Dublin, Dec. 28, 2020 (GLOBE NEWSWIRE) -- The "Global Electric Off-Highway Vehicle Market by Equipment Type (Excavator, Motor Grader, Dozer, Loader, LHD, Dump Truck, Lawnmower, Sprayer, Tractor), Application, Propulsion, Battery Type, Battery Capacity, Power Output and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global electric off-highway vehicle market size is projected to grow from USD 6.3 billion in 2020 to USD 17.5 billion by 2025, at a CAGR 22.8%.
"Rising demand for low noise and emission-free machines is the prominent factor for the growth of the electric off-highway vehicle market globally"
Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Construction Machinery (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), and Epiroc (Sweden) are the leading manufacturers and suppliers of electric off-highway vehicles, including the electric excavator, electric loader, electric dozer, electric mining dump truck, electric lawnmower and electric tractor in the global market.
Rising demand for low noise and emission-free machines like electric excavators, electric loaders, and electric dozers in residential areas has a significant impact on the growth of electric off-highway vehicles is expected to drive the adoption of electric off-highway vehicles. Alternatively, the need to comply with stringent emission norms has shifted the focus of manufacturers on the electric off-highway vehicle. However, issues related to compatibility, interchangeability, and standardization are key challenges in the electrification of off-highway vehicles.
"Demand for emission-free mining vehicles including electric mining dump truck and electric LHD is expected to drive the Mining application market during the forecast period"
Mining is a primary economic activity of extracting minerals and rare earth metals. In the broader sense, mining could be defined as the extraction of nonrenewable resources such as metals, minerals, limestone, and coal.
With an increase in global emission levels, manufacturers are facing operational issues in reaching an optimum balance between the output received, cost incurred, and profit margins by adhering to government regulations/norms. Manufacturers are turning the wheels toward alternate powertrain sources that include electric and hybrid electric vehicles. For instance, Caterpillar launched the first battery-electric load-haul-dump (LHD) R1700 XE, equipped with MEC 500 fast-charging system, for rapid, onboard charging with little or no impact on the existing electrical infrastructure.
"The other battery segment is expected to register the highest CAGR rate within the electric off-highway vehicle market"
Other battery types include lithium manganese oxide (LMO), lithium iron phosphate, nickel-metal hydride (Ni-MH), lithium titanate oxide (LTO), and solid-state battery. Ongoing developments related to various alternative battery types by major electric off-highway vehicle manufacturers and battery companies to minimize the drawbacks of conventional battery types are expected to drive the growth of this segment during the forecast period. For instance, Caterpillar is working on the development of solid-state battery technology for applications in construction, energy, storage, transportation, and mining.
"The Asia Pacific market is expected to offer promising growth opportunities in the global electric off-highway vehicle market"
The demand for electric off-highway vehicles including electric excavator, electric loader, electric dozer, electric mining dump truck, electric lawnmower, and electric tractor to reduce emissions and noise generation, are factors expected to drive the market growth of the Asia-pacific region.
Increasing demand for electric off-highway vehicles to achieve higher productivity, fuel efficiency, and convenience at reduced carbon footprints are expected to drive the adoption of electric off-highway vehicles in Asia-pacific. Additionally, the presence of major electric off-highway vehicle manufacturer companies like Hitachi, Sany, BYD, and Komatsu and their focus on domestic market sales will drive the Asia-pacific electric off-highway vehicle market during the forecast period.
Market Dynamics
Drivers
- Aggressive Step Toward Minimizing Emissions and Ventilation Costs in Underground Mining
- Rising Demand for Low Noise and Emission-Free Construction Machines in Residential Areas
Restraints
- Higher Initial Cost Than Conventional Ice Vehicles
Opportunities
- Development of Long-Range and Fast Charging Battery Technology
Challenges
- Issues Related to Compatibility, Interchangeability, and Standardization
- Power Capacity Limitations for Standard and Large Electric Off-Highway Vehicles
Supply Chain Analysis
Revenue Shift for Electric Off-Highway Vehicle Manufacturers
Electric Off-Highway Vehicle Market Ecosystem
Average Selling Price Trend
Companies Mentioned
- BEML
- BYD Company Ltd.
- Caterpillar
- CRRC Corporation Limited (CRRC)
- Dana Limited
- Deere & Company
- Deutz AG
- Doosan
- Epiroc
- Exel Industries
- Fendt
- Hitachi Construction Machinery
- Husqvarna
- JCB
- Kobelco Construction Machinery Europe B.V.
- Komatsu
- Kubota
- Liebherr
- Sandvik
- Sany Heavy Industries
- Sky-Well New Energy Automobile Group Co. Ltd.
- Solectrac, Inc.
- Stihl Holding AG and Co. KG
- Volvo Construction Equipment
- XCMG
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$17.5 Billion Electric Off-Highway Vehicle Market - Global Forecast to 2025: Opportunities in the Development of Long-Range and Fast Charging Battery Technology - GlobeNewswire
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