Off-highway Electric Vehicle Industry Overview
The global off-highway electric vehicle market size is expected to reach USD 42.70 billion by 2030, registering a CAGR of 31.7% during the forecast period, according to a new report by Grand View Research, Inc. The commencement of re-development projects and growing infrastructural developments in developing countries are significant factors driving the market growth.
Off-highway Electric Vehicle Market Segmentation
Grand View Research has segmented the global off-highway electric vehicle market based on application, electric vehicle, and region:
Based on the Application Insights, the market is segmented into Construction, Agriculture and Mining.
- The construction segment accounted for the largest revenue share of around 38.2% in 2021. The segment includes electric construction equipment such as electric loaders and electric excavators. Increasing investments by governments worldwide in developing public infrastructure is one of the primary factors driving the growth of the segment.
- The agriculture segment is projected to register a CAGR of 32.8% from 2022 to 2030. The segment includes electric agricultural equipment such as electric harvesters and electric tractors. Consumers in North America and Europe are adopting modern farm equipment and advanced agriculture processes to gain higher yields