An off-highway electric vehicle is a type of vehicle which are designed specifically for off-road use, where regular vehicles cannot work easily. Electric off high way vehicles are mainly used for agriculture, construction, infrastructure development, and mining. Compared to internal combustion vehicles electric vehicle serves high efficiency. Off high way, electric vehicles deliver the maximum torque from minimum speed which provides very good launching capacity to vehicle. Off-highway electric vehicles are more efficient in saving power and utilizing energy which boosts the efficiency of vehicles and helps in overall cost reduction.
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MARKET DYNAMICS - GLOBAL OFF-HIGHWAY ELECTRIC VEHICLE MARKET
Off-highway electric vehicles have zero exhaust gas emission which reduces the impact of CO2 emission of an electric off-highway vehicle compared to internal combustion vehicle. The increasing awareness about global warming and noise pollution, fossil fuel dependency, emission reduction drives the growth of the off-highway electric vehicle market globally. Government guidelines and regulations towards vehicle emission complaints also supplement the growth of the off-high way electric vehicle market. Heavy investment by manufacturers in electric vehicles, technological advancements, and a major surge in electric vehicles model boosts the growth of off-highway electric vehicle market.
COVID 19 IMPACTS ON OFF-HIGHWAY ELECTRIC VEHICLE MARKET
The outbreak of the covid-19 pandemic largely impacted the production chain of the industries. The shutdown of factories and scarcity of workforce due to Covid 19 impact directly on the production rate. The lowering demands and slower production rate impact negatively on the off-highway electric vehicle market. The demand for the off-highway electric market is declining due to financial crises in a pandemic. The manufacturing companies of off-highway electric vehicles stopped the production of their electric vehicle in pandemic and changed their focus towards the production of essential elements of Covid 19.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET SEGMENTATION OVERVIEW
The study analyses Global off-highway electric vehicle market based on propulsion, product type, battery type, application, power output, and geography.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY PROPULSION
By propulsion, the market is classified into battery electric vehicle (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment is likely to dominate the market over the forecast period. However, the PHEV segment is projected to be growing swiftly by 2026. The BEV segment is particularly expected to gain high traction in emerging economies owing to the fuel economy regulations.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY PRODUCT TYPE
Types of the off-highway electric vehicle included in the study are electric excavators, electric loaders, electric dump trucks, electric lawnmowers, electric tractors and others.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY BATTERY TYPE
Several types of batteries such as lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and others are available in an off-highway electric vehicle. Lithium-ion batteries are used in applications that need lighter weights and higher energy density. The demand for lithium-ion batteries segment is increasing rapidly in an off-highway electric vehicle as they provide a high energy density per weight.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY APPLICATION
Major applications of off-highway electric vehicle covered in the study are construction, agriculture, mining, and gardening. Mining sector contributes largest share in the growth of off-highway electric vehicle. The low emission and noise control regulation features of off highway electric vehicle augments the growth of segment in the estimated time frame.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY POWER OUTPUT
By power output off-highway electric vehicle are segmented as <50hp, 50-100hp, 150-300hp, >300hp.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY GEOGRAPHY
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and the Rest of the World. The Asia Pacific region is likely to hold majority share of the market as countries such as China, India, and South Korea, have been noticing an increased off-highway electric vehicles demand over the past few years linked with the rising preference for electric vehicles. However, the increased demand for fuel-efficient vehicles owing to the rising prices of petrol and taking environmental factor into consideration, the market for off-highway electric vehicles in Europe and North America is mounting swiftly. Furthermore, the constant development of off-highway electric vehicle is strengthening competition among market players to provide better and cost-effective solutions.
OFF-HIGHWAY ELECTRIC VEHICLE MARKET BY KEY PLAYERS
The key competitors of the market Caterpillar, Tesla Inc., BMW, Nissan Motors, Toyota MC, Volkswagen AG, Volvo CE, Komatsu, and Hitachi Construction, among others.
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