Electric Off-highway Vehicle Market

Market Leaders - Electric Off-highway Vehicle Market

The global electric off-highway vehicle market size is projected to reach USD 17.5 billion by 2025 from USD 6.3 billion in 2020, at a CAGR of 22.83% during the forecast period.  The base year for the report is 2019, and the forecast period is from 2020 to 2025.

The growth of this market is primarily driven by the increasing demand for electric dump truck and electric LHD to minimize emission and ventilation costs in underground mining, the preference for the low noise and emission-free construction machines like electric excavator, electric loader, and electric dozer in residential areas and demand for electric lawnmowers and electric tractors for smooth handling, ease of use, low noise generation, and eco-compatibility in agriculture and gardening applications.

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The electric off-highway vehicle market is dominated by few globally established players, such as Caterpillar (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), Sandvik (Sweden), and Hitachi Construction Machinery (Japan), among others. These players mostly adopted the new product development strategy to develop the advanced electric dump truck, electric LHD, electric excavator, electric loader, electric dozer, electric lawnmower, and electric tractor to retain their position in the electric off-highway vehicle market.

Hitachi Construction Machinery is one of the leading players in the electric off-highway vehicle market. The company 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 is focusing on new product development for electric off-highway vehicles. For instance, in 2019, the company developed a battery-powered mini excavator prototype (5-ton class) with the aim of establishing electric construction machinery technology for a market that is expected to take off in the future rapidly.

Caterpillar is another leading player in the electric off-highway vehicle market, followed by Komatsu Ltd. and Volvo Construction Equipment. Caterpillar is working on the commercialization of advanced versions of electrically powered construction machines. For instance, in 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 and onboard charging.

Komatsu Ltd. is one of the key players in the electric off-highway vehicle industry. The company is currently focused on promoting its in-house development and production of hybrid motors and other electric components capable of replacing IC models. For instance, in 2020, the company 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.

Volvo CE 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, marine and industrial engines, electrically-propelled wheel loaders and excavators, both powered by lithium-ion batteries.

Epiroc develops and produces equipment, consumables, and services for use in surface and underground mining, infrastructure, civil works, well drilling, and geotechnical applications. The company currently offers electric versions of underground loaders and mining trucks. The company is focusing on the mining business and, in 2020, formed an agreement for providing Vale with 10 battery-electric vehicles for two Canadian mine sites, including four Scooptram ST14 loaders, two Boomer M2C drill rigs, two Boltec MC bolting rigs, and two Minetruck MT42 trucks.

Related Reports:

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

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Report Code
AT 7341
RI Published ON
9/10/2020
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