Electric Off-Highway Vehicle Market is Globally Growing at a 22.8% CAGR in Upcoming Years

The global Electric Off-highway Vehicle Market is anticipated to reach 17.5 billion USD by 2025, up from an expected 6.3 billion USD in 2020 at 22.8% CAGR for the said period. The key factors responsible for this growth would be development of advanced and new products, the post-2020 recovery of end-use sectors and upcoming norms of emission for the off-highway vehicles.

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The OEMs might also reduce some financial investments in the R&D activities that are related to the electric off-highway vehicle if the impact of COVID-19 is prolonged. With the decrease in demand for Electric Off-Highway Vehicles across the globe might also delay the shift to standard and large electric off-highway vehicles from mini electric off-highway vehicles. As the growth of EOHV market is directly proportional to the production of vehicles, the electric off-highway vehicle market is expected to be affected by this.

But, many off-highway vehicles OEM’s like manufacturers of electric loaders, electric excavators, electric tractor, electric dump trucks, and electric lawnmower have their production resumed since the May of 2020. Although, China started their production in early February, with XCMG Group and BYD Auto Co., Ltd. by reopening their plants at full capacity. While in the US, large OEMs, just like John Deere, who had temporarily halted their production in May, are expected to be resuming their operations by 2020’s third quarter.

Due to the COVID-19 pandemic, the global off-highway vehicles industry is estimated to see a decent of –3.3% in 2020. This pandemic has significantly affected the heavy equipment industry because some of the manufacturers are having to shutting down their plant operations while others are still considering to use their efforts to cater to the demand for the medical supplies. As lockdowns have been put up around the world to contain spread of this disease, the mining and construction projects are being greatly affected.

A few China-based players showed a positive stance in the March of 2020, therefore representing a revival of the off-highway industries in the country. Also, the lockdown restrictions’ relaxation in Japan and the facilities in India gradually opening may highly boost the demand for the electric off-highway vehicle market by 2021.

LHD loaders and Diesel-powered vehicles emit large amounts of harmful gasses, that includes nitrogen dioxide, carbon dioxide, carbon monoxide, and others. Miners experience several lethal health effects, that include adverse effect on sensory perceptions, chronic bronchitis, severe respiratory irritation, and emphysema, as they are exposed to such harmful emissions for a long time because of long shifts.

The disposition of electric-mining vehicles like electric LHD loader and electric dump truck, provides significantly improved energy efficiency, lower maintenance time, decreased heat dissipation and harmful emissions, decreased ventilation requirements, improved working environment (air quality), reduced operating costs, improved mining profit and mitigated the environmental impact.

Most of the electric off-highway vehicles are presently working on using lithium-ion batteries because of their various advantages over the nickel-metal and lead-acid hydride batteries. The Lithium-ion batteries have numerous drawbacks that greatly affects its battery performance. These limitations of the lithium-ion batteries are - issues related to its robustness, shorter lifespan, performance fluctuations due to changing temperatures, limited power density, high cost and rigidness.

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Based on Geography, the Electric Off-Highway Vehicle Market is segmented into-

North America – US, Canada
Europe – Germany, UK, France, Italy, Spain, Rest of Europe
Asia Pacific (APAC) – India, Japan, China, Rest of APAC
Rest of the World

The growth of the US market is majorly due to the environmental protection measures, with the help of upcoming stringent emission norms that looks after the for-fuel economy in the country, and also the efforts taken by local companies to manufacture hybrid and electric equipment’s for the domestic market.

The electric off-highway vehicle market is largely dominated by a few globally established companies like:

Volvo Construction Equipment (Volvo CE) (Sweden)
Hitachi Construction Machinery (Japan)
Komatsu Ltd. (Japan)
Caterpillar (US)
Soletrac INC
Dana Limited
Deutz AG
Fendt
Kobelco Contruction Machinery Europe
Husqvama
Exel Industries
Sky-well New Energy AutomobileGroup
XCMG, CRRC
Doosan. BEML
Sany Heavy Industries
Kubota

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