Boosted by the concerns regarding the declining air quality and diminishing oil and gas reserves, electric vehicles (EVs) have become one of the biggest trends on earth, in any industry. Countries are already offering substantial financial incentives and other forms of support to encourage people to buy EVs. Similarly, now, this trend is becoming apparent in non-road or off-highway applications, most significantly mining, construction, and agriculture. An array of diesel and gasoline (petrol) vehicles are used in these sectors, such as mixers, crawler cranes, heavy-haul mining trucks, tillers, combined harvesters, pesticide sprayers, and forklifts.
Thus, with these sectors also becoming conscious of environmental degradation from petrol and diesel fumes, P&S Intelligence expects the electric off-highway vehicle market revenue to witness a sharp surge from around $7 billion in 2020. After transportation, the industrial sector is the biggest source of greenhouse gas (GHG) emissions, burning fossil fuels to generate its own electricity, for numerous manufacturing processes, and in vehicles used for various purposes within the premises. Thus, apart from generating electricity from renewable resources, there is also a strong need for using EVs.
In 2020, North America held the largest share in the electric off-highway vehicle market, as advanced EV technology is easily available here. Moreover, in industries, EVs offer a higher productivity and convenience, which helps users reduce their operational spending. The U.S. is the second-largest GHG emitter in the world after China, which is why vehicle and equipment electrification efforts are rather numerous and concrete here. Because of these reasons, even Asia-Pacific (APAC) is expected to be a major user of these automobiles in the coming years.
Hence, with the booming construction and industrial sectors, which are responsible for massive GHG emissions, the demand for off-highway electric vehicles is burgeoning.
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