1 INTRODUCTION 25
1.1 OBJECTIVES OF THE STUDY 25
1.2 MARKET DEFINITION 25
1.3 INCLUSIONS & EXCLUSIONS 26
TABLE 1 INCLUSIONS & EXCLUSIONS FOR ELECTRIC OFF-HIGHWAY VEHICLE MARKET 26
1.4 MARKET SCOPE 26
1.4.1 MARKETS COVERED 26
FIGURE 1 MARKET SEGMENTATION: ELECTRIC OFF-HIGHWAY VEHICLE 26
1.4.2 YEARS CONSIDERED FOR THE STUDY 27
1.5 PACKAGE SIZE 27
1.6 LIMITATIONS 27
1.7 STAKEHOLDERS 28
1.8 SUMMARY OF CHANGES 28

2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
FIGURE 2 RESEARCH DESIGN 29
FIGURE 3 RESEARCH METHODOLOGY MODEL 30
2.1.1 SECONDARY DATA 31
2.1.1.1 Key secondary sources 31
2.1.1.2 Key data from secondary sources 32
2.1.2 PRIMARY DATA 33
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS 33
2.1.2.1 Sampling techniques & data collection methods 33
2.1.2.2 Primary participants 34
2.2 MARKET SIZE ESTIMATION 34
2.2.1 BOTTOM-UP APPROACH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET 34
2.2.2 TOP-DOWN APPROACH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET 35
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 36
FIGURE 5 DATA TRIANGULATION 36
2.4 ASSUMPTIONS 37

3 EXECUTIVE SUMMARY 39
3.1 PRE- & POST-COVID-19 SCENARIO 39
FIGURE 6 PRE- & POST-COVID-19 SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, 2018-2025 (USD MILLION) 39
TABLE 2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET: PRE- VS. POST-COVID-19 SCENARIO, 2018-2025 (USD MILLION) 39
3.2 REPORT SUMMARY 40
FIGURE 7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,

2020 VS. 2025 (USD MILLION) 41

4 PREMIUM INSIGHTS 42
4.1 ATTRACTIVE OPPORTUNITIES IN ELECTRIC OFF-HIGHWAY VEHICLE MARKET 42
FIGURE 8 GROWING NEED TO MINIMIZE EMISSION AND VENTILATION COSTS IN UNDERGROUND MINING TO DRIVE THE MARKET, 2020-2025 42
4.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION 42
FIGURE 9 NORTH AMERICA TO LEAD DURING FORECAST PERIOD,

2020 VS 2025 (USD MILLION) 42
4.3 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE 43
FIGURE 10 DUMP TRUCK SEGMENT ESTIMATED TO BE THE LARGEST,

2020 VS. 2025 (USD MILLION) 43
4.4 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION 43
FIGURE 11 MINING SEGMENT ESTIMATED TO LEAD THE ELECTRIFICATION MARKET,

2020 VS. 2025 (USD MILLION) 43
4.5 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE 44
FIGURE 12 LITHIUM-ION BATTERIES ESTIMATED TO SHOWCASE LARGEST DEMAND, 2020 VS. 2025 (USD MILLION) 44
4.6 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY 44
FIGURE 13 <50 KWH SEGMENT ESTIMATED TO BE THE LARGEST,

2020 VS. 2025 (USD MILLION) 44
4.7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION 45
FIGURE 14 BATTERY ELECTRIC SEGMENT ESTIMATED TO BE THE LARGEST,

2020 VS. 2025 (USD MILLION) 45
4.8 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT 45
FIGURE 15 LOW POWER OUTPUT EQUIPMENT SEGMENT ESTIMATED TO BE THE LARGEST, 2020 VS. 2025 (USD MILLION) 45

