Government rebates for the adoption of electric-powered vehicles are driving market growth worldwide.
According to Custom Market Insights, The off-highway electric vehicle market size was estimated at USD 4.3 billion in 2021 and is anticipated to grow to approximately USD 42.4 billion by 2030, witnessing a CAGR growth of roughly 30% between 2022 and 2030. The report examines the off-highway electric vehicle market’s driving and restraining factors and the impact analysis throughout the projection period. Further, the report observes global opportunities in the off-highway electric vehicle market worldwide.
Off-highway Electric VehicleMarket: Overview
Off-highway electric vehicles are witnessing high adoption across various industries globally. Stringent government regulations for reducing carbon emissions and various rebates and tax benefits offered for the deployment of off-highway electric vehicles are boosting the market’s growth. The rise in government investment in public infrastructure is also boosting the market growth.
Browse the full “Off-highway Electric Vehicle Market Size, Share, Growth Analysis Report By Application (Construction, Agriculture, Mining, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/off-highway-electric-vehicle-market/
Growth Factors
The rising trend for electrifying equipment in the mining sector to enable future automation utilizing connected fleets and remote vehicle operations is boosting the demand for off-highway electric vehicles. Cost implications are another important aspect propelling the deployment of these vehicles. For instance, using battery-powered equipment can reduce the cost of ventilation systems by 30% to 50% in underground mining.
Additionally, the increasing demand for emission-free and low-noise machines in the construction industry is expected to boost the growth of the off-highway electric vehicle market globally. However, factors such as high charging time resulting in loss of productivity and concerns relating to compatibility, standardization, and interchangeability may hamper the market growth.
Segmental Overview
The off-highway electric vehicle market application categories include mining, construction, agriculture, and others. The agriculture segment is anticipated to witness a significant CAGR during the forecast period. Presently, the agriculture segment contributes to a smaller share of the off-highway electric vehicle market. However, in the coming years, this equipment is expected to draw significant traction in agriculture applications as they are energy-efficient. Also, soil complication challenges can be resolved owing to the weight-to-power ratio.
Regional Overview
Asia Pacific is expected to witness a high CAGR during 2022-2030. The developing economies in the region are experiencing high growth in their construction sector. This growth, coupled with government regulations to reduce carbon emissions, is anticipated to drive the market’s growth. China is one of the key countries in terms of off-highway electric vehicles.
The market for off-highway electric vehicles in North America is anticipated to hold the largest market share during the forecast period of 2022-2030, particularly in the US. Rising government measures for environmental measures propel the market in the US, and local companies are taking initiatives to manufacture electric and hybrid equipment for the country’s market. For instance, Caterpillar, Inc. introduced the biggest electric excavator in the world. The excavator is equipped with a 300-kilowatt-hour battery pack. Further, the government is investing significantly to improve the country’s electric vehicle charging infrastructure, further projected to boost the US’s off-highway electric vehicles market growth.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 4.3 Billion |
| Projected Market Size in 2030 | USD 42.4 Billion |
| CAGR Growth Rate | 30% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Caterpillar, Deere & Company, Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment AB, and Others |
| Key Segment | By Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your research requirements. Examine possible purchases |
Key Players Insights
The off-highway electric vehicle market comprises a few large players focused on launching new and advanced products and expanding their geographical reach through collaborations and partnerships. The report comprises extensive company profiles for key global players in the market. Further, it provides an in-depth analysis of the market share captured by major companies operating in the market.
Recent Development
January 2022: Volvo Group introduced an improved version of its electric truck, Volvo VNR ELECTRIC, in North America.
December 2021: XCMG launched XCT25_ EV, the company’s first plug-in double-drive hybrid crane.
March 2021: Hyundai Doosan Infracore Co. Ltd. unveiled a 100-ton excavator model.
Some of the prominent players
- Caterpillar
- Volvo Construction Equipment AB
- Komatsu Ltd.
- Deere & Company
- Sandvik AB
- Hitachi Construction Machinery Co., Ltd.
- Epiroc AB
- Doosan Corporation
- J C Bamford Excavators Ltd.
- CNH Industrial N.V.
- Others
The global off-highway electric vehicle market is segmented as follows:
By Application
- Construction
- Agriculture
- Mining
- Others
By Propulsion
- HEV
- BEV
By Energy Storage
- Lithium-ion
- Lead-Acid
By Energy Storage Capacity
- <50 kWh
- 50-200 kWh
- >200 kWh
By Power Output
- <50 hp
- 50-150 hp
- 150-300 hp
- >300 hp
Based on Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America