CHICAGO, Sept. 11, 2019 /PRNewswire/ -- According to the
new market research report "Off-Highway Electric Vehicle
Market by Equipment, Propulsion, Application (Construction,
Mining, and Agriculture), Battery Type, Battery Capacity (<50
kWh, 50 – 200 kWh, 200 – 500 kWh, >500 kWh), Power Output,
Electric Tractor-Global Forecast to 2027", published by
MarketsandMarkets™, the Off-Highway Electric Vehicle Market
is projected to grow at a CAGR of 25.2% to reach USD 29.8 billion by 2027 from an estimated
USD 4.9 billion in 2019.
The operational efficiency of off-highway electric vehicles is
20–25% higher than diesel-based ones. In addition, off-highway
electric vehicles can help manufacturers comply with emission
parameters in different countries. The operating power and life of
these vehicles are superlative when compared to other vehicles.
Such factors are driving the demand for the Off-Highway Electric
Vehicle Market.
Browse in-depth TOC on "Off-Highway Electric
Vehicle Market"
113 – Tables
47 – Figures
177 – Pages
The construction application is estimated to hold the largest
share of the Off-Highway Electric Vehicle Market during the
forecast period
Emission regulations have a significant impact on the market for
construction equipment. Growing environmental concerns and
awareness of the harmful effects of vehicular emissions have forced
OEMs to focus on electrification of construction equipment. This,
in turn, has resulted in increased spending on R&D activities
for electrification of construction equipment. This requirement,
along with emission regulations, has boosted the market for
electric construction equipment. As per MarketsandMarkets™
analysis, in 2019, construction application constitutes a major
share of the Off-Highway Electric Vehicle Market. Mini excavator
has the largest market share in the electric construction equipment
market.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129288251
The electric propulsion segment is expected to be the
fastest-growing market for off-highway electric vehicles during the
forecast period
The electric propulsion market is expected to grow at the
fastest rate during the forecast period due to increasing
stringency in emission regulations. The industrial equipment
emission norms are being continuously upgraded across different
regions. According to the EU norms, NOx and PM levels have reduced
by nearly 95.7% and 97.2%, respectively, from Stage I to Stage V.
Also, as per the US EPA norms, NOx and PM levels have declined by
95.6% and 96.2%, respectively, from Tier I to Tier IV. Countries
such as China, Japan, South
Korea, and India are also
following similar norms in line with these standards. Commercial
vehicle segment is expected to grow at the highest CAGR
Volvo CE, Hitachi Construction Machinery, JCB, and Caterpillar,
among other companies, have not only extended their electric
offerings for off-highway vehicles but also initiated R&D
efforts for the same. Due to these stringent emission norms and
need for increased operational efficiency, the electric propulsion
type market is expected to grow at the highest CAGR during the
forecast period.
Request for Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=129288251
Europe to lead the
Off-Highway Electric Vehicle Market by value
Europe is expected to lead the
Off-Highway Electric Vehicle Market, in terms of value, during the
forecast period. Countries such as Germany, France, the UK, and Spain are the key markets. In Europe, construction and mining activities
have long been drivers of economic growth, providing natural
resources and access to trade and transport, and it is expected to
be the driving force behind the European Off-Highway Electric
Vehicle Market.
The global Off-Highway Electric Vehicle Market is
dominated by major players such as Volvo CE (Sweden), Caterpillar (US), Komatsu
(Japan), Hitachi Construction
Machinery (Japan), and JCB
(UK).
Browse Related Reports:
Construction Equipment Market - Global Forecast to
2025
by Type (Excavator - Crawler and Mini, Loader - Backhoe,
Skid-steer, Wheeled and Other Equipment), Category, Emission
Regulation, Aftertreatment Device, Power Output, Application,
Rental Equipment, and Region
Farm Equipment Market - Global Forecast to 2025
by Tractor Power Output (<30,31–70, 71–130, 131–250,
>250), Drive (2WD, 4WD, & Autonomous), Combines, Baler,
Sprayer, Implement (Plow & Cultivate, Sow, Harvest, Plant
Protection & Fertilizer), Rental, & Region
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000
high growth niche opportunities/threats which will impact 70% to
80% of worldwide companies' revenues. Currently servicing 7500
customers worldwide including 80% of global Fortune 1000 companies
as clients. Almost 75,000 top officers across eight industries
worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are
tracking global high growth markets following the "Growth
Engagement Model – GEM". The GEM aims at proactive collaboration
with the clients to identify new opportunities, identify most
important customers, write "Attack, avoid and defend" strategies,
identify sources of incremental revenues for both the company and
its competitors. MarketsandMarkets™ now coming up with 1,500
MicroQuadrants (Positioning top players across leaders, emerging
companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more
than 10,000 companies this year for their revenue planning and help
them take their innovations/disruptions early to the market by
providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market
research platform, "Knowledge Store" connects over 200,000 markets
and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche
markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight:
https://www.marketsandmarkets.com/ResearchInsight/off-highway-electric-vehicle-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source:
https://www.marketsandmarkets.com/PressReleases/off-highway-electric-vehicle.asp
Logo:
https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg