Off-Highway Electric Vehicle Market Size Valued at 11,646 units in 2023 will Grow at a CAGR of 17.4% during 2023-2030 | GlobalData Plc

The off-highway electric vehicle market size was valued at 11,646 units in 2023, according to a new report by GlobalData Plc. Stringent emission standards, rising fuel costs, and low maintenance and operating costs are the prime factors responsible for the growth of this market. Several governments worldwide are imposing strict regulations to minimize the emission of particulate matter. This is compelling several manufacturers to introduce hybrid engines and battery electric vehicles in order to comply with emission standards. Additionally, electric vehicles facilitate cleaner and quieter operations, thereby reducing noise pollution and creating a safe working environment for the workers. These factors are further expected to lead the off-highway electric vehicle market to grow at a CAGR of 17.4% during 2023-2030.

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Off-Highway Electric Vehicle Market FAQs

• What was the global off-highway electric vehicle market size in 2023?

The global off-highway electric vehicle market size valued at 11,646 units in 2023.

• What is the off-highway electric vehicle market growth rate?

The global off-highway electric vehicle market is expected to grow at a CAGR of 17.4% over the forecast period (2023-2030).

• What are the key off-highway electric vehicle market drivers?

The low total cost of ownership, cleaner and quieter operation, and growing environmental awareness are the factors contributing to the market growth.

• What are the key off-highway electric vehicle market segments?

Vehicle Type Segments: Excavators, Loaders, Tractors, Trucks, Others

Application Segments: Construction, Mining, Agriculture

Propulsion Segments: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)

• Which are the leading off-highway electric vehicle companies globally?

The leading off-highway electric vehicle companies are Caterpillar Inc, AB Volvo, CNH Industrial NV, Deere & Co, Epiroc AB, Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Sandvik AB, SANY Heavy Industries Co Ltd.

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Off-Highway Electric Vehicle Market Dynamics

The presence of many batteries in the electric vehicle adds to the overall cost which is anticipated to slow down the adoption of electric vehicles. However, governments are focused on launching schemes and providing incentives and subsidies to counter the initial cost of the machine, thereby encouraging the customers to buy electric vehicles. Additionally, battery manufacturers are developing battery management systems and working on enhancing the build quality of batteries to sustain harsh environments and improve battery life. Such enhancements are anticipated to lower the total cost of ownership of the machine, thereby boosting the confidence of customers and increasing the adoption of electric vehicles.

Off-highway vehicles are high-capacity machines and must deal with heavy workloads. As such, these vehicles require a large number of batteries to ensure continuous working of 7-8 hours per day. Furthermore, with the development of off-highway electric vehicles still being at a nascent stage, there is a lack of charging infrastructure, which makes it challenging for customers to get the machine running on time. Additionally, slow charging stations take a long time to charge such heavy-duty vehicles leading to longer idle time. As such, lack of charging infrastructure and low battery capacity are some of the factors expected to restrain the market growth. Nonetheless, continued developments and advancements in battery technologies and charging infrastructure are expected to provide confidence to buyers over the future, subsequently driving the adoption of off-highway electric vehicles.

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Off-Highway Electric Vehicle Market Report Highlights

• The global off-highway electric vehicle market is projected to witness a CAGR of 17.4% from 2023 to 2030, reaching a value of 35,722 units by 2030. Rapid urbanization, increasing population, and the fast pace of electric vehicle developments are anticipated to drive market growth in the future.
• The tractor segment accounted for the highest market share in 2022 and is expected to retain its dominance in the future. The high market share is attributed to the increasing demand for efficient, cleaner, and advanced farm equipment to improve crop yield.
• The mining and construction segment accounted for more than 50% market share in 2022. The high market share is attributed to several upcoming mining projects, as well as the upgradation & development of residential and commercial infrastructure.
• The battery electric vehicle (BEV) segment is projected to exhibit the fastest growth over the forecast period. The growth of this segment is the result of growing environmental awareness and rising fuel costs.
• The Asia Pacific is expected to exhibit the fastest growth between 2023-2030. The rapid development of smart cities and the presence of several large agrarian economies are expected to drive market growth across the region.
• Key players in the off-highway electric vehicles market analyzed as part of this report are Caterpillar Inc, AB Volvo, CNH Industrial NV, Deere & Co, Epiroc AB, Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Sandvik AB, SANY Heavy Industries Co Ltd.

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GlobalData Plc has segmented the off-highway electric vehicle market report by vehicle type, application, propulsion, and region:

Off-Highway Electric Vehicle by Vehicle Type Outlook (Volume, Units, 2023-2030)

• Excavators
• Loaders
• Tractors
• Trucks
• Others

Off-Highway Electric Vehicle Application Outlook (Volume, Units, 2023-2030)

• Construction
• Mining
• Agriculture

Off-Highway Electric Vehicle Propulsion Outlook (Volume, Units, 2023-2030)

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)

Off-Highway Electric Vehicle Regional Outlook (Volume, Units, 2023-2030)

• North America

• • US
  • Canada
  • Mexico

• Europe  

• • UK
  • Germany
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Australia
  • Rest of Asia Pacific

• Central & South America

• • Brazil
  • Rest of Central & South America

• Middle East & Africa

• • South Africa
  • Rest of Middle East & Africa

Get segment-specific insights in the off-highway electric vehicle market in this PDF sample!

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