Off-highway Electric Vehicle Market Size, Share, Growth Analysis Report By Application (Construction, Agriculture, Mining, Others), By Propulsion (HEV, BEV), Energy Storage (Lithium-ion, Lead-Acid), Energy Storage Capacity (<50 kWh, 50-200 kWh, >200 kWh), Power Output (<50 hp, 50-150 hp, 150-300 hp, >300 hp) and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Caterpillar
- Deere & Company
- Komatsu Ltd.
- Hitachi Construction Machinery Co.
- Others
Reports Description
Stringent government regulations curbing carbon emissions boosting the off-highway electric vehicle market
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 worldwide in the off-highway electric vehicle market.
Off-highway Electric VehicleMarket: Overview
Off-highway vehicles are used in many industries, including mining, construction, forestry, and agriculture. This includes lighter gear, specialist heavy machinery, and others. Electric trucks and other vehicles used in off-highway activities are yet to be adopted on a large scale. However, these vehicles are witnessing high adoption across the world.
Off-highway Electric Vehicle Market: COVID-19 Impact Analysis
The outbreak of COVID-19 resulted in disruption of the supply chain, which impacted the off-highway electric vehicle as it resulted in the temporary ceasing of production facilities. The pandemic also impacted the overall availability of labor forces, resulting in reduced activities in various industries using off-highway vehicles. However, with the ease of lockdown restrictions, the market is anticipated to accelerate in the coming years. The COVID-19 pandemic significantly affected the market during 2020-2021.
Off-highway Electric Vehicle Market: Growth Drivers
Advancements in battery technology, supply, as well as overall economics
Battery technology, supply, and overall economics are constantly pushing the deployment of off-highway electric vehicles globally, and this trend is projected to accelerate during the coming years. Further, growth in Environmental, Social, and Governance (ESG) investing is rapidly boosting this development as it achieves regulatory targets concerning reduced carbon emissions across varied geographies and industries. For instance, European Union is focused on reducing carbon emissions by around 30% by 2030.
Also, the Advanced Clean Truck regulation in California, US, stated that it will limit the number of diesel-powered vehicle sales from 2024. Government regulations are expected to increase demand for these vehicles during the forecast period. However, the high cost of these vehicles may hinder their deployment in developing economies.
Increasing demand for low-noise construction machines
One of the significant causes of noise pollution in residential areas is the use of diesel-powered construction machines, resulting in disturbances such as poor concentration, irritation, hypertension, and general fatigue among residents.
As per the WHO, around 44% of the population in Europe is impacted by vehicle and road noise, creating several health issues. Further, according to an HSE report, around 17,000 people in the UK suffer from severe ear conditions due to excessive noise pollution. Thus, governments are taking various initiatives to reduce the noise generated by construction machinery and equipment.
Emissions from these machines propel policies and initiatives to reduce emissions, particularly in residential areas. For example, Oslo’s municipal corp. Is projecting all public construction sites to be operated using emission-free equipment by the end of 2025. Such initiatives are anticipated to push other governments in the major cities to adopt similar policies. Thus, influencing the market for the off-highway vehicle market.
Off-highway Electric VehicleMarket: Segmentation Analysis
The Off-highway Electric Vehicle Market is segmented based on application.
The application segment comprises agriculture, mining, construction, and others. In 2021, the construction segment was estimated to hold the largest market share, whereas the agriculture segment is expected to witness a high CAGR growth. The construction segment comprises various electric equipment, including electric-powered excavators and loaders.
One of the key factors influencing the growth of off-highway electric vehicles in the construction sector is the rapidly increasing investments in public infrastructure. Also, the majority of growth in the agriculture segment is witnessed in North America and Europe. These regions include several developed economies investing heavily in advanced agricultural equipment to achieve high yields.
