The global off-highway EV components market reached US$ 25.7 billion in 2022. Revenue is estimated to reach US$ 29.2 billion in 2023. Over the assessment period from 2023 to 2033, sales are projected to exhibit a 13.9% CAGR. It will also result in a market size of US$ 106.2 billion by the end of 2033.
Increasing demand for electric vehicles for off-highway applications such as earthmoving, material handling, and transportation is a crucial trend in this landscape. Surging production of commercial EVs, in general, is anticipated to drive the off-highway EV components market growth throughout the forecast period.
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A shift towards electrification of off-highway vehicles can be witnessed in different segments such as construction, agriculture, mining, material handling, and utility vehicles. This is due to its advantages, such as reduced air pollution, considerably low operation costs, and improved speed control. This will aid in increasing demand for electrification of off-highway vehicles during the forecast period.
The prominent factor behind the rising popularity of electrification of off-highway vehicle fleets is significant cost savings due to the relatively low operational costs of electric vehicles. The operating costs are low due to less fuel consumption and less wear and tear of transmission elements. This is due to frictionless braking, which improves vehicle lifespan and reduces maintenance costs.
Governments provide incentives and subsidies to promote electric vehicle usage to reduce air pollution and GHG emissions. These subsidies might be available in various forms, such as financial incentives, tax credits, etc., depending on the pollution control strategy of the country. Another pressing consumer demand driving the growth of the off-highway EV market is a reduction in the vehicle's noise level. This enhances the operator's comfort and makes EVs a preferred utility choice, especially in urban and residential areas.
Strict noise regulation in different regions could necessitate quiet off-highway vehicles. This, in turn, is expected to drive demand for electric components that produce less noise. It will make them appealing to a wide range of applications, potentially expanding the market for EVs. These factors will also increase demand for off-highway EV components throughout the forecast period.
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"Continuous technological advancements in battery systems drive substantial growth of the off-highway EV vehicle component market. Key manufacturers are focusing on developing and improving off-highway EV components, making them noise-free and less energy-intensive to enhance their performance and meet changing consumer demands." - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Key manufacturers are targeting the global market by expanding their presence in different regions. They are tapping into emerging markets, and adapting products to meet local regulations and customer preferences. They are emphasizing sustainability by making components more energy-efficient and environmentally friendly.
Key companies are providing customization options for customers to tailor components to specific applications, such as construction equipment or agricultural machinery.
Key Companies Profiled
- Caterpillar Inc.
- Komatsu Ltd.
- Volvo Construction Equipment
- John Deere
- Hitachi Construction Machinery Co., Ltd.
- Liebherr Group
- Terex Corporation
- Doosan Infracore
- Bell Equipment
- JCB
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