Off-highway Electric Vehicle Market

Caterpillar (US) and Hitachi Construction Machinery (Japan) are the leading players in the Off-highway Electric Vehicle Market

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. This trend is driving the growth of the off-highway electric vehicle market, particularly in North America and Europe.

The off-highway electric vehicle market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers in the off-highway electric vehicle market are Volvo CE (Sweden), Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), and JCB (UK).

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  • Expansion and new product developments were the prominent strategies adopted by these players to gain traction in the off-highway electric vehicle market. In April 2019, Hitachi Construction Machinery announced the establishment of its new headquarters in New South Wales, Australia, to strengthen its business in the region and further expand its construction machinery sales as well as parts and service business.
  • Alternatively, companies also adopted new product developments strategy to maintain their position in the market. In June 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.

Caterpillar is one of the leading players in the off-highway electric vehicle market due to its presence in all the major regions and wide product portfolio. Caterpillar adopted a mix of contracts & agreements, expansions, and new product development to maintain its position in the off-highway electric vehicle market. In April 2019, Caterpillar, along with Pon Equipment, unveiled an all-electric, 26-ton excavator with a 300 kWh battery pack in an effort to electrify construction equipment. In 2018, Caterpillar launched its new D6 XE electric drive—the first in an electric drive dozer. The electric drive system starts with a Cat C9.3B engine. But instead of powering a torque converter, the engine drives a generator which turns the mechanical engine power to electricity. Furthermore, in 2017, the Underground Mining Group within Caterpillar prepared to ship a “proof-of-concept” battery electric R1300G LHD (load/haul/dump) unit to a Canadian mine for testing. The initial build and validation testing of the unit began in early 2017 at the Caterpillar Peoria Proving Grounds and continued till 2018.

Hitachi Construction Machinery is another prominent player in the off-highway electric vehicle market. In January 2018, the company announced an agreement with KTEG (Kiesel Technologie Entwicklung GmbH), the group company of Hitachi Construction Machinery’s European distributor Kiesel GmbH, to establish a new company for developing electric construction machinery and special application products for further expansion in the European market.  

Related Reports:

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
RI Published ON
9/5/2019
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