Press release
Off-Highway Electric Vehicle Market : Lithium-Ion (Li-Ion), Lead-Acid Industry Forecast, 2021-2031
In recent years, electric driven off-highway electric vehicles are gaining momentum, owing to its fuel-efficient operations along with effective noise reduction level. Use of off-highway electric vehicles are regulated by stringent government rules and regulations for improved safety. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented BS6 emission standard to control outflow of air pollutants from vehicles.
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In addition, the off-highway electric vehicle market has witnessed significant growth in recent years, owing to the growth in the mining industry, increasing pollution from the diesel-powered vehicles, and the developments carried out in the automobile industry. Furthermore, the companies operating in the off-highway EV market have adopted collaborations, investments, and product launches to increase their market share and expand their geographical presence. For instance, in March 2021, Hitachi Construction Equipment Co., Ltd. signed a Memorandum of Understanding (MoU) with ABB, a leading global technology company dealing in electrification, robotics and automation. The two companies worked together to apply ABB's electrification, automation and digital solutions to Hitachi mining trucks and excavators. This increased the offerings by Hitachi in the electric construction equipment segment.
The factors such as increase in trend of recreational activities & adventure sports, rise in demand for electric machinery in construction sector, and surge in sales of electric vehicles supplement the growth of the off-highway electric vehicle market. However, high maintenance cost of off-highway electric vehicles and ban on ATV & UTV driving in wildlife area are the factors expected to hamper the growth of the market. In addition, technology development in off-highway electric vehicle and expansion of dealer network for effective product reach create market opportunities for the key players operating in the off-highway electric vehicle market.
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KEY FINDINGS OF THE STUDY
By vehicle type, the battery electric vehicle (BEV) segment dominated the global off-highway electric vehicle market in terms of growth rate.
By energy storage capacity, the >200 kWh segment dominated the global Off-Highway Electric Vehicle market in terms of growth rate.
By battery type, the lithium-ion (Li-Ion) segment dominated the global off-highway electric vehicle market in terms of growth rate.
By application, the others segment dominated the global off-highway electric vehicle market in terms of growth rate.
The leading players operating in the off-highway electric vehicle market are AB Volvo, Anhui Heli Co., Ltd., Cargotec Corporation, Caterpillar, Clark, CNH Industrial N.V., DEERE & COMPANY, Epiroc AB, Hitachi Construction Machinery, Hyundai Construction Equipment Co., Ltd., JCB, Komatsu Ltd., Liebherr-International AG, Narrow Isle inc., Sandvik AB, SANY Group, and Toyota Motor Corporation.
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