Off-highway Electric Vehicle Market worth $29.8 billion by 2027
The report "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" The off-highway electric vehicle
market is projected to grow at a CAGR of 25.2% to reach USD 29.8 billion by
2027 from an estimated USD 4.9 billion in 2019. The operational efficiency of
off-highway electric vehicles is 20–25% higher than diesel-based ones. In
addition, off-highway electric vehicles can help manufacturers comply with
emission parameters in different countries. The operating power and life of
these vehicles are superlative when compared to other vehicles. Such factors
are driving the demand for the off-highway electric vehicle market.
Browse 113 market data Tables and 47 Figures
spread through 177 Pages and in-depth TOC on "Off-highway
Electric Vehicle Market"
The construction application is estimated to hold the
largest share of the off-highway electric vehicle market during the forecast
period
Emission regulations have a significant impact on the market
for construction equipment. Growing environmental concerns and awareness of the
harmful effects of vehicular emissions have forced OEMs to focus on
electrification of construction equipment. This, in turn, has resulted in
increased spending on R&D activities for electrification of construction
equipment. This requirement, along with emission regulations, has boosted the
market for electric construction equipment. As per MarketsandMarkets analysis,
in 2019, construction application constitutes a major share of the off-highway
electric vehicle market. Mini excavator has the largest market share in the
electric construction equipment market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129288251
The electric propulsion segment is expected to be the
fastest-growing market for off-highway electric vehicles during the forecast
period
The electric propulsion market is expected to grow at the
fastest rate during the forecast period due to increasing stringency in
emission regulations. The industrial equipment emission norms are being
continuously upgraded across different regions. According to the EU norms, NOx
and PM levels have reduced by nearly 95.7% and 97.2%, respectively, from Stage
I to Stage V. Also, as per the US EPA norms, NOx and PM levels have declined by
95.6% and 96.2%, respectively, from Tier I to Tier IV. Countries such as China,
Japan, South Korea, and India are also following similar norms in line with
these standards.
Volvo CE, Hitachi Construction Machinery, JCB, and
Caterpillar, among other companies, have not only extended their electric
offerings for off-highway vehicles but also initiated R&D efforts for the
same. Due to these stringent emission norms and need for increased operational
efficiency, the electric propulsion type market is expected to grow at the
highest CAGR during the forecast period.
Europe to lead the off-highway electric vehicle market by
value
Europe is expected to lead the off-highway electric vehicle
market, in terms of value, during the forecast period. Countries such as
Germany, France, the UK, and Spain are the key markets. In Europe, construction
and mining activities have long been drivers of economic growth, providing
natural resources and access to trade and transport, and it is expected to be
the driving force behind the European off-highway electric vehicle market.
Some of the prominent players in the off-highway electric
vehicle market are Volvo CE (Sweden), Caterpillar (US), Komatsu (Japan),
Hitachi Construction Machinery (Japan), and JCB (UK).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on
30,000 high growth niche opportunities/threats which will impact 70% to 80% of
worldwide companies’ revenues. Currently servicing 7500 customers worldwide
including 80% of global Fortune 1000 companies as clients. Almost 75,000 top
officers across eight industries worldwide approach MarketsandMarkets™ for
their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are
tracking global high growth markets following the "Growth Engagement Model
– GEM". The GEM aims at proactive collaboration with the clients to
identify new opportunities, identify most important customers, write
"Attack, avoid and defend" strategies, identify sources of
incremental revenues for both the company and its competitors.
MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top
players across leaders, emerging companies, innovators, strategic players)
annually in high growth emerging segments. MarketsandMarkets™ is determined to
benefit more than 10,000 companies this year for their revenue planning and
help them take their innovations/disruptions early to the market by providing
them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and
market research platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper understanding of the unmet insights
along with market sizing and forecasts of niche markets.
Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Comments
Post a Comment