5 MARKET OVERVIEW 46
5.1 INTRODUCTION 46
5.2 MARKET DYNAMICS 46
FIGURE 16 ELECTRIC OFF-HIGHWAY VEHICLE MARKET DYNAMICS 46
5.2.1 DRIVERS 47
5.2.1.1 Aggressive step toward minimizing emissions and ventilation costs in underground mining 47
FIGURE 17 COUNTRY-WISE OFF-HIGHWAY EQUIPMENT EMISSION REGULATIONS EMISSION REGULATIONS OVERVIEW 47
5.2.1.2 Rising demand for low noise and emission-free construction machines in residential areas 48
TABLE 3 CONSTRUCTION EQUIPMENT NOISE EMISSION LEVELS: RESIDENTIAL AREAS, BY COUNTRY 48
5.2.2 RESTRAINTS 49
5.2.2.1 Higher initial cost than conventional ICE vehicles 49
TABLE 4 COST COMPARISON: ELECTRIC VS DIESEL POWERED OFF-HIGHWAY EQUIPMENT, BY OEM 49
5.2.3 OPPORTUNITIES 50
5.2.3.1 Development of long-range and fast charging battery technology 50
5.2.4 CHALLENGES 50
5.2.4.1 Issues related to compatibility, interchangeability, and standardization 50
5.2.4.2 Power capacity limitations for standard and large electric off-highway vehicles 51
5.3 SUPPLY CHAIN ANALYSIS 51
FIGURE 18 SUPPLY CHAIN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET 51
5.4 REVENUE SHIFT FOR ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS 52
FIGURE 19 SHIFT OF FOCUS TOWARDS AUTOMATION AND LARGE SYSTEM MANUFACTURING 52
5.5 ELECTRIC OFF-HIGHWAY VEHICLE MARKET ECOSYSTEM 53
FIGURE 20 ELECTRIC OFF-HIGHWAY VEHICLE MARKET ECOSYSTEM 53
5.6 AVERAGE SELLING PRICE TREND 54
FIGURE 21 AVERAGE SELLING PRICE TREND: ELECTRIC OFF-HIGHWAY VEHICLES, (USD/UNIT), 2018-2025 54

6 COVID-19 IMPACT ANALYSIS 55
6.1 COVID-19 IMPACT ANALYSIS ON OFF-HIGHWAY INDUSTRY 55
FIGURE 22 OFF-HIGHWAY EQUIPMENT SALES: PRE- VS. POST-COVID-19 SCENARIO, 2018-2025 (‘000 UNITS) 56
TABLE 5 OFF-HIGHWAY EQUIPMENT SALES: PRE- VS. POST-COVID-19 SCENARIO, 2018-2025 (‘000 UNITS) 56
6.2 COVID-19 IMPACT ANALYSIS ON ELECTRIC OFF-HIGHWAY VEHICLE MARKET 57
6.2.1 ELECTRIC OFF-HIGHWAY VEHICLE SCENARIO ANALYSIS 57
FIGURE 23 ELECTRIC OFF-HIGHWAY VEHICLE MARKET SCENARIO,
2018-2025 (USD MILLION) 57
6.2.1.1 Realistic scenario 58
TABLE 6 REALISTIC SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
BY REGION, 2018-2025 (USD MILLION) 58
6.2.1.2 Low impact scenario 58
TABLE 7 LOW IMPACT SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
BY REGION, 2018-2025 (USD MILLION) 59
6.2.1.3 High impact scenario 59
TABLE 8 HIGH IMPACT SCENARIO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
BY REGION, 2018-2025 (USD MILLION) 59

7 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE 60
7.1 INTRODUCTION 61
7.1.1 RESEARCH METHODOLOGY 61
7.1.2 ASSUMPTIONS 61
7.1.3 INDUSTRY INSIGHTS 61
FIGURE 24 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,

2020 VS. 2025 (USD MILLION) 62
TABLE 9 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (UNITS) 62
TABLE 10 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (USD MILLION) 63
7.2 ELECTRIC EXCAVATOR 63
TABLE 11 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018-2025 (UNITS) 64
TABLE 12 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018-2025 (USD MILLION) 64
7.3 ELECTRIC LOADER 64
TABLE 13 ELECTRIC LOADER MARKET, BY REGION, 2018-2025 (UNITS) 65
TABLE 14 ELECTRIC LOADER MARKET, BY REGION, 2018-2025 (USD MILLION) 65
7.4 ELECTRIC MOTOR GRADER 65
TABLE 15 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2018-2025 (UNITS) 66
TABLE 16 ELECTRIC MOTOR GRADER MARKET, 2018-2025 (USD MILLION) 66
7.5 ELECTRIC DOZER 66
TABLE 17 ELECTRIC DOZER MARKET, BY REGION, 2018-2025 (UNITS) 67
TABLE 18 ELECTRIC DOZER MARKET, BY REGION, 2018-2025 (USD MILLION) 67
7.6 ELECTRIC DUMP TRUCK 67
TABLE 19 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018-2025 (UNITS) 68
TABLE 20 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018—2025 (USD MILLION) 68
7.7 ELECTRIC LOAD-HAUL-DUMP LOADER(LHD) 68
TABLE 21 ELECTRIC LHD MARKET, BY REGION, 2018-2025 (UNITS) 69
TABLE 22 ELECTRIC LHD MARKET, BY REGION, 2018-2025 (USD MILLION) 69
7.8 ELECTRIC LAWN MOWER 69
TABLE 23 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018-2025 (UNITS) 70
TABLE 24 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018-2025 (USD MILLION) 70
7.9 ELECTRIC SPRAYER 70
TABLE 25 ELECTRIC SPRAYER MARKET, BY REGION, 2018-2025 (UNITS) 71
TABLE 26 ELECTRIC SPRAYER MARKET, BY REGION, 2018-2025 (USD MILLION) 71
7.10 ELECTRIC TRACTOR 71
TABLE 27 ELECTRIC TRACTOR MARKET, BY REGION, 2018-2025 (UNITS) 72
TABLE 28 ELECTRIC TRACTOR MARKET, BY REGION, 2018-2025 (USD MILLION) 72

