The global off-highway electric vehicle market size is expected to reach a valuation of USD 5,745.96 million by 2030, growing at 14.1% CAGR from 2023 to 2030. The commencement of redevelopment initiatives and expanding infrastructural advancements in developing nations are the key drivers fueling the off-highway electric vehicle industry’s expansion.
The global demand for off-highway electric vehicles (EVs) is also being fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA). These cars’ increased economy decreases overhaul costs and lowers noise and vibration levels to help increase demand for off-highway electric vehicles.
The benefits of off-highway electric machinery include increased operational maneuverability, accuracy, and overall efficiency. Off-highway vehicle electrification offers a number of advantages, but due to issues such as poor charging infrastructure and limited battery storage capacity, it is anticipated that market adoption would be sluggish. Due to the drawbacks of electrically-propelled machinery, hybrid off-highway electric vehicles-which are seen as a viable alternative-have gained an edge.
However, the significant investments involved in developing off-highway electric vehicles is limiting their commercial expansion. Despite this, for improved performance, pollution control, and reliability; off-highway equipment like vehicles, in areas such as agriculture, mining, and construction, are being electrified.
In order to stay ahead of their rivals, prominent corporations are launching new products, which is the main trend in the off-highway electric vehicle industry. For instance, The Volvo Group introduced an electric truck with a longer range in North America in January 2022. This truck is a modified Volvo VNR Electric with a range increase of up to 85% and faster charging. This is a class 8 electric truck variant with a greater energy storage capacity of up to 565 kWh and an operational range of up to 440 km (275 miles).
The global demand for off-highway electric vehicles (EVs) is also being fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA). These cars’ increased economy decreases overhaul costs and lowers noise and vibration levels to help increase demand for off-highway electric vehicles.
The benefits of off-highway electric machinery include increased operational maneuverability, accuracy, and overall efficiency. Off-highway vehicle electrification offers a number of advantages, but due to issues such as poor charging infrastructure and limited battery storage capacity, it is anticipated that market adoption would be sluggish. Due to the drawbacks of electrically-propelled machinery, hybrid off-highway electric vehicles-which are seen as a viable alternative-have gained an edge.
However, the significant investments involved in developing off-highway electric vehicles is limiting their commercial expansion. Despite this, for improved performance, pollution control, and reliability; off-highway equipment like vehicles, in areas such as agriculture, mining, and construction, are being electrified.
In order to stay ahead of their rivals, prominent corporations are launching new products, which is the main trend in the off-highway electric vehicle industry. For instance, The Volvo Group introduced an electric truck with a longer range in North America in January 2022. This truck is a modified Volvo VNR Electric with a range increase of up to 85% and faster charging. This is a class 8 electric truck variant with a greater energy storage capacity of up to 565 kWh and an operational range of up to 440 km (275 miles).
Off-highway Electric Vehicle Market Report Highlights
- The growth of the off-highway electric vehicle industry in developed countries is being driven by rapid infrastructure development and improved regulations related to construction operations
- The global demand for off-highway EVs is fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA)
- The Asia Pacific region is anticipated to grow at a CAGR of 14.9% over the forecast period due to an increase in new development activity in the region's healthcare and housing industries
- Since the COVID-19 outbreak, major off-highway electric vehicle industry participants have concentrated on acquisitions to grow their organization
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. List Of Primary Sources
1.3.4. List Of Secondary Sources
1.4. Information Analysis
1.4.1. Data Analysis Model
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
Chapter 3. Off-Highway Electric Vehicle Market Variables, Trends & Scope
3.1. Penetration and Growth Prospect Mapping
3.2. Global Off-highway Electric Vehicle Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraints Analysis
3.3. Industry Value Chain Analysis
3.4. Market Analysis Tools
3.4.1. Industry Analysis - Porter’s Five Forces
3.4.2. Industry Analysis - PEST Analysis
3.5. Impact Of COVID-19 On the Off-Highway Electric Vehicle Market
Chapter 4. Off-Highway Electric Vehicle Market: Application Outlook
4.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)
4.2. Construction
4.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
4.3. Agriculture
4.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
4.4. Mining
4.4.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
Chapter 5. Off-Highway Electric Vehicle Market: Propulsion Outlook
5.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)
5.2. BEV
5.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
5.3. HEV
5.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
Chapter 6. Off-Highway Electric Vehicle Market: Storage Outlook
6.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)
6.2. Li-ion
6.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
6.3. Lead-acid
6.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)
Chapter 7. Off-Highway Electric Vehicle Market: Regional Outlook
7.1. Off-highway Electric Vehicle Market, By Region, 2021 & 2030
7.2. North America
7.2.1. Market Estimates And Forecasts By Country, 2018 - 2030 (Revenue, USD Million)
7.2.2. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.2.3. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.2.4 Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.2.5. U.S.