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 requirements for research. Examine possible purchases |
Key Insights:
- As per the analysis shared by our research analyst, the Off-highway Electric Vehicle Market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
- In terms of revenue, the Off-highway Electric Vehicle Market size was valued at around USD 4.3 billion in 2021 and is projected to reach USD 42.4 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on application segmentation, the construction segment was predicted to show maximum market share in 2021.
- Based on region, the North American region was the leading revenue generator in 2021.
Recent Development
- July 2022: Illinois, US, launched a rebate program to encourage people to buy electric vehicles. This includes a rebate of US$ 4,000 for each vehicle purchase. The category also includes off-highway vehicles.
- July 2022: HUSCO International, Inc., a company engaged in manufacturing off-highway vehicles, received a US$50 million contract to build a system focused on enhancing electric vehicles’ battery efficiency from an undisclosed company.
- June 2021: caterpillar, Inc. partnered with Nouveau Monde Graphite Inc. to develop Cat zero-emission machines to be used in the Matawinie graphite mine.
Regional Landscape
In 2021, North America dominated the Off-highway Electric Vehicle market, with the US holding the largest share. The country is the base for several off-highway vehicle manufacturers such as Caterpillar, Inc., CNH Industrial N.V., and Deere & Company. Further, the federal government has imposed various stringent regulations concerning harmful regulations. Off-highway equipment accounted for around 30% of overall greenhouse gas emissions in the country, as per stats released by Environment Protection Agency (EPA).
Moreover, being the US, an early adopter of modern technologies coupled with high spending capabilities, the region is expected to dominate throughout the forecast period. Moreover, companies present in the region, such as Caterpillar, Inc., are focused on developing an advanced solid-state battery technology to minimalize the downsides of the conventional battery types in electric excavators and loaders are further expected to drive the growth of the electric off-highway vehicles in the US. The Asia Pacific is anticipated to witness high growth during 2022-2030.
Competitive Landscape
Caterpillar, Inc, Volvo Construction Equipment AB, Sandvik AB, and Deere & Company are some dominant players in the Off-highway Electric Vehicle Market. The players are highly focused on enhancing their production capabilities by launching technology-advanced equipment. Another key strategy adopted by these players is collaboration with various industries and designing equipment customized to their requirements.
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
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Off-highway Electric Vehicle Market, (2022 – 2030) (USD Billion)
- 2.2 Global Off-highway Electric Vehicle Market: snapshot
- Chapter 3. Global Off-highway Electric Vehicle Market – Industry Analysis
- 3.1 Off-highway Electric Vehicle Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Advancements in battery technology & supply
- 3.2.2 Driver 2
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Application
- Chapter 4. Global Off-highway Electric Vehicle Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Off-highway Electric Vehicle Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Off-highway Electric Vehicle Market – Application Analysis
- 5.1 Global Off-highway Electric Vehicle Market overview: By Application
- 5.1.1 Global Off-highway Electric Vehicle Market share, By Application, 2021 and 2030
- 5.2 Construction
- 5.2.1 Global Off-highway Electric Vehicle Market by Construction, 2022 – 2030 (USD Billion)
- 5.3 Agriculture
- 5.3.1 Global Off-highway Electric Vehicle Market by Agriculture, 2022 – 2030 (USD Billion)
- 5.4 Mining
- 5.4.1 Global Off-highway Electric Vehicle Market by Mining, 2022 – 2030 (USD Billion)
- 5.5 Others
- 5.5.1 Global Off-highway Electric Vehicle Market by Others, 2022 – 2030 (USD Billion)
- 5.1 Global Off-highway Electric Vehicle Market overview: By Application
- Chapter 6. Off-highway Electric Vehicle Industry – Regional Analysis
- 6.1 Global Off-highway Electric Vehicle Industry Regional Overview