8 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION 73
8.1 INTRODUCTION 74
8.1.1 RESEARCH METHODOLOGY 74
8.1.2 ASSUMPTIONS 74
8.1.3 INDUSTRY INSIGHTS 75
FIGURE 25 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION,

2020 VS. 2025 (USD MILLION) 75
TABLE 29 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION,
2018-2025 (UNITS) 75
TABLE 30 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION,
2018-2025 (USD MILLION) 76
8.2 CONSTRUCTION 76
TABLE 31 CONSTRUCTION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 76
TABLE 32 CONSTRUCTION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 77
8.3 MINING 77
TABLE 33 MINING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 77
TABLE 34 MINING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 78
8.4 GARDENING 78
TABLE 35 GARDENING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 78
TABLE 36 GARDENING: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
2018-2025 (USD MILLION) 79
8.5 AGRICULTURE 79
TABLE 37 AGRICULTURE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 79
TABLE 38 AGRICULTURE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 80

9 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY 81
9.1 INTRODUCTION 82
9.1.1 RESEARCH METHODOLOGY 82
9.1.2 ASSUMPTIONS 82
9.1.3 INDUSTRY INSIGHTS 83
FIGURE 26 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY,

2020 VS. 2025 (USD MILLION) 83
TABLE 39 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY,
2018-2025 (UNITS) 83
TABLE 40 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY CAPACITY,
2018-2025 (USD MILLION) 84
9.2 <50 KWH 84
TABLE 41 <50 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 84
TABLE 42 <50 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 85
9.3 50-200 KWH 85
TABLE 43 50-200 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 85
TABLE 44 50-200 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 86
9.4 200-500 KWH 86
TABLE 45 200-500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 86
TABLE 46 200-500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
2018-2025 (USD MILLION) 87
9.5 >500 KWH 87
TABLE 47 >500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 87
TABLE 48 >500 KWH: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 88

10 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE 89
10.1 INTRODUCTION 90
10.1.1 RESEARCH METHODOLOGY 90
10.1.2 ASSUMPTIONS 90
10.1.3 INDUSTRY INSIGHTS 91
FIGURE 27 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE,

2020 VS. 2025 (USD MILLION) 91
TABLE 49 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE,
2018-2025 (UNITS) 91
TABLE 50 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY BATTERY TYPE,
2018-2025 (USD MILLION) 92
10.2 LITHIUM-ION 92
TABLE 51 LITHIUM-ION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 92
TABLE 52 LITHIUM-ION: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 93
10.3 LEAD-ACID 93
TABLE 53 LEAD-ACID: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 93
TABLE 54 LEAD-ACID: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 94
10.4 OTHER BATTERIES 94
TABLE 55 OTHER BATTERIES: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 94
TABLE 56 OTHER BATTERIES: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 95

11 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT 96
11.1 INTRODUCTION 97
11.1.1 RESEARCH METHODOLOGY 97
11.1.2 ASSUMPTIONS 97
11.1.3 INDUSTRY INSIGHTS 98
FIGURE 28 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT,

2020 VS. 2025 (USD MILLION) 98
TABLE 57 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT,
2018-2025 (UNITS) 98
TABLE 58 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY POWER OUTPUT,
2018-2025 (USD MILLION) 99
11.2 <50 HP 99
TABLE 59 <50 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 99
TABLE 60 <50 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 100
11.3 50-150 HP 100
TABLE 61 50-150 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 100
TABLE 62 50-150 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 101
11.4 150-300 HP 101
TABLE 63 150-300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 101
TABLE 64 150-300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
2018-2025 (USD MILLION) 102
11.5 >300 HP 102
TABLE 65 >300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (UNITS) 102
TABLE 66 >300 HP: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 103

