The Electric Off-highway Vehicle Market is projected to reach USD 17.5 Billion by 2025 from USD 6.3 Billion in 2020, at a CAGR of 22.8% during the forecast period. The growth of this market is primarily driven by the increasing demand to minimize equipment emissions, ventilation costs in underground mining and the preference for the low noise & emission-free construction machines in residential areas.
The growth of the global electric off-highway vehicle market is drive by factors such as aggressive step toward minimizing emissions and ventilation costs by using an electric dump truck and electric LHD in underground mining and rising demand for low noise and emission-free construction machines such as electric excavators, electric loaders and electric dozers in residential areas and demand to improve efficiency and productivity by accelerating gardening and agriculture mechanization with the help of electric tractors and electric lawnmowers. Therefore, the electric off-highway vehicle market is expected to witness significant growth in the future.
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The agriculture market is expected to grow at the fastest CAGR.
Uncontrollable weather conditions, increasing global population, varying conditions of soil (such as soil moisture and water availability), and rising demand for food grain products have fueled technological advancements in the agricultural industry. Farmers have started adopting advanced agricultural processes and modern farm equipment to gain higher yield. Also, governments around the world are focusing on increasing food productivity. Thus, the demand for farm equipment with modern technologies like electric tractors and electric sprayer is expected to rise.
Thus, many tractor manufacturing companies are developing electric agriculture electric tractors and electric sprayers models. For instance, in 2019, Deere & Company announced that it had developed GridCon, a cable-powered, high-performance, autonomous, and fully-electric tractor with a power capacity of 400 hp (300 kW). The increasing demand and ongoing product development and launch are expected to drive the electric tractor and electric sprayer demand in agriculture application.
Lithium-ion is expected to maintain the lead in the global electric off-highway vehicle market.
Lithium-ion batteries dominate the electric off-highway vehicle market. Approximately 90–95% of electric off-highway vehicles are equipped with lithium-ion batteries, predominantly in construction and mining applications. Construction equipment includes electric excavators, electric dozers, electric loaders, electric dump trucks, and electric motor graders, among others, which are used to manage heavy raw materials and onsite transportation. Industries are adopting lithium-ion battery technology for earthmoving applications too.
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