Off-Highway Electric Vehicle Market By Vehicle Type, By Energy Storage Capacity, By Battery Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market

CHAPTER 4: OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 HEV
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 BEV
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country

CHAPTER 5: OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY ENERGY STORAGE CAPACITY
5.1 Overview
5.1.1 Market size and forecast
5.2 < 50 kWh
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 50-200 kWh
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 >200 kWh
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country

CHAPTER 6: OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY BATTERY TYPE
6.1 Overview
6.1.1 Market size and forecast
6.2 Lithium-Ion (Li-Ion)
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Lead-Acid
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country

CHAPTER 7: OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY APPLICATION
7.1 Overview
7.1.1 Market size and forecast
7.2 Construction
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 Agriculture
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Mining
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country
7.5 Others
7.5.1 Key market trends, growth factors and opportunities
7.5.2 Market size and forecast, by region
7.5.3 Market analysis by country

CHAPTER 8: OFF-HIGHWAY ELECTRIC VEHICLE MARKET, BY REGION
8.1 Overview
8.1.1 Market size and forecast
8.2 North America
8.2.1 Key trends and opportunities
8.2.2 North America Market size and forecast, by Vehicle Type
8.2.3 North America Market size and forecast, by Energy Storage Capacity
8.2.4 North America Market size and forecast, by Battery Type
8.2.5 North America Market size and forecast, by Application
8.2.6 North America Market size and forecast, by country
8.2.6.1 U. S.
8.2.6.1.1 Market size and forecast, by Vehicle Type
8.2.6.1.2 Market size and forecast, by Energy Storage Capacity
8.2.6.1.3 Market size and forecast, by Battery Type
8.2.6.1.4 Market size and forecast, by Application
8.2.6.2 Canada
8.2.6.2.1 Market size and forecast, by Vehicle Type
8.2.6.2.2 Market size and forecast, by Energy Storage Capacity
8.2.6.2.3 Market size and forecast, by Battery Type
8.2.6.2.4 Market size and forecast, by Application
8.2.6.3 Mexico
8.2.6.3.1 Market size and forecast, by Vehicle Type
8.2.6.3.2 Market size and forecast, by Energy Storage Capacity
8.2.6.3.3 Market size and forecast, by Battery Type
8.2.6.3.4 Market size and forecast, by Application
8.3 Europe
8.3.1 Key trends and opportunities
8.3.2 Europe Market size and forecast, by Vehicle Type
8.3.3 Europe Market size and forecast, by Energy Storage Capacity
8.3.4 Europe Market size and forecast, by Battery Type
8.3.5 Europe Market size and forecast, by Application
8.3.6 Europe Market size and forecast, by country
8.3.6.1 UK
8.3.6.1.1 Market size and forecast, by Vehicle Type
8.3.6.1.2 Market size and forecast, by Energy Storage Capacity
8.3.6.1.3 Market size and forecast, by Battery Type
8.3.6.1.4 Market size and forecast, by Application
8.3.6.2 Germany
8.3.6.2.1 Market size and forecast, by Vehicle Type
8.3.6.2.2 Market size and forecast, by Energy Storage Capacity
8.3.6.2.3 Market size and forecast, by Battery Type
8.3.6.2.4 Market size and forecast, by Application
8.3.6.3 France
8.3.6.3.1 Market size and forecast, by Vehicle Type
8.3.6.3.2 Market size and forecast, by Energy Storage Capacity
