Off-Highway Electric Vehicle Market Revenue Stood At $6,399.5 Million in 2020: P&S Intelligence

NEW YORK, July 14, 2021 /PRNewswire/ -- The surging investments being made in electric off-highway vehicles, mushrooming number of collaborations and partnerships, and rapid advancements being made in technologies are some of the major factors fueling the progress of the global electric off-highway vehicle market. As a result, the market revenue increased to $6,399.5 million in 2020, according to P&S Intelligence.

The COVID-19 pandemic negatively impacted the electric off-highway market, primarily because of the imposition of lockdowns in several countries, shutting down of manufacturing facilities, and the reduction in the workforce size. The manufacturing sector was hit very badly and it witnessed a sharp fall in product sales. However, the situation is getting better in many countries, which is helping the sector recover.

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The market is classified into agriculture, mining, and construction, depending on application. Out of these, the construction category dominated the market in 2020. This was because of the large-scale urbanization, on account of the huge requirement for housing and other infrastructure across the world. Moreover, the increasing construction activities in several countries are driving the growth of the category.

The market is also categorized into lead-acid battery and lithium-ion (Li-ion) battery, on the basis of battery type. Between these, the Li-ion battery category contributed the highest revenue to the market in 2020 and this trend is predicted to continue in the coming years as well. This will be because of the fact that these batteries have a lower self-discharging rate, better energy efficiency, and high power-to-weight ratio.

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Globally, North America is predicted to dominate the market for electric off-highway vehicles till 2030. This is ascribed to the increasing implementation of environmental protection initiatives in the regional countries for controlling the carbon footprint and mitigating the release of emissions from the construction industry. For example, in the U.S., the District of Columbia and 15 states have already aimed to have all medium-and heavy-duty trucks emission-free by 2050. Furthermore, electric off-highway vehicles such as electric loaders, electric mining dump trucks, electric tractors, electric lawnmowers, and electric dozers are being used heavily for minimizing noise and pollution.

The players operating in the electric off-highway vehicle market are focusing on technological advancements. In March 2020, Komatsu launched a new electric mini excavator in Japan. This model offers excavation performance, which is similar to the one provided by internal combustion engine-based models with similar power outputs, while producing no emissions and being almost noiseless.

Similarly, AB Volvo announced in April 2019 that its full-electric compact equipment, including compact excavators (EC15 to EC27) and wheel loaders (L20 to L28) will be delivered from 2021 onwards.

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Sandvik AB, Deere & Company, Caterpillar Inc., Epiroc AB, Komatsu Ltd., Doosan Corporation, Hitachi Construction Machinery Co. Ltd., AB Volvo, J C Bamford Excavators Ltd., and CNH Industrial N.V are some of the major players in the global electric off-highway vehicle market.

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