marketsandmarkets.com

[211 Pages Report] The global electric off-highway vehicle market size in a pre-COVID-19 situation was projected to reach USD 6.3 billion in 2020 from USD 17.5  billion by 2025 (in terms of value). OEMs have delayed new vehicle developments and launches. Considering the global financial slowdown, electric off-highway vehicle manufacturers will refrain from adding extra cost to vehicles by installing batteries and hybrid powertrain systems.

Off-highway electric vehicle market

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OEMs might also reduce financial investments in R&D activities related to electric off-highway vehicles, including electric excavator, electric loader, electric dump truck, electric lawnmower, and electric tractor if the impact of COVID-19 is prolonged. 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, are expected to resume operations by the third quarter of 2020.

The upcoming emission norms for off-highway vehicles, development of new and advanced products, and recovery of end-use sectors post-2020 are expected to support the growth of the electric off-highway vehicle market in the coming years. 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 projected to witness 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 up of mines globally is expected to boost the off-highway equipment market by year-end.

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 may boost the demand for off-highway equipment by 2021.

Market Dynamics

DRIVER: Aggressive step toward minimizing emissions and ventilation costs in underground mining

Diesel-powered vehicles like dump trucks and LHD loaders emit massive amounts of harmful gasses, including carbon dioxide, nitrogen dioxide, carbon monoxide, and others. Miners are exposed to such emissions for a long time because of long shifts, and therefore, experience several adverse health effects, including an effect on sensory perceptions, severe respiratory irritation, emphysema, and chronic bronchitis. The emissions also increase the heat generated in underground mines; according to the International Council on Mining and Metals (ICMM), 40% of an underground mine’s energy outlay is spent on operating ventilation systems to remove pollutants and heat from mining tunnels. Such factors increase the overall operational cost of the mine while decreasing their production efficiency.

The deployment of electric mining vehicles, including electric dump truck and electric LHD loader, offers enhanced energy efficiency, reduced harmful emissions and heat dissipation, lower maintenance time, decreased ventilation requirements, reduced operating costs, improved working environment (air quality), mitigated the environmental impact, and improved mining profit. According to Mobile Equipment Design and Automation Technology, the replacement of diesel-powered vehicles with electric mining vehicles can reduce approximately 7,500 tons of CO2 and save 3 million liters of diesel fuel and 1 million liters of propane every year.

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.

Solid-state batteries manufactured with stabilized solid electrolytes in lithium metal offer up to 10 times charging capacity compared to graphite-based Li-ion batteries. Moreover, solid-state batteries offer increased energy density, such as double energy for the same volume, and an increased lifespan of up to 10 years. Thus, many electric off-highway vehicle manufacturing companies are investing in the development of solid-state batteries. For instance, Caterpillar joined hands with Fisker for the development of solid-state batteries designed to outperform Li-ion batteries used in all current electric off-highway vehicles.

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.

Off-highway electric vehicle market Ecosystem

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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.

Off-highway electric vehicle market by Region

The North American electric off-highway vehicle market is expected to hold the largest market share during the forecast period

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 electric off-highway vehicle market. These companies develop new products, adopt expansion strategies, obtain supply contracts, and establish collaborations, partnerships, and mergers & acquisitions to gain traction in the electric off-highway vehicle market.

Scope of the Report

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).
A total of 22 major players covered

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 July 2020, Epiroc announced an agreement for providing Vale with 10 battery-electric vehicles for two Canadian mine sites, including the four Scooptram ST14 loaders, two Boomer M2C drill rigs, two Boltec MC bolting rigs, and two Minetruck MT42 trucks.
  • In March 2020, Komatsu launched the PC30E-5 Electric Mini Excavator in Japan. This excavator is equipped with a 36-kWh battery and an 18.2 kW electric motor and offers zero-emission, quiet and simple operation without vibrations.
  • In December 2019, Hitachi Construction Machinery developed a battery-powered mini excavator prototype (5-ton class) with the aim to establish electric construction machinery technology for a market that is expected to take off in the future rapidly.
  • In June 2019, JCB announced that the 19C-1E, the company’s first full-electric mini excavator, entered production. The company said that it is the first electric excavator to be put into production by an OEM.
  • In May 2019, Caterpillar launched the R1700 XE loader concept, the first battery-electric load-haul-dump (LHD) platform. This R1700XE is equipped with MEC 500 fast-charging system that allows rapid, onboard charging with little or no impact on the mine’s existing electrical infrastructure.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 25)
    1.1 OBJECTIVES OF THE STUDY
    1.2 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 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 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION
        FIGURE 9 NORTH AMERICA TO LEAD DURING FORECAST PERIOD, 2020 VS 2025 (USD MILLION)
    4.3 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE
        FIGURE 12 LITHIUM-ION BATTERIES ESTIMATED TO SHOWCASE LARGEST DEMAND, 2020 VS. 2025 (USD MILLION)
    4.6 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE MARKET
    5.4 REVENUE SHIFT FOR ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS
        FIGURE 19 SHIFT OF FOCUS TOWARDS AUTOMATION AND LARGE SYSTEM MANUFACTURING
    5.5 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
    8.2 CONSTRUCTION
        TABLE 31 CONSTRUCTION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
        TABLE 32 CONSTRUCTION: ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
        TABLE 38 AGRICULTURE: ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 40 ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE, 2020 VS. 2025 (USD MILLION)
                    TABLE 49 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE, 2018–2025 (UNITS)
                    TABLE 50 ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 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 ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE 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: ELECTRIC OFF-HIGHWAY VEHICLE 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 ELECTRIC OFF-HIGHWAY VEHICLE 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 MARKET SHARE ANALYSIS
          FIGURE 39 ELECTRIC OFF-HIGHWAY VEHICLE 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.

Off-highway electric vehicle market Size, and Share

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 electric off-highway vehicle market
  • To analyze the market ranking of key players operating in the electric off-highway vehicle market
  • To analyze the competitive landscape and company profiles of global players operating in the electric off-highway vehicle 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 electric off-highway vehicle 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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