8.3.6.3.3 Market size and forecast, by Battery Type
8.3.6.3.4 Market size and forecast, by Application
8.3.6.4 Netherlands
8.3.6.4.1 Market size and forecast, by Vehicle Type
8.3.6.4.2 Market size and forecast, by Energy Storage Capacity
8.3.6.4.3 Market size and forecast, by Battery Type
8.3.6.4.4 Market size and forecast, by Application
8.3.6.5 Italy
8.3.6.5.1 Market size and forecast, by Vehicle Type
8.3.6.5.2 Market size and forecast, by Energy Storage Capacity
8.3.6.5.3 Market size and forecast, by Battery Type
8.3.6.5.4 Market size and forecast, by Application
8.3.6.6 Rest of Europe
8.3.6.6.1 Market size and forecast, by Vehicle Type
8.3.6.6.2 Market size and forecast, by Energy Storage Capacity
8.3.6.6.3 Market size and forecast, by Battery Type
8.3.6.6.4 Market size and forecast, by Application
8.4 Asia-Pacific
8.4.1 Key trends and opportunities
8.4.2 Asia-Pacific Market size and forecast, by Vehicle Type
8.4.3 Asia-Pacific Market size and forecast, by Energy Storage Capacity
8.4.4 Asia-Pacific Market size and forecast, by Battery Type
8.4.5 Asia-Pacific Market size and forecast, by Application
8.4.6 Asia-Pacific Market size and forecast, by country
8.4.6.1 China
8.4.6.1.1 Market size and forecast, by Vehicle Type
8.4.6.1.2 Market size and forecast, by Energy Storage Capacity
8.4.6.1.3 Market size and forecast, by Battery Type
8.4.6.1.4 Market size and forecast, by Application
8.4.6.2 Japan
8.4.6.2.1 Market size and forecast, by Vehicle Type
8.4.6.2.2 Market size and forecast, by Energy Storage Capacity
8.4.6.2.3 Market size and forecast, by Battery Type
8.4.6.2.4 Market size and forecast, by Application
8.4.6.3 India
8.4.6.3.1 Market size and forecast, by Vehicle Type
8.4.6.3.2 Market size and forecast, by Energy Storage Capacity
8.4.6.3.3 Market size and forecast, by Battery Type
8.4.6.3.4 Market size and forecast, by Application
8.4.6.4 South Korea
8.4.6.4.1 Market size and forecast, by Vehicle Type
8.4.6.4.2 Market size and forecast, by Energy Storage Capacity
8.4.6.4.3 Market size and forecast, by Battery Type
8.4.6.4.4 Market size and forecast, by Application
8.4.6.5 Rest of Asia-Pacific
8.4.6.5.1 Market size and forecast, by Vehicle Type
8.4.6.5.2 Market size and forecast, by Energy Storage Capacity
8.4.6.5.3 Market size and forecast, by Battery Type
8.4.6.5.4 Market size and forecast, by Application
8.5 LAMEA
8.5.1 Key trends and opportunities
8.5.2 LAMEA Market size and forecast, by Vehicle Type
8.5.3 LAMEA Market size and forecast, by Energy Storage Capacity
8.5.4 LAMEA Market size and forecast, by Battery Type
8.5.5 LAMEA Market size and forecast, by Application
8.5.6 LAMEA Market size and forecast, by country
8.5.6.1 Latin America
8.5.6.1.1 Market size and forecast, by Vehicle Type
8.5.6.1.2 Market size and forecast, by Energy Storage Capacity
8.5.6.1.3 Market size and forecast, by Battery Type
8.5.6.1.4 Market size and forecast, by Application
8.5.6.2 Middle East
8.5.6.2.1 Market size and forecast, by Vehicle Type
8.5.6.2.2 Market size and forecast, by Energy Storage Capacity
8.5.6.2.3 Market size and forecast, by Battery Type
8.5.6.2.4 Market size and forecast, by Application
8.5.6.3 Africa
8.5.6.3.1 Market size and forecast, by Vehicle Type
8.5.6.3.2 Market size and forecast, by Energy Storage Capacity
8.5.6.3.3 Market size and forecast, by Battery Type
8.5.6.3.4 Market size and forecast, by Application

CHAPTER 9: COMPANY LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Key developments

