Press release
What are the key market trends impacting the growth of the electric off-highway vehicle market?
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The agriculture market is expected to grow at the fastest CAGR.
Uncontrollable weather conditions, increasing global population, varying conditions of soil (such as soil moisture and water availability), and rising demand for food grain products have fueled technological advancements in the agricultural industry. Farmers have started adopting advanced agricultural processes and modern farm equipment to gain higher yield. Also, governments around the world are focusing on increasing food productivity. Thus, the demand for farm equipment with modern technologies like electric tractors and electric sprayer is expected to rise.
Thus, many tractor manufacturing companies are developing electric agriculture electric tractors and electric sprayers models. For instance, in 2019, Deere & Company announced that it had developed GridCon, a cable-powered, high-performance, autonomous, and fully-electric tractor with a power capacity of 400 hp (300 kW). The increasing demand and ongoing product development and launch are expected to drive the electric tractor and electric sprayer demand in agriculture application.
Lithium-ion is expected to maintain the lead in the global electric off-highway vehicle market.
Lithium-ion batteries dominate the electric off-highway vehicle market. Approximately 90–95% of electric off-highway vehicles are equipped with lithium-ion batteries, predominantly in construction and mining applications. Construction equipment includes electric excavators, electric dozers, electric loaders, electric dump trucks, and electric motor graders, among others, which are used to manage heavy raw materials and onsite transportation. Industries are adopting lithium-ion battery technology for earthmoving applications too.
High energy density and longer battery backup over other batteries make lithium-ion batteries more popular. Advancements in lithium-ion battery technology can improve the performance and efficiency of construction equipment, which encourages investments in R&D and creates more opportunities for lithium-ion batteries in the construction industry.
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North America is expected to lead the global electric off-highway vehicle market during the forecast period.
The electric construction and mining equipment demand in North America is expected to increase due to environmental protection measures adopted by the US. In addition to the upcoming stringent emission norms for fuel economy in the region, EOHV companies are making efforts to manufacture electric and hybrid equipment for the domestic market. Caterpillar recently launched the world’s biggest electric excavator equipped with a 300-kWh battery pack. John Deere has also launched electric off-highway equipment that transfers power continuously at over 300 kW. Many other companies are making significant R&D investments in meeting the future demand for electric off-highway vehicles.
The presence of major electric off-highway vehicle providers, with increasing investments in electric off-highway vehicles, subsystems, and battery developments, is expected to drive market growth during the forecast period. Moreover, companies like Caterpillar developing advanced solid-state battery technology with the aim to minimize drawbacks of the conventional battery types in electric loaders and excavators are further expected to drive the growth for the electric off-highway vehicles in the region. Such factors are driving the dominance of the North America region in the global electric off-highway vehicle market.
Key Market Players:
The electric off-highway vehicle market is dominated by few globally established players, such as Caterpillar (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), Sandvik (Sweden), and Hitachi Construction Machinery (Japan), among others. These players mostly adopted the new product development strategy to develop the advanced electric dump truck, electric LHD, electric excavator, electric loader, electric dozer, electric lawnmower, and electric tractor to retain their position in the electric off-highway vehicle market.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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