12 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION 104
12.1 INTRODUCTION 105
12.1.1 RESEARCH METHODOLOGY 105
12.1.2 ASSUMPTIONS 105
12.1.3 INDUSTRY INSIGHTS 106
FIGURE 29 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION,

2020 VS. 2025 (USD MILLION) 106
TABLE 67 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION,
2018-2025 (UNITS) 106
TABLE 68 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION,
2018-2025 (USD MILLION) 107
12.2 HYBRID-ELECTRIC 107
TABLE 69 HYBRID-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 107
TABLE 70 HYBRID-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 108
12.3 BATTERY-ELECTRIC 108
TABLE 71 BATTERY-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 108
TABLE 72 BATTERY-ELECTRIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (USD MILLION) 109

13 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE 110
13.1 INTRODUCTION 111
13.1.1 RESEARCH METHODOLOGY 111
13.1.2 ASSUMPTIONS 111
13.1.3 INDUSTRY INSIGHTS 111
FIGURE 30 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE,

2020 VS. 2025 (USD MILLION) 112
TABLE 73 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 112
TABLE 74 ELECTRIC TRACTOR MARKET, BY EQUIPMENT TYPE,
2018-2025 (USD MILLION) 112
13.2 ELECTRIC LAWN MOWER 113
TABLE 75 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018-2025 (UNITS) 113
TABLE 76 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018-2025 (USD MILLION) 113
13.3 ELECTRIC SPRAYER 114
TABLE 77 ELECTRIC SPRAYER MARKET, BY REGION, 2018-2025 (UNITS) 114
TABLE 78 ELECTRIC SPRAYER MARKET, BY REGION, 2018-2025 (USD MILLION) 114
13.4 ELECTRIC TRACTOR 115
TABLE 79 ELECTRIC TRACTOR MARKET, BY REGION, 2018-2025 (UNITS) 115
TABLE 80 ELECTRIC TRACTOR MARKET, BY REGION, 2018-2025 (USD MILLION) 115

14 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION 116
14.1 INTRODUCTION 117
14.1.1 RESEARCH METHODOLOGY 117
14.1.2 ASSUMPTIONS 118
14.1.3 INDUSTRY INSIGHTS 118
FIGURE 31 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,

2019 VS. 2025 (USD MILLION) 118
TABLE 81 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION, 2018-2025 (UNITS) 119
TABLE 82 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY REGION,
2018-2025 (USD MILLION) 119
14.2 ASIA-PACIFIC 119
FIGURE 32 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION) 120
TABLE 83 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018-2025 (UNITS) 120
TABLE 84 ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018-2025 (USD MILLION) 121
14.2.1 CHINA 121
14.2.1.1 Innovations and developments by leading players to drive the market 121
TABLE 85 CHINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 122
TABLE 86 CHINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 122
14.2.2 INDIA 123
14.2.2.1 Demand for cost-efficient construction products to drive the market 123
TABLE 87 INDIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 123
TABLE 88 INDIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 124
14.2.3 JAPAN 124
14.2.3.1 Demand for compact equipment will help the market to grow 124
TABLE 89 JAPAN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 125
TABLE 90 JAPAN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 125
14.2.4 SOUTH KOREA 126
14.2.4.1 High demand for farming automation will lead the market towards electrification 126
TABLE 91 SOUTH KOREA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 126
TABLE 92 SOUTH KOREA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 127
14.2.5 REST OF ASIA-PACIFIC 127
14.2.5.1 Underground Mining automation to drive the market 127
TABLE 93 REST OF ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
BY EQUIPMENT TYPE, 2018-2025 (UNITS) 128
TABLE 94 REST OF ASIA-PACIFIC: ELECTRIC OFF-HIGHWAY VEHICLE MARKET,
BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 128
14.3 EUROPE 129
FIGURE 33 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET SNAPSHOT 129
FIGURE 34 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,