7.2.5.1 Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.2.5.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.2.5.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.2.6. Canada
7.2.6.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.2.6.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.2.6.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.3. Europe
7.3.1. Market Estimates And Forecasts By Country, 2018 - 2030 (Revenue, USD Million)
7.3.2. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.3.3. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.3.4 Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.3.5. U.K.
7.3.5.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.3.5.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.3.5.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.3.6. Germany
7.3.6.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.3.6.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.3.6.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.3.7. France
7.3.7.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.3.7.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.3.7.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.3.8. Rest of Europe
7.3.8.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.3.8.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.3.8.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.4. Asia Pacific
7.4.1. Market Estimates And Forecasts By Country, 2018 - 2030 (Revenue, USD Million)
7.4.2. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.4.3. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.4.4. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.4.5. China
7.4.5.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.4.5.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.4.5.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.4.6. India
7.4.6.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.4.6.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.4.6.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.4.7. Japan
7.4.7.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.4.7.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.4.7.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.4.8. Rest of Asia Pacific
7.4.8.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.4.8.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.4.8.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.5. Latin America
7.5.1. Market Estimates And Forecasts By Country, 2018 - 2030 (Revenue, USD Million)
7.5.2. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.5.3. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.5.4. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.5.5. Mexico
7.5.5.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.5.5.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.5.5.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.5.6. Brazil
7.5.6.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.5.6.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.5.6.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.5.7. Rest of Latin America
7.5.7.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.5.7.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.5.7.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
