Off-highway electric vehicles are the zero-emissions vehicles which match the robustness and power for the toughest off-road jobs along with agility and performance needed for urban applications. These vehicles are designed and built with the off-road tires, front and rear suspensions, and the traction equivalent to a four-wheel-drive diesel vehicle deliver outstanding productivity in tough environments such as farms, rough terrain, hilly terrains, vineyards, dirt roads, construction sites, and others. Off-highway electric vehicle market is anticipated to grow considerably in coming years.
MARKET SCOPE
The "Global Off-Highway Electric Vehicle Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the off-highway electric vehicle market with detailed market segmentation by equipment type, propulsion type, battery capacity, application and geography. The report provides key statistics on the market status of the leading off-highway electric vehicle market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on equipment type, the global off-highway electric vehicle market is segmented into excavator, tractor, dozer, loader, lawn mower, sprayer and others.
- On the basis of propulsion type, the market is segmented into hybrid electric and battery electric.
- Based on battery capacity, the market is bifurcated into less than 50 kWh, 50-200 kWh, 200-500 kWh and more than 500 kWh.
- On the basis of application, the market is segmented into construction, mining and agriculture.
Drivers:
- Growing awareness regarding advantages of off-highway electric vehicle.
- Rising urbanization and increasing per capita disposable income to boost market growth of off-highway electric vehicle.
- Unorganized retail sector in few developing countries of Asia Pacific region.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The off-highway electric vehicle market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the off-highway electric vehicle market in these regions.
IMPACT OF COVID-19 ON OFF-HIGHWAY ELECTRIC VEHICLE MARKET
The outbreak of the COVID-19 has severely impacted the automotive, transportation and other related industries adversely. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption of global supply chain has left an adverse impact on the automotive industry. This pandemic resulted in temporary closure various businesses. Also considering salary cuts or job losses, buying capacity of the consumer was also reduced. Overall demand was affected to a notable extent. Restrictions of limited workforce at production site also affected the market from supply side. All the mentioned factors have impacted the off-highway electric vehicle market negatively.
MARKET PLAYERS
The report covers key developments in the off-highway electric vehicle market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from off-highway electric vehicle market are anticipated to lucrative growth opportunities in the future with the rising demand for off-highway electric vehicle in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the off-highway electric vehicle market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AB Volvo
- Caterpillar
- Deere and Company
- Epiroc Norge AS
- Hitachi Construction Machinery Co., Ltd
- J C Bamford Excavators Ltd.
- Komatsu Ltd.
- Liebherr Group
- Sandvik AB
- SOLECTRAC