Global Off-Highway Electric Vehicle Market Seen Soaring 28.7% Growth to Reach USD 65 Billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 17, 2023
- AUTOMOTIVE, NEWS
- Electric Off-Highway Vehicle Market Analysis, Electric Off-Highway Vehicle Market Forecast, Electric Off-Highway Vehicle Market Growth, Electric Off-Highway Vehicle Market Outlook, Electric Off-Highway Vehicle Market Share, Electric Off-Highway Vehicle Market Size, Electric Off-Highway Vehicle Market Trends
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According to a new report by Univdatos Market Insights, the Global Off-Highway Electric Vehicle Market, is expected to reach USD 65 Billion in 2030 by growing at a CAGR of 28.7%. Electric off-highway vehicles (eOHVs) refer to battery-electric or plug-in hybrid vehicles designed for off-road transportation, such as construction equipment, agricultural machinery, and recreational all-terrain vehicles (ATVs). These vehicles offer several advantages over traditional internal combustion engine (ICE)-powered machines, including improved efficiency, reduced emissions, and enhanced safety features.
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The report suggests that the Increased Infrastructure Development and Rising pace at Which Industries are Shifting Towards Sustainable Operations are some of the major factors driving the Off-Highway Electric Vehicle Market during the forthcoming years. Furthermore, the transition to OHVEs in the construction industry is underway, driven by the revised government regulations norms for the construction industry, technological advancements, cost savings, and competition. As the industry evolves, we can expect to see the integration of autonomous technology, modular design, collaborative robotics, and energy storage solutions.
Figure 1: ASIA PACIFIC REAL ESTATE MARKET OUTLOOK 2023
Apart from this, the impact of OHVEs on the future scenario of the construction industry will be profound, leading to reduced emissions, enhanced productivity, improved worker safety, and new business models, factors stated above are some of the primary factors responsible for the growth of eOHVs in the near future. And the riding demand scenario can also be seen from the new launches that the companies are undertaking, providing consumers with varied choices.
- In 2021, Hitachi Construction Machinery launched the ZX210X-6 electric excavator, which is powered by a lithium-ion battery. The excavator is designed for urban construction sites and has a low noise level of just 70 dB.
Several big companies are seeing a golden opportunity for growth in this field due to these factors and launching their products catering to the increased demand that’s been generated due to increased infrastructure development and mining capital expenditure globally, which can also be seen from the pace at which products are getting launched in this segment. For example, AB Volvo launched the electric compact excavator ECR25 and L25 electric wheel loader in mid-2020. The excavator is powered by a battery and produces zero emissions.
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The Hybrid Segment of the Off-Highway Electric Vehicles is Generating Maximum Traction in the Market
The hybrid electric off-highway vehicle market is the fastest-growing segment in the electric off-highway vehicle industry. This is due to several factors, including technological advancements, cost savings, and environmental considerations. The development of hybrid electric off-highway vehicles has been driven by the need for more efficient and reliable vehicles. Hybrid electric off-highway vehicles are powered by a combination of electric and internal combustion engines, which makes them more efficient and reliable than traditional off-highway vehicles. Additionally, the use of advanced technologies such as regenerative braking, advanced battery management systems, and electric motors has enabled hybrid electric off-highway vehicles to offer improved performance and fuel efficiency, adding to their popularity and increasing their demand.
- For instance, in 2021, Caterpillar Inc. launched its first hybrid off-highway vehicle, the Cat CT681, which is powered by a combination of diesel and electric power. The vehicle is designed for construction and mining applications and has a maximum speed of 40 mph.
- For instance, in 2020, Volvo Construction Equipment unveiled its first hybrid off-highway vehicle, the L350F Hybrid Wheel Loader. The vehicle is powered by a combination of diesel and electric power and is designed for heavy-duty applications.
- For instance, in 2019, Komatsu America Corp. launched its first hybrid off-highway vehicle, the HB215LC-1 Hybrid Excavator. The vehicle is powered by a combination of diesel and electric power and is designed for construction and mining applications.
Conclusion
In conclusion, the future of electric off-highway vehicles looks promising with advancements in technology and increasing environmental concerns. The benefits, such as reduced noise pollution, lower operating costs, and improved safety, will continue to attract more buyers. As battery technology improves, range anxiety will be alleviated, making longer-duration and heavy-duty operations more feasible. Additionally, growing focus and investments toward achieving carbon neutrality and sustainability will continue to generate secular demand in the market for electric off-highway electric vehicles in the future.
