Global Off-Highway Electric Vehicles Market is Predicted to Reach USD 18.98 Billion by 2027

The latest market report published by Credence Research “Global Off-Highway Electric Vehicles Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 5.90 billion in 2020 and likely to reach a healthy CAGR of over 21.5% in the forthcoming years, i.e. from 2021 to 2027 to reach around USD 18.98 billion in 2027.

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Off-highway EV are zero-emission vehicles with the strength and toughness necessary for the toughest off-road work, as well as the efficiency and agility needed for urban applications. These vehicles, which are designed and equipped with front and rear suspensions, off-road tyres, and traction equal to a four-wheel-drive diesel vehicle, offers exceptional efficiency in challenging environments.


Key Trends in Global Market

Emphasizing on Environmental Issues

The need to descend dependence on the oil industry and keeping the growing concerns of the environment in mind has been amicable for the global market. Holding a dominant share in the market, electrification of the off highway vehicles are most rewarding to suit the uncompromising emission norms. Mechanized vehicles emit harmful glasses causing detrimental effects on the users. After analyzing all these factors, the expected market growth is at a promising rate during 2022 to 2027.

Global Market by Type Insights

Hybrid Electric Vehicle (HEV) and Battery Electric Vehicle (BEV) are some of the Type of this market. Hybrid Electric Vehicle (HEV) dominated the market in 2020. However, BEV is expected to grow at the fastest rate in the forthcoming years. The increase can be due to decline in the acceptability of ICE vehicles as well as CO2 emission restrictions. However, since the most of these vehicles need too much power to operate, the usage of fully electric BEVs is still restricted. In the forecast period, lower lithium-ion battery rates and advancement of battery technology is likely to propel BEVs demand.

Global Market by Application Insights

Global market is segmented based on Application as Construction, Agriculture, and Mining. In 2020, construction segment led the market. However, agriculture sector is anticipated to grip a fast pace as consumers of Europe and North America have commenced adoption of advanced agriculture processes and modern farm equipment to procure higher yields. Thus, other farm equipment and hybrid and electric tractors demand is anticipated to grow in the upcoming years.

Global Market by Regional Insights

In 2020, North America dominated the global market. The North American market, especially in the United States is expected to be the largest in terms of market share. The US market is growing largely due to environmental protection initiatives, such as the country’s upcoming strict pollution norms for fuel efficiency, and local companies are attempting to produce electric and hybrid dome equipment.

Due to increased infrastructure spending, Asia Pacific countries such as India and China are expected to grow rapidly in the forthcoming years. China is considered major contributors in terms of developing construction equipment due to the low production rates, existence of several OEMs, reduced labor costs, and the availability of outstanding manufacturers.

Global Market Competitive Landscape

Most prominent players in the global market include Henkel AG & Company, DuPont de Nemours, Inc., Avery Dennison Corporation, Arkema S.A., Permabond LLC, Ashland Inc., KGaA , H.B. Fuller, LORD Corporation, and PPG Industries, Inc. The report covers very detailed profiles of these key players.

Market Segmentation

Global Off-Highway Electric Vehicles Market by Type, 2015 – 2027

· Battery Electric Vehicle (BEV)

· Hybrid Electric Vehicle (HEV)

Global Off-Highway Electric Vehicles Market by Application, 2015 – 2027

· Construction

· Agriculture

· Mining

Global Off-Highway Electric Vehicles Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Off-Highway Electric Vehicles Market: Key Players

· Caterpillar

· Volvo Construction Equipment AB

· Komatsu Ltd.

· Deere & Company

· Sandvik AB

· Hitachi Construction Machinery Co., Ltd.

· Epiroc AB

· Doosan Corporation

· J C Bamford Excavators Ltd.

CNH Industrial N.V.