2020 VS. 2025 (USD MILLION) 130
TABLE 95 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,
2018-2025 (UNITS) 130
TABLE 96 EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,
2018-2025 (USD MILLION) 131
14.3.1 GERMANY 131
14.3.1.1 Development of zero-emission zones in urban areas will have positive impact on electric off-highway vehicles 131
TABLE 97 GERMANY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 132
TABLE 98 GERMANY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 132
14.3.2 UK 133
14.3.2.1 Demand for cable-connected lawnmowers to drive the market 133
TABLE 99 UK: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (UNITS) 133
TABLE 100 UK: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (USD MILLION) 134
14.3.3 FRANCE 134
14.3.3.1 Urgency of replacing high-emission vehicles in populated areas will help the market to grow 134
TABLE 101 FRANCE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 135
TABLE 102 FRANCE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 135
14.3.4 RUSSIA 136
14.3.4.1 Development of electric tractors will drive the market 136
TABLE 103 RUSSIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 136
TABLE 104 RUSSIA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 137
14.3.5 SPAIN 137
14.3.5.1 Need for reducing operating costs will support the market to grow 137
TABLE 105 SPAIN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 138
TABLE 106 SPAIN: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 138
14.3.6 ITALY 139
14.3.6.1 Government initiatives to drive market growth 139
TABLE 107 ITALY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 139
TABLE 108 ITALY: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 140
14.3.7 REST OF EUROPE 140
14.3.7.1 Demand for zero-emission vehicles will drive the market 140
TABLE 109 REST OF EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 141
TABLE 110 REST OF EUROPE: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 141
14.4 NORTH AMERICA 142
FIGURE 35 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET SNAPSHOT 143
FIGURE 36 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2020 VS. 2025 (USD MILLION) 144
TABLE 111 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018-2025 (UNITS) 144
TABLE 112 NORTH AMERICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY, 2018-2025 (USD MILLION) 144
14.4.1 US 145
14.4.1.1 Growing investments in product development are bound to increase the demand for electric off-highway vehicles 145
TABLE 113 US: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (UNITS) 145
TABLE 114 US: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE,
2018-2025 (USD MILLION) 146
14.4.2 CANADA 146
14.4.2.1 Ongoing trend of all-electric mining to drive the market 146
TABLE 115 CANADA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 147
TABLE 116 CANADA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 147
14.4.3 MEXICO 148
14.4.3.1 Electrification promotion programs to drive the market 148
TABLE 117 MEXICO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE 2018-2025 (UNITS) 148
TABLE 118 MEXICO: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 149
14.5 REST OF THE WORLD (ROW) 149
FIGURE 37 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,

2020 VS. 2025 (USD MILLION) 150
TABLE 119 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,
2018-2025 (UNITS) 150
TABLE 120 ROW: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY COUNTRY,
2018-2025 (USD MILLION) 150
14.5.1 BRAZIL 151
14.5.1.1 Rising need to enhance health, safety, and operational efficiency will positively impact on the electric off-highway vehicle market 151
TABLE 121 BRAZIL: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 151
TABLE 122 BRAZIL: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 152
14.5.2 SOUTH AFRICA 152
14.5.2.1 Electrification of compact equipment will drive the market 152
TABLE 123 SOUTH AFRICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 153
TABLE 124 SOUTH AFRICA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 153
14.5.3 ARGENTINA 154
14.5.3.1 High demand for electric lawnmowers to drive the market 154
TABLE 125 ARGENTINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (UNITS) 154
TABLE 126 ARGENTINA: ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY EQUIPMENT TYPE, 2018-2025 (USD MILLION) 155

15 RECOMMENDATIONS BY MARKETSANDMARKETS 156
15.1 ASIA-PACIFIC WILL BE THE KEY REGION FOR ELECTRIC OFF-HIGHWAY VEHICLE MARKET 156
15.2 ELECTRIFICATION OF UNDERGROUND MINING EQUIPMENT WILL BE A NEW HOT BED FOR OEMS 156
15.3 CONCLUSION 157