CHAPTER 10: COMPANY PROFILES
10.1 DEERE & COMPANY
10.1.1 Company overview
10.1.2 Company snapshot
10.1.3 Operating business segments
10.1.4 Product portfolio
10.1.5 Business performance
10.1.6 Key strategic moves and developments
10.2 Epiroc
10.2.1 Company overview
10.2.2 Company snapshot
10.2.3 Operating business segments
10.2.4 Product portfolio
10.2.5 Business performance
10.2.6 Key strategic moves and developments
10.3 Hitachi Construction Machinery
10.3.1 Company overview
10.3.2 Company snapshot
10.3.3 Operating business segments
10.3.4 Product portfolio
10.3.5 Business performance
10.3.6 Key strategic moves and developments
10.4 Hyundai Doosan Infracore Co. Ltd.
10.4.1 Company overview
10.4.2 Company snapshot
10.4.3 Operating business segments
10.4.4 Product portfolio
10.4.5 Business performance
10.4.6 Key strategic moves and developments
10.5 JCB
10.5.1 Company overview
10.5.2 Company snapshot
10.5.3 Operating business segments
10.5.4 Product portfolio
10.5.5 Business performance
10.5.6 Key strategic moves and developments
10.6 Komatsu Ltd.
10.6.1 Company overview
10.6.2 Company snapshot
10.6.3 Operating business segments
10.6.4 Product portfolio
10.6.5 Business performance
10.6.6 Key strategic moves and developments
10.7 AB Volvo
10.7.1 Company overview
10.7.2 Company snapshot
10.7.3 Operating business segments
10.7.4 Product portfolio
10.7.5 Business performance
10.7.6 Key strategic moves and developments
10.8 Anhui Heli Co., Ltd.
10.8.1 Company overview
10.8.2 Company snapshot
10.8.3 Operating business segments
10.8.4 Product portfolio
10.8.5 Business performance
10.8.6 Key strategic moves and developments
10.9 Cargotec corporation
10.9.1 Company overview
10.9.2 Company snapshot
10.9.3 Operating business segments
10.9.4 Product portfolio
10.9.5 Business performance
10.9.6 Key strategic moves and developments
10.10 Caterpillar
10.10.1 Company overview
10.10.2 Company snapshot
10.10.3 Operating business segments
10.10.4 Product portfolio
10.10.5 Business performance
10.10.6 Key strategic moves and developments
10.11 Clark
10.11.1 Company overview
10.11.2 Company snapshot
10.11.3 Operating business segments
10.11.4 Product portfolio
10.11.5 Business performance
10.11.6 Key strategic moves and developments
10.12 CNH Industrial
10.12.1 Company overview
10.12.2 Company snapshot
10.12.3 Operating business segments
10.12.4 Product portfolio
10.12.5 Business performance
10.12.6 Key strategic moves and developments
10.13 LIEBHERR-International Deutschland GmbH
10.13.1 Company overview
10.13.2 Company snapshot
10.13.3 Operating business segments
10.13.4 Product portfolio
10.13.5 Business performance
10.13.6 Key strategic moves and developments
10.14 Narrow Isle inc.
10.14.1 Company overview
10.14.2 Company snapshot
10.14.3 Operating business segments
10.14.4 Product portfolio
10.14.5 Business performance
10.14.6 Key strategic moves and developments
10.15 Sandvik
10.15.1 Company overview
10.15.2 Company snapshot
10.15.3 Operating business segments
10.15.4 Product portfolio
10.15.5 Business performance
10.15.6 Key strategic moves and developments
10.16 SANY Group
10.16.1 Company overview
10.16.2 Company snapshot
10.16.3 Operating business segments
10.16.4 Product portfolio
10.16.5 Business performance
10.16.6 Key strategic moves and developments
10.17 Toyota Motor Corporation
10.17.1 Company overview
10.17.2 Company snapshot
10.17.3 Operating business segments
10.17.4 Product portfolio
10.17.5 Business performance
10.17.6 Key strategic moves and developments

Executive Summary

According to this report, titled, 'Off-Highway Electric Vehicle Market,' the off-highway electric vehicle market was valued at $15.7 billion in 2021, and is estimated to reach $168.7 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.

