Electric Off-Highway Vehicle Market: Current Analysis and Forecast (2023-2030)

Report Description

The Electric Off-Highway Vehicle Market was valued at 7.36 billion in the year 2022 and is expected to grow at a steady rate of around 28.7% during the forecast period (2023-2030), owing to the ongoing process of shift happening towards sustainability in sectors like construction, agriculture, mining, and ports & logistics. 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. 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 soon.

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Some of the major players operating in the market are Caterpillar; AB Volvo; Deere & Company; Komatsu Ltd.; Sandvik AB; Hitachi Construction Machinery Co., Ltd.; Epiroc AB; Doosan Corporation.; J C Bamford Excavators Ltd.; and SANY Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Vehicle Type, the HEV segment held the significant share of the market in 2022.”

Based on vehicle type, the market is bifurcated into BEV and HEV.  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.

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“Amongst battery type, the lithium-ion battery segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”

The lithium-ion batteries hold most of the market for the batteries that are used in electric off highway vehicles. The prominent factors responsible for this domination are the high energy densities of lithium-ion batteries making them an ideal choice for these. Furthermore, the rising production of lithium-ion batteries and technological advancements in this sector has led to decreased cost of these batteries, making them affordable and practical to commercialize. Moreover, ongoing innovations and R&D continuously taking place in this segment have made the batteries safer, increased their operational life and reliability with increased range, further motivating the manufacturers to use lithium-ion batteries for electric off highway vehicles. Adding value to both consumers as well as manufacturers, leading to rising demand for lithium-ion batteries-powered off highway vehicles, and same can be seen from the product launches by the players operating in this segment. For instance, in 2020, Komatsu launched the world’s first electric mining dump truck, the HD605-8E0. The truck is powered by a lithium-ion battery and can haul up to 60 tons of material. The battery is designed to last for up to 8 hours of continuous operation and can be recharged in as little as 30 minutes.

Electric Off-Highway Vehicle Market Report Coverage

“Asia Pacific is anticipated to witness significant growth in CAGR terms, of the electric off-highway vehicle segment market during the forecast period (2023-2030).”

The Asia Pacific region is experiencing a surge in the demand for electric off-highway vehicles, driven by a variety of factors. The primary driver of this demand is the region’s commitment to reducing its carbon footprint. Governments in the region have implemented a range of policies to promote the adoption of electric vehicles, including subsidies, tax incentives, and infrastructure investments. Furthermore, the region’s growing population, with rising income, and increasing urbanization have led to a surge in demand for off-highway vehicles, due to increased infrastructure developments, ports activity, and the burgeoning e-commerce industry in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global electric off-highway vehicle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electric Off-Highway Vehicle Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric off-highway vehicle market were the three major steps undertaken to create and analyze the adoption of electric off-highway vehicle in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric off-highway vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the electric off-highway vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric off-highway vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as propulsion, battery type, energy storage capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric off-highway vehicle market. Further, we conducted factor analysis using dependent and independent variables such as connectivity, end-user, and application of the electric off-highway vehicle market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric off-highway vehicle market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric off-highway vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric off-highway vehicle market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric off-highway vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric off-highway vehicle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the voltage, application, and end-user in the global electric off-highway vehicle market.

The main objective of the Global Electric Off-Highway Vehicle Market Study

The current & future market trends of the global electric off-highway vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric off-highway vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of propulsion, battery type, energy storage capacity, and application
• Define and analyze the regulatory framework for the electric off-highway vehicle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the electric off-highway vehicle market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the electric off-highway vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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