Electric Off-Highway Vehicle Market Research Report
Electric Off-highway Vehicle Market:
The GMI Research expects the electric off-highway vehicle
market to expand at a higher rate. From a regional perspective, North America
is expected to increase at a higher CAGR due to the environmental protection
measures and stringent emission norms for fuel economy. These norms are
promoting local enterprises to manufacture hybrid and electric equipment for
the domestic market.
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Electric
Off-highway Vehicle Market Dynamics (including market size, share, trends,
forecast, growth, and industry analysis)
Key
Drivers
The increasing number of initiatives to decrease carbon
emissions and ventilation costs in underground mining is a major factor driving
the growth of the electric
off-highway vehicle market. Diesel-powered vehicles, including dump trucks
and LHD loaders, emit massive amounts of harmful gases, such as carbon
monoxide, carbon dioxide, nitrogen dioxide, among others. These gases affect
employees as they are more exposed to these harmful gases for a longer period
and hence, witness numerous health effects that include chronic bronchitis,
severe respiratory irritation, emphysema, and effect on sensory perceptions. As
per the International Council of Mining and Metals, around 40% of an
underground mine's energy outlay is expended on ventilation systems to mitigate
pollutants and heat from mining tunnels which will augment the growth of the
global electric off-highway vehicles market.
The emergence of the COVID -19 pandemic has a negative
influence on the growth of the global electric off-highway due to the temporary
shutdown of the production plants worldwide. Additionally, the lockdown
globally has hindered construction and mining projected, which will hamper the
growth of the market. On the other hand, loss of productivity owing to the high
charging time spent in these vehicles is restraining the growth of the market.
Mining and construction organizations work approximately 8-16 hours per day,
which decreases the time needed for charging an off-highway electric vehicle.
The majority of the electric off-highway vehicles take 4-8 hours to charge
completely, minimizing productivity due to the time lost in charging these
vehicles. These factors will hamper the growth of the global electric
off-highway vehicle market.
Electric
Off-highway Vehicle Market’s leading Manufacturers:
·
Caterpillar
·
Volvo
·
Deere & Company
·
Komatsu Ltd
·
Hitachi Construction Machinery Co., Ltd.
·
Epiroc AB
·
J C Bamford Ltd.
·
Doosan Corporation
·
LIEBHERR
·
BYD Company Ltd.
Electric
Off-highway Vehicle Market Segmentation:
Segmentation
by Product:
·
Excavators
·
Forklifts
·
Harvesters
·
Dumpsters
·
Tractors
·
Others
Segmentation
by Battery Type:
·
Lead-Acid
·
Lithium-Ion
Segmentation
by Application:
·
Construction
·
Agriculture
·
Mining
·
Municipal
·
Others
Segmentation
by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
About GMI Research
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factors impacting the market growth, and several other market insights to aid
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