Off-Highway Electric Vehicle Market: Introduction
- Off-highway electric vehicles include agriculture tractors, mining trucks, lawn movers, and construction equipment utilized in off-highway applications with electric propulsion
Key Drivers of Global Off-Highway Electric Vehicle Market
- Rapid development of infrastructure in developing countries and initiation of re-development projects in developed countries are boosting the sales of electric-off highway vehicles. Electric off-highway vehicles are more productive as compared to their IC engine counterparts. They contribute to lesser operational cost due to fewer mechanical parts and hence, are being increasingly preferred by construction contractors.
- Off-highway vehicles are also preferred in agricultural applications due to an increase in fuel prices and active government measures such as subsidies on electric tractors spurring the adoption of electric tractors, which in turn is driving the off-highway electric vehicle market
- Rising stringency in emission norms and environmental awareness is anticipated to drive the off-highway electric vehicle market
Challenges of Global Off-Highway Electric Vehicle Market
- Electric off-highway vehicles are expensive owing to the high price of the electric battery, which is a major challenge to the market. Development of battery technology and decline in price of battery are anticipated to boost the off-highway electric vehicle market.
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Mining segment to hold dominant share of global off-highway electric vehicle market
- Electric trucks are being increasingly preferred at deep and underground mines, as they do not generate emissions and noise. Rising demand for commodities such as copper, iron, and gold is driving the mining industry prompting mining companies to update their equipment and invest in purchase of more productive electric vehicles.
<50 HP segment held prominent share in 2019
- Electrification trend is currently popular among the smaller & low HP off-highway vehicles. One or two electric motors are used in pure electric or with hybrid off-highway electric vehicles. The higher HP segments such as 150-300 HP and above 300 HP, currently, hold a relatively minor share; however, they are anticipated to expand at a high growth rate during the forecast period.
Europe and North America to lead the global off-highway electric vehicle market
- Europe and North America have enacted stringent emission norms and are taking active measures to reduce emissions. Thus, Europe and North America, together, are expected to hold a dominant share of the off-highway electric vehicle market. The market in Asia Pacific is anticipated to expand at a high growth rate owing to rising usage of electric mining trucks in ANZ and China.
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Key Players Operating in Global Off-Highway Electric Vehicle Market
The global off-highway electric vehicle market has presence of a large number of players. A few of the key players operating in the global off-highway electric vehicle market are:
- CHN Industrial
- Deere & Company
- Kubota Corporation
- Duetz AG
- Doosan Corporation
- Atlas Copco
- Sumitomo Heavy Industries
- Stihl Holding AG and Co. Kg
- Liebherr Group
- Hitachi Construction Machinery
Global Off-Highway Electric Vehicle Market: Research Scope
Global Off-Highway Electric Vehicle Market, by Power Output
- <50 HP
- 50-150 HP
- 150-300 HP
- >300 HP
Global Off-Highway Electric Vehicle Market, by Battery Capacity
- <50 Kwh
- 50-200 Kwh
- 200-500 Kwh
- >500 Kwh
Global Off-Highway Electric Vehicle Market, by Propulsion Type
- Battery Electric
- Hybrid Electric
Global Off-Highway Electric Vehicle Market, by Battery Type
- Lithium Ion
Global Off-Highway Electric Vehicle Market, by Application
- Gardening/ Landscaping
Global Off-Highway Electric Vehicle Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.