Off-highway Electric Vehicle Market – Analysis with Ongoing Trends & Market Revenue
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.
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.
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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.
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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.
Key Players:
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).
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