Off-highway Electric Vehicle Market Growth Status and Outlook 2021-2027 | Hitachi Construction Machinery, Caterpillar, Komatsu, JCB, Volvo Construction Equipment

Off-highway Electric Vehicle Market 2021 report helps the clients to take business decisions and to understand strategies of major players in the industry. The report also calls for market- driven results deriving feasibility studies for client needs. Market Insights Reports ensures qualified and verifiable aspects of market data operating in the real- time scenario. The analytical studies are conducted ensuring client needs with a thorough understanding of market capacities in the real- time scenario.

The global off-highway electric vehicle market size was estimated at USD 5.48 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2020 to 2027. 

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Top Companies in the Global Off-highway Electric Vehicle Market: Hitachi Construction Machinery, Caterpillar, Komatsu, JCB, Volvo Construction Equipment, Deere & Company, CNH Industrial, Sandvik, Liebherr, Epiroc and others.

Industry News:

Hitachi Construction Machinery - Hitachi Construction Machinery was established in 1970 and is headquartered in Tokyo, Japan. The company is a leading manufacturer of construction machinery that brings extensive technological, product, marketing, and service capabilities. Hitachi Construction Machinery, under its construction machinery business, offers a series of total lifecycle solutions related to construction machinery such as manufacturing and sales of hydraulic excavators, wheeled loaders, ultra-large hydraulic excavators, and parts related to these products. Hitachi Construction Machinery leverages innovations in electric construction equipment by switching the motive power to electricity, reducing exhaust and CO2 emissions to ‘zero’ on construction sites, creating a greener work environment. The company currently produces electric construction and hybrid machinery with a focus on pollution prevention as well as global environmental protection and improvement.

Komatsu - Komatsu was founded in 1921 and is headquartered in Tokyo, Japan. It has three major business segments, namely, construction, mining, and utility equipment, industrial machinery and others, and retail finance. Its heavy construction equipment business falls under the construction, mining, and utility equipment segment. In 2008, Komatsu launched the very first hydraulic excavator equipped with a fully functional and efficient hybrid system. The construction, mining, and utility equipment segment offers several types of equipment, including large mining machines and general construction equipment and mini construction equipment for urban use. Komatsu's range of products in this segment also includes a wide variety of attachments to be used with its products. Additionally, the segment provides hydraulic excavators, wheeled hydraulic excavators, bulldozers, wheel loaders, dump trucks, motor graders, and forklifts trucks. The segment also includes downstream businesses such as used equipment and equipment rental. The company currently offers electrified versions of construction excavators and hybrid versions of mining dump trucks.

Market Overview:

Off-highway electric vehicles are a form of electric vehicles, which are designed to carry off-the-road operations. This includes the increased usage of the same in agricultural, construction, infrastructure developments, and others. The increased demand for such vehicles has enabled electric vehicle (EV) manufacturers to increase the production related of off-highway vehicles, thus supplementing the growth of the global market. The global off-highway electric vehicles market has registered an increased growth during the forecast period, owing to the increased demand for electric vehicles across the globe. Other factors, such as increased awareness of environment safety and the developments carried out in the automobile industry, have also supplemented the growth of the global off-highway electric vehicle market.

Regional Analysis:

The North America region accounted for the largest revenue share of 42.7% for the market in 2019 and is anticipated to continue its dominance over the forecast period. The region holds a dominant share throughout the forecast period owing to the presence of key companies such as Caterpillar, Deere & Company, and CNH Industrial N.V. The construction industry is growing in the North American region, impacting the demand for off-highway electric equipment in the region. 

The off-highway EV market in the Asia Pacific region is projected to expand at the highest CAGR of 34.4% from 2020 to 2027. The countries in the Asia Pacific region, such as China and India, recorded a strong performance in 2019 owing to the boost in the infrastructure investment. China region is one of the significant contributors to the manufacturing of construction equipment owing to the presence of numerous OEMs, low production cost, low labor cost, and availability of excellent manufacturing facilities in the country. 

Market Segmented by Types:

Battery Electric Vehicle

Hybrid Electric Vehicle

Market Segmented by Applications:

Construction

Mining

Agriculture

Regional Analysis:

– North America (United States, Canada, Mexico)

–Europe (Germany, UK, France, Italy, Spain, Russia)

–Asia-Pacific (China, Japan, South Korea, Australia, India)

–South America (Brazil, Argentina, Columbia)

–The Middle East and Africa (UAE, Egypt, South Africa)

Influence of the Off-highway Electric Vehicle market report:

-Comprehensive assessment of all opportunities and risk in the Off-highway Electric Vehicle market.

-Off-highway Electric Vehicle market recent innovations and major events.

-Detailed study of business strategies for growth of the Off-highway Electric Vehicle market-leading players.

-Conclusive study about the growth plot of Off-highway Electric Vehicle market for forthcoming years.

-In-depth understanding of Off-highway Electric Vehicle market-particular drivers, constraints and major micro markets.

-Favorable impression inside vital technological and market latest trends striking the Off-highway Electric Vehicle market.

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Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Market

– Changing market dynamics of the industry

– In-depth market segmentation by Type, Application etc.

– Historical, current and projected market size in terms of volume and value

– Recent industry trends and developments

– Competitive landscape of Market

– Strategies of key players and product offerings

– Potential and niche segments/regions exhibiting promising growth

Finally, Off-highway Electric Vehicle Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.

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