The concept of off-highway electric vehicle is typically attributed to the off-road vehicle that use a propulsion technology which does not produce internal combustion engine exhaust or other carbon emissions when it operates. It is designed to operate on public roads as well as rough terrain. Moreover, off-highway electric vehicles have a wide range of applications in the area of good carriers, agricultural applications, and passenger commute. For instance, in June 2021, Caterpillar announced the launch of the R1700 XE LHD battery electric vehicle at MINExpo, an international trade show sponsored by the National Mining Association. It was capable of carrying 15-tonne payload. Furthermore, it was capable of being fully charged in less than 30 minutes using a single charger or in less than 20 minutes using two chargers.

In recent years, electric driven off-highway electric vehicles are gaining momentum, owing to its fuel-efficient operations along with effective noise reduction level. Use of off-highway electric vehicles are regulated by stringent government rules and regulations for improved safety. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented BS6 emission standard to control outflow of air pollutants from vehicles.

In addition, the off-highway electric vehicle market has witnessed significant growth in recent years, owing to the growth in the mining industry, increasing pollution from the diesel-powered vehicles, and the developments carried out in the automobile industry. Furthermore, the companies operating in the off-highway EV market have adopted collaborations, investments, and product launches to increase their market share and expand their geographical presence. For instance, in March 2021, Hitachi Construction Equipment Co., Ltd. signed a Memorandum of Understanding (MoU) with ABB, a leading global technology company dealing in electrification, robotics and automation. The two companies worked together to apply ABB’s electrification, automation and digital solutions to Hitachi mining trucks and excavators. This increased the offerings by Hitachi in the electric construction equipment segment.

The factors such as increase in trend of recreational activities & adventure sports, rise in demand for electric machinery in construction sector, and surge in sales of electric vehicles supplement the growth of the off-highway electric vehicle market. However, high maintenance cost of off-highway electric vehicles and ban on ATV & UTV driving in wildlife area are the factors expected to hamper the growth of the market. In addition, technology development in off-highway electric vehicle and expansion of dealer network for effective product reach create market opportunities for the key players operating in the off-highway electric vehicle market.

COVID-19 Impact Analysis:

Majority of manufacturing facilities of off-highway electric vehicles have been shut down during the pandemic, owing to commute restrictions, workforce unavailability, and short supply of raw material due to supply chain disturbance. Moreover, it has impacted the overall economy and contributors such as market participants formulating strategic cost-saving plans. For the off-highway electric vehicle market, 2020 was witnessed as a negative performing year, owing to negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of off-road vehicles are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome the financial downturn. The demand from end users has reduced at a considerable level as there is low consumer confidence and high vehicle prices. To cope up with consumer sentiments, demand patterns and government regulations, industry players have declined overall production activities.

KEY FINDINGS OF THE STUDY

By vehicle type, the battery electric vehicle (BEV) segment dominated the global off-highway electric vehicle market in terms of growth rate.

By energy storage capacity, the >200 kWh segment dominated the global Off-Highway Electric Vehicle market in terms of growth rate.

By battery type, the lithium-ion (Li-Ion) segment dominated the global off-highway electric vehicle market in terms of growth rate.

By application, the others segment dominated the global off-highway electric vehicle market in terms of growth rate.

The leading players operating in the off-highway electric vehicle market are AB Volvo, Anhui Heli Co., Ltd., Cargotec Corporation, Caterpillar, Clark, CNH Industrial N.V., DEERE & COMPANY, Epiroc AB, Hitachi Construction Machinery, Hyundai Construction Equipment Co., Ltd., JCB, Komatsu Ltd., Liebherr-International AG, Narrow Isle inc., Sandvik AB, SANY Group, and Toyota Motor Corporation.

Companies Mentioned

• Deere & Company
• Epiroc
• Hitachi Construction Machinery
• Hyundai Doosan Infracore Co. Ltd.
• Jcb
• Komatsu Ltd.
• Ab Volvo
• Anhui Heli Co. Ltd.
• Cargotec Corporation
• Caterpillar
• Clark
• Cnh Industrial
• Liebherr-International Deutschland GmbH
• Narrow Isle Inc.
• Sandvik
• Sany Group
• Toyota Motor Corporation

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.