The off-highway EV component market is a rapidly growing market with significant potential for growth in the coming years. Key players in the market should focus on developing innovative and high-performance products that meet the needs of their customers. Additionally, they should focus on expanding their reach into new and emerging markets.
NEWARK, Del., Oct. 23, 2023 /PRNewswire/ — Off-highway EV Component Market Analysis by Pure Electric and Hybrid Propulsion, Growth Opportunities and Revenue Forecast 2023 to 2033
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.
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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.
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.
Off-Highway Electric Vehicle Components Market Research Report Coverage 2023 – 2033
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Attribute |
Details |
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Estimated Off-highway EV Component Market Size (2023) |
US$ 29.2 billion |
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Projection Off-highway EV Component Market Valuation (2033) |
US$ 106.2 billion |
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Value-based Off-highway EV Component Market CAGR |
13.9 % |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Industry Analysis |
US$ million/billion for Value and (Units) for Volume |
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Buy Now: Get a PESTLE and Porter’s Analysis to Help You Make Smart Decisions in the Off-Highway EV Components Market. |
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Key Countries Covered |
United States
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India
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Key Segments Covered |
Component type, Propulsion type, Application, Sales Channel and Region. |
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Key Companies Profiled |
Caterpillar Inc.
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Bobcat Company
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Report Coverage |
Market Forecast, Company Share Analysis, Competition Intelligence, Driver Restrain, Opportunity, and Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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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.).
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.
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.
More Insights into the Market Report
In its most recent report, Future Market Insights (FMI) presents an impartial assessment of the worldwide off-highway EV components market. This assessment includes historical data from 2018 to 2022 and projected statistics covering 2023 to 2033.
To gain insights into the potential, expansion, and range of the global market, the report categorizes based on component type (electric drive system, battery packs, drivetrain, and transmission, on-board charges), propulsion type (pure electric and hybrid), application (earthmoving, transportation, utility vehicles, and others) and sales channel (OEM and aftermarket) across various regions.
Comprehensive Research Methodology of Off-Highway EV Components Market Available here!
About Future Market Insights – Automotive & Transportation
The automotive division of FMI provides exclusive coverage and actionable insights about the automotive and transportation industry, encompassing the automotive, aviation, shipping marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right, from automakers, component manufacturers, channel partners, and service providers, in making informed decisions and keeping them up-to-date with market behavior.
About the 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.
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