Off-Highway Electric Vehicles Market: Current Analysis and Forecast (2021-2027)

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The global off-highway electric vehicles market is expected to register a CAGR of around 21% over the period of 2021-2027. The demand for off-highway electric vehicles is growing due to the increasing awareness about the usage of off-highway electric vehicles and the rising demand for low-noise machines. Moreover, the growing demand for low emissions followed by the rapidly expanding automotive industry would positively stimulate the industry landscape. Also, the government across countries has encouraged the use of electric vehicles, which has resulted in a surge in the off-highway electric vehicles market. The carbon emission from off-highway vehicles significantly contributes to the global carbon emission and most countries are trying to reduce their carbon emission. Thus, increasing demand for electric off-highway vehicles. The need for off-highway electric vehicles will be boosted by the growing demand for low-emission and low-noise machines in the construction, agriculture, and mining sector.

Hyundai Motor Company, AB Volvo, Komatsu Ltd., Caterpillar Inc., Deere & Company, LIEBHERR-International Deutschland GmbH, Sany Heavy Equipment International Holdings Company Limited, Epiroc AB, Hitachi Ltd., Sandvik AB are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst propulsion, hybrid electric vehicle category held a prominent share in the market in 2020”

On the basis of the propulsion, the off-highway electric vehicles market is bifurcated into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicle segment held a prominent share in the global off-highway electric vehicle market. Cleaner emission, less fuel dependency, and regenerative braking are some of the most prominent factors driving the growth of this segment. It produces cleaner emissions compared to the internal combustion engines (ICE) because hybrid cars employ both electric engines and ICE. Moreover, hybrid vehicles have an electric motor to support the main petrol engine and to provide additional power. Hence, they are less dependent on fossil fuels.

“Amongst battery type, lithium-ion battery category held a prominent share in the market in 2020”

Lithium-ion battery category grabbed a significant amount of market share and is expected to grow at a robust growth rate during the forecast period. Lightweight, high energy density, low maintenance, more charge cycles, and low self-discharging are some of the major reasons for the growth of this segment. The use of lithium-ion batteries has grown significantly in recent years. They offer some major advantages over other forms of battery technology including nickel-metal hydride and lead-acid batteries. Electrodes commonly used in lithium-ion batteries, lithium, and carbon, are lightweight on their own, making for much smaller and lighter batteries than other types of batteries.

“APAC to witness significant growth during the forecast period”

Asia-Pacific off-highway electric vehicles market is expected to witness prominent growth during the forecast period. The growth of this market can be attributed to the growing industrialization and continuous infrastructural development in the region. The infrastructural growth is increasing the demand for off-highway vehicles in the region and the Paris act, COP 26, and other environmental policies lead to increasing investments in the off-highway electric vehicles industry. Off-highway vehicles are being used in the agriculture and mining sector in major economies such as China and Japan. Moreover, major economies are increasing their investments in the electric off-highway vehicles industry as they are trying to meet their carbon emission targets quickly. Furthermore, China announced its commitment to reach carbon neutrality before 2060 while being the major producer of several agricultural products, and one of the major exporters of the critical minerals such as ferroalloys, manganese, tungsten, and other minerals. Thereby increasing demand for off-highway electric vehicles in the region.

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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 portfolio, 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.

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The global off-highway electric 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 connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Off-Highway Electric Vehicles Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global off-highway electric vehicles market were the three major steps undertaken to create and analyze the adoption of off-highway electric vehicles 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 off-highway electric vehicles 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 the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the off-highway electric vehicles market through company internal sources such as annual report & 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 off-highway electric vehicles market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as propulsion, equipment type, battery type, battery 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 off-highway electric vehicles market. Further, we conducted factor analysis using dependent and independent variables such as growing electric vehicle adoption and government support. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the off-highway electric vehicles market sector across the globe. 

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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 off-highway electric vehicles 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., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 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 off-highway electric vehicles market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the off-highway electric vehicles market in terms of solutions 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, and 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

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global off-highway electric vehicles market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of propulsion, equipment type, battery type, and application in the global off-highway electric vehicles market.

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

The current & future market trends of the global off-highway electric vehicles market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from 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 as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the off-highway electric vehicles 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 the propulsion, equipment type, battery type, battery capacity, and application.
• Define and analysis of the regulatory framework for the off-highway electric vehicles market industry.
• 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 off-highway electric vehicles market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World.
• Company profiles of the off-highway electric vehicles 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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