- 6.2 Global Off-highway Electric Vehicle Industry Share, by Region, 2021 & 2030 (USD Billion)
- 6.3. North America
- 6.3.1 North America Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.3.1.1 North America Off-highway Electric Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 6.3.1 North America Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.4 North America Off-highway Electric Vehicle Industry, by Application, 2022 – 2030
- 6.4.1 North America Off-highway Electric Vehicle Industry, by Application, 2022 – 2030 (USD Billion)
- 6.5. Europe
- 6.5.1 Europe Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.5.1.1 Europe Off-highway Electric Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 6.5.1 Europe Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.6 Europe Off-highway Electric Vehicle Industry, by Application, 2022 – 2030
- 6.6.1 Europe Off-highway Electric Vehicle Industry, by Application, 2022 – 2030 (USD Billion)
- 6.7. Asia Pacific
- 6.7.1 Asia Pacific Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.7.1.1 Asia Pacific Off-highway Electric Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 6.7.1 Asia Pacific Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.8 Asia Pacific Off-highway Electric Vehicle Industry, by Application, 2022 – 2030
- 6.8.1 Asia Pacific Off-highway Electric Vehicle Industry, by Application, 2022 – 2030 (USD Billion)
- 6.9. Latin America
- 6.9.1 Latin America Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.9.1.1 Latin America Off-highway Electric Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 6.9.1 Latin America Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.10 Latin America Off-highway Electric Vehicle Industry, by Application, 2022 – 2030
- 6.10.1 Latin America Off-highway Electric Vehicle Industry, by Application, 2022 – 2030 (USD Billion)
- 6.11. The Middle-East and Africa
- 6.11.1 The Middle-East and Africa Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.11.1.1 The Middle-East and Africa Off-highway Electric Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 6.11.1 The Middle-East and Africa Off-highway Electric Vehicle Industry, 2022 – 2030 (USD Billion)
- 6.12 The Middle-East and Africa Off-highway Electric Vehicle Industry, by Application, 2022 – 2030
- 6.12.1 The Middle-East and Africa Off-highway Electric Vehicle Industry, by Application, 2022 – 2030 (USD Billion)
- Chapter 7. Company Profiles
- 7.1 Caterpillar
- 7.1.1 Overview
- 7.1.2 Financials
- 7.1.3 Product Portfolio
- 7.1.4 Business Strategy
- 7.1.5 Recent Developments
- 7.2 Deere & Company
- 7.2.1 Overview
- 7.2.2 Financials
- 7.2.3 Product Portfolio
- 7.2.4 Business Strategy
- 7.2.5 Recent Developments
- 7.3 Komatsu Ltd.
- 7.3.1 Overview
- 7.3.2 Financials
- 7.3.3 Product Portfolio
- 7.3.4 Business Strategy
- 7.3.5 Recent Developments
- 7.4 Hitachi Construction Machinery Co. Ltd.
- 7.4.1 Overview
- 7.4.2 Financials
- 7.4.3 Product Portfolio
- 7.4.4 Business Strategy
- 7.4.5 Recent Developments
- 7.5 Volvo Construction Equipment AB
- 7.5.1 Overview
- 7.5.2 Financials
- 7.5.3 Product Portfolio
- 7.5.4 Business Strategy
- 7.5.5 Recent Developments
- 7.1 Caterpillar
List Of Figures
Figures No 1 to 16
List Of Tables
Tables No 1 to 27
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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List of the prominent players in the global Off-highway Electric Vehicle market:
- Caterpillar
- Deere & Company
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd.
- Volvo Construction Equipment AB
- Others
FAQs
The key players operating in the off-highway electric vehicle market are Caterpillar, Deere & Company, Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment AB, and Others.
“North America” region will dominate the global off-highway electric vehicle market during the forecast period 2022 to 2030.
The advancement of battery technology and supply, in addition to general economic factors, are continuously driving the deployment of off-highway electric vehicles across the globe; this trend is expected to continue over the period of the upcoming years.
The global off-highway electric vehicle market is expanding growth with a CAGR of approximately 30% during the forecast period (2022 to 2030).
The global off-highway electric vehicle market size was valued at US$ 4.3 billion in 2021 and it is projected to reach around US$ 42.4 billion by 2030.