16 COMPETITIVE LANDSCAPE 158
16.1 OVERVIEW 158
16.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET: MARKET RANKING ANALYSIS 158
FIGURE 38 ELECTRIC OFF-HIGHWAY VEHICLE RANKING ANALYSIS IN 2019 158
16.3 MARKET SHARE ANALYSIS 159
FIGURE 39 ELECTRIC OFF-HIGHWAY VEHICLE MARKET SHARE, 2019 159
16.4 MARKET EVALUATION FRAMEWORK 159
FIGURE 40 MARKET EVALUATION FRAMEWORK: 160
16.5 COMPETITIVE LEADERSHIP MAPPING 160
16.5.1 STAR 160
16.5.2 EMERGING LEADERS 160
16.5.3 PERVASIVE 161
16.5.4 EMERGING COMPANIES 161
FIGURE 41 ELECTRIC OFF-HIGHWAY VEHICLE MARKET (GLOBAL):
COMPETITIVE LEADERSHIP MAPPING, 2019 161
16.6 WINNERS VS. TAIL-ENDERS 162
16.7 STRENGTH OF PRODUCT PORTFOLIO 163
FIGURE 42 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS MARKET 163
16.8 BUSINESS STRATEGY EXCELLENCE 164
FIGURE 43 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN ELECTRIC OFF-HIGHWAY VEHICLE MANUFACTURERS MARKET 164
FIGURE 44 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENT AS THE KEY GROWTH STRATEGY, 2016-2020 165
16.9 COMPETITIVE SCENARIO & TRENDS 166
16.9.1 NEW PRODUCT DEVELOPMENT 166
TABLE 127 NEW PRODUCT DEVELOPMENT (2018-2020) 166
16.9.2 EXPANSIONS 168
TABLE 128 EXPANSIONS (2018-2020) 168
16.9.3 AGREEMENTS/PARTNERSHIPS/JOINT VENTURES/ACQUISITIONS 169

17 COMPANY PROFILES 170
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
17.1 HITACHI CONSTRUCTION MACHINERY 170
FIGURE 45 HITACHI CONSTRUCTION MACHINERY: COMPANY SNAPSHOT 170
17.2 CATERPILLAR 173
FIGURE 46 CATERPILLAR: COMPANY SNAPSHOT 173
17.3 KOMATSU 177
FIGURE 47 KOMATSU: COMPANY SNAPSHOT 177
17.4 JCB 180
FIGURE 48 JCB: COMPANY SNAPSHOT 180
17.5 VOLVO CONSTRUCTION EQUIPMENT 183
FIGURE 49 VOLVO CONSTRUCTION EQUIPMENT: COMPANY SNAPSHOT 183
17.6 DEERE & COMPANY 186
FIGURE 50 DEERE & COMPANY: COMPANY SNAPSHOT 186
17.7 BYD COMPANY LTD. 188
FIGURE 51 BYD COMPANY LTD.: COMPANY SNAPSHOT 188
17.8 SANDVIK 190
FIGURE 52 SANDVIK: COMPANY SNAPSHOT 190
17.9 LIEBHERR 192
FIGURE 53 LIEBHERR: COMPANY SNAPSHOT 192
17.10 EPIROC 194
FIGURE 54 EPIROC: COMPANY SNAPSHOT 194
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
17.11 ADDITIONAL COMPANIES 196
17.11.1 AMERICAS 196
17.11.1.1 Solectrac, INC. 196
17.11.1.2 Dana Limited 196
17.11.2 EUROPE 196
17.11.2.1 Deutz AG 196
17.11.2.2 Fendt 197
17.11.2.3 Kobelco Construction Machinery Europe B.V. 197
17.11.2.4 Husqvarna 197
17.11.2.5 Stihl Holding AG and Co. Kg 197
17.11.2.6 Exel Industries 198
17.11.3 ASIA OCEANIA 198
17.11.3.1 Sky-well New Energy Automobile Group Co. Ltd 198
17.11.3.2 XCMG 198
17.11.3.3 Doosan 198
17.11.3.4 Sany Heavy Industries 199
17.11.3.5 Kubota 199
17.11.3.6 BEML 199
17.11.3.7 CRRC Corporation Limited (CRRC) 199

18 APPENDIX 200
18.1 KEY INDUSTRY INSIGHTS 200
18.2 DISCUSSION GUIDE 201
18.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 207
18.4 AVAILABLE CUSTOMIZATIONS 209
18.4.1 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY APPLICATION, BY COUNTRY 209
18.4.1.1 Construction 209
18.4.1.2 Mining 209
18.4.1.3 Agriculture 209
18.4.1.4 Gardening 209
18.4.2 ELECTRIC OFF-HIGHWAY VEHICLE MARKET, BY PROPULSION, BY COUNTRY 209
18.4.2.1 Electric 209
18.4.2.2 Hybrid 209
18.4.3 ELECTRIC OFF-HIGHWAY VEHICLE MARKET FOR ADDITIONAL COUNTRIES 209
18.4.3.1 Australia 209
18.4.3.2 Scandinavian Countries 209
18.5 RELATED REPORTS 210
18.6 AUTHOR DETAILS 211