According to The Insight Partners’ research, “Electric Off-Road Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle and Application” the market is expected to grow from US$ 724.1 million in 2021 to US$ 2,234.0 million by 2028; it is anticipated to grow at a CAGR of 18.9% from 2022 to 2028.
The environmental credentials of electric vehicles are one of the most important factors driving the growth of the electric off-road vehicle market. Electric automobiles are completely eco-friendly as their engines are powered by electricity, thus emitting no hazardous gases or smoke into the environment. Moreover, a radical decline in the levels of NOx pollutants was observed on car-free days in Paris and Brussels. Pollution from diesel-powered construction equipment bolsters the development of policies and programs to reduce harmful emissions in residential areas. Such factors are collectively boosting the electric off-road vehicle market growth globally.
The North America electric off-road vehicle market is segmented into US and Canada. The region’s current technological trends indicate that the automobile industry prefers electric off-road vehicles due to new electrical safety principles and improved performance. With the rising recreational activities in the US, the electric off-road vehicle market size is expected to be positively impacted. The new US data show that the outdoor recreation economy accounted for 1.8 % (US$374.3 billion) of current-dollar gross domestic product (GDP) for the nation in 2020. Such factors collectively are driving the North American electric off-road vehicle market growth.
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Companies Profiled in this report includes: KTM AG; Alke S.r.l; Daymak, Inc.; Massimo Motors; HISUN Motors; DRR USA; Ecocharger Quad Bikes; Tacita S.r.l; Deere & Co.; Electric Motion; Jiangsu Linhai Power Machinery Group Corp.; and Ford Motor Company
During the COVID-19 pandemic, the electric off-road vehicle market was severely hit and experienced a significant decline in demand. Most players operating in this region reported a significant decline in revenue, as the temporary closure of manufacturing facilities hampered normal business functioning. Higher lithium prices and disrupted supply chain further aggravated the situation. Shortage of labor, risk of contamination, and lack of funds were other issues that led to diminished electric off-road vehicle market growth. European automakers postponed their Li-ion battery shipments from Asia, initially scheduled for the second quarter of 2020, amidst the growing uncertainty in automotive demand. The restrictions on the road movement impacted the domestic supply chains in the short term. Moreover, the temporary halt of the production facilities led to project delays. Such factors negatively impacted the growth of the electric off-road vehicle market size in Europe.
The major electric off-vehicle market players had to incur heavy losses owing to the restriction on the movement of goods, labor shortages, and bottlenecks in the logistics and supply of components. Moreover, the key players’ technological innovations, research, and development plans were delayed and canceled due to the widespread fear of the COVID-19 pandemic. However, the major players resumed operations with the resumption of the global economy. They are significantly making continuous enhancements in electric off-road vehicle technologies to improve safety, efficiency, and production results. However, automotive manufacturing have been resuming since the fourth quarter of 2020, and such resumption is expected to positively impact the electric off-road vehicle market size.
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Key Findings of Market Study:
Raw materials, battery pack manufacturing, off-road EV manufacturing and assembly, quality control & inspection, marketing, sales & distribution, and end-users are stakeholders of the global electric off-road vehicle market value chain. Steel, aluminum, iron, lithium, nickel, cobalt, cadmium, sodium, and lead are important raw materials for manufacturing electric off-road vehicles. Presently, lead-acid batteries are most commonly used in electric vehicles, although other combinations of metals and fluids are also available. China accounts for more than 60% of the world’s battery manufacturing capacity. CATL, BYD, Funeng Technology, and Tianjin Lishen are some of the major Chinese manufacturing companies that have invested significantly in “mega factories” (i.e., battery manufacturing plants with minimum 20 GWh outputs) – and Korean companies Samsung and LG Chem have also established mega factories in China.. Most manufacturing companies have their own distribution networks used to distribute their respective vehicles. Moreover, several leased whole goods distribution centers are maintained where final up-fitting and set-up are accomplished for certain models before they are shipped to distributors, dealers, and customers. The companies’ distribution networks generally comprise a network of several distribution centers, including third-party providers. The products reach the dealers, distributors, and customers via them.
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