The global off-highway EV components market reached USD 25.7 billion in 2022. Revenue is estimated to reach USD 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 USD 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.
Key Takeaways from the Off-Highway EV Components Market Study
- The global market for off-highway EV components is estimated to witness a CAGR of 13.9% between 2023 and 2033.
- In 2033, the global market is estimated to generate sales worth US$ 106.2 billion.
- Revenue generated from the sales of off-highway EV components is set to witness US$ 29.2 billion in 2023.
- Based on application, the earthmoving segment is expected to present a total revenue of US$ 59,558.9 million by 2033.
- East Asia is expected to exhibit a CAGR of 15.5% between 2023 and 2033.
“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.).
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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
- Wacker Neuson Group
- Bobcat Company
- Manitou Group
- XCMG Group
- SANY Group
- Hidromek
- Takeuchi Manufacturing
- Hyundai Construction Equipment
- Kubota Corporation
- Sandvik
- Atlas Copco
Recent Development in the Off-Highway EV Components Market:
- In July 2022, the domestic transportation industry will be decarbonized with the help of a US$ 96 million financing opportunity offered by the United States Department of Energy (DOE). The cash will be used primarily to boost the accessibility of EV charging stations and develop more environmentally friendly non-road vehicles via electrification and alternative fuel use.
- In October 2020, Equipmake prepared a line of premium yet cost-effective sophisticated electric engines for off-highway vehicles, giving significant benefits to various kinds of equipment regarding availability of power, low operating costs, and decreased emissions.
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Global Segmentation of Off-Highway EV Component Market
By Component Type:
- Electric Drive System Component
- Electric Motors
- Inverters
- Controllers
- Power Electronics
- Battery Packs
- Drivetrain and Transmission Component
- On-board Chargers
By Propulsion Type:
- Pure Electric
- Hybrid
By Application:
- Earthmoving
- Transportation
- Utility Vehicles
- Others
By Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- SAP
- East Asia
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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