7.6. Middle East and Africa
7.6.1. Market Estimates And Forecasts By Application, 2018 - 2030 (Revenue, USD Million)
7.6.2. Market Estimates And Forecasts By Propulsion, 2018 - 2030 (Revenue, USD Million)
7.6.3. Market Estimates And Forecasts By Storage Type, 2018 - 2030 (Revenue, USD Million)
Chapter 8. Competitive Landscape
8.1. Key Company Analysis, 2022
8.2. Company Profiles
8.2.1. Caterpillar
8.2.1.1. Company Overview
8.2.1.2. Financial Performance
8.2.1.3. Product Benchmarking
8.2.1.4. Recent Developments
8.2.2. Volvo Construction Equipment AB
8.2.2.1. Company Overview
8.2.2.2. Financial Performance
8.2.2.3. Product Benchmarking
8.2.2.4. Recent Developments
8.2.3. Deere & Company
8.2.3.1. Company Overview
8.2.3.2. Financial Performance
8.2.3.3. Product Benchmarking
8.2.3.4. Recent Developments
8.2.4. Komatsu Ltd.
8.2.4.1. Company Overview
8.2.4.2. Financial Performance
8.2.4.3. Product Benchmarking
8.2.4.4. Recent Developments
8.2.5. Sandvik AB
8.2.5.1. Company Overview
8.2.5.2. Financial Performance
8.2.5.3. Product Benchmarking
8.2.5.4. Recent Developments
8.2.6. Hitachi Construction Machinery Co., Ltd.
8.2.6.1. Company Overview
8.2.6.2. Financial Performance
8.2.6.3. Product Benchmarking
8.2.6.4. Recent Developments
8.2.7. Epiroc AB
8.2.7.1. Company Overview
8.2.7.2. Financial Performance
8.2.7.3. Product Benchmarking
8.2.7.4. Recent Developments
8.2.8. Doosan Corporation
8.2.8.1. Company Overview
8.2.8.2. Financial Performance
8.2.8.3. Product Benchmarking
8.2.8.4. Recent Developments
8.2.9. J.C. Bamford Excavators Ltd.
8.2.9.1. Company Overview
8.2.9.2. Financial Performance
8.2.9.3. Product Benchmarking
8.2.9.4. Recent Developments
8.2.10. CNH Industrial N.V.
8.2.10.1. Company Overview
8.2.10.2. Financial Performance
8.2.10.3. Product Benchmarking
8.2.10.4. Recent Developments
List of Tables
Table 1 List of Abbreviations
Table 2 Off-highway Electric Vehicle Market, 2018 - 2030 (USD Million)
Table 3 Off-highway Electric Vehicle Market, By Application 2018 - 2030 (USD Million)
Table 4 Off-highway Electric Vehicle Market, By Propulsion 2018 - 2030 (USD Million)
Table 5 Off-highway Electric Vehicle Market, By Region 2018 - 2030 (USD Million)
Table 6 Construction Market, By Region, 2018 - 2030 (USD Million)
Table 7 Agriculture Market, By Region, 2018 - 2030 (USD Million)
Table 8 Mining Market, By Region, 2018 - 2030 (USD Million)
Table 9 BEV Market, By Region, 2018 - 2030 (USD Million)
Table 10 HEV Market, By Region, 2018 - 2030 (USD Million)
Table 11 Li-ion Market, By Region, 2018 - 2030 (USD Million)
Table 12 Lead-acid Market, By Region, 2018 - 2030 (USD Million)
Table 13 North America Off-highway Electric Vehicle Market, by Country, 2018 - 2030 (USD Million)
Table 14 North America Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 15 North America Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 16 North America Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 17 U.S. Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 18 U.S. Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 19 U.S. Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 20 Canada Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 21 Canada Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 22 Canada Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 23 Europe Off-highway Electric Vehicle Market, By Country, 2018 - 2030 (USD Million)
Table 24 Europe Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 25 Europe Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 26 Europe Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 27 Germany Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 28 Germany Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 29 Germany Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 30 U.K. Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 31 U.K. Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 32 U.K. Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 33 France Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 34 France Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 35 France Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 36 Asia Pacific Off-highway Electric Vehicle Market, By Country, 2018 - 2030 (USD Million)
Table 37 Asia Pacific Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 38 Asia Pacific Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 39 Asia Pacific Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 40 China Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 41 China Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 42 China Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 43 Japan Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 44 Japan Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 45 Japan Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 46 India Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 47 India Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 48 India Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 49 Latin America Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 50 Latin America Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 51 Latin America Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 52 Mexico Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 53 Mexico Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 54 Mexico Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 55 Brazil Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 56 Brazil Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 57 Brazil Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
Table 58 Middle East and Africa Off-highway Electric Vehicle Market, By Application, 2018 - 2030 (USD Million)
Table 59 Middle East and Africa Off-highway Electric Vehicle Market, By Propulsion, 2018 - 2030 (USD Million)
Table 60 Middle East and Africa Off-highway Electric Vehicle Market, By Storage Type, 2018 - 2030 (USD Million)
List of Figures
Fig. 1 Off-highway Electric Vehicle Market Research Methodology
Fig. 2 Off-highway Electric Vehicle Market Data Triangulation Technique
Fig. 3 Off-highway Electric Vehicle Market Primary Research Scope
Fig. 4 Off-highway Electric Vehicle Market: Market Segmentation
Fig. 5 Off-highway Electric Vehicle Market: Market Snapshot, 2022
Fig. 6 Off-highway Electric Vehicle Market: Value Chain Analysis
Fig. 7 Off-highway Electric Vehicle Market: Penetration And Growth Prospect Mapping
Fig. 8 Off-highway Electric Vehicle Market: Key Company Analysis, 2022
Fig. 9 Off-highway Electric Vehicle Market: PESTEL Analysis
Fig. 10 Off-highway Electric Vehicle Market: Porter's Five Forces Analysis
Fig. 11 Off-highway Electric Vehicle Market: Application Segment Analysis, 2022 & 2030 (USD Million)
Fig. 12 Off-highway Electric Vehicle Market: Propulsion Segment Analysis, 2022 & 2030 (USD Million)
Fig. 13 Off-highway Electric Vehicle Market: Storage Type Segment Analysis, 2022 & 2030 (USD Million)
Fig. 14 Off-highway Electric Vehicle Market: Regional Segment Analysis, 2022 & 2030
Companies Mentioned
- Caterpillar
- Volvo Construction Equipment AB
- Deere & Company
- Komatsu Ltd.
- Sandvik AB
- Hitachi Construction Machinery Co., Ltd.
- Epiroc AB
- Doosan Corporation
- J.C. Bamford Excavators Ltd.
- CNH Industrial N.V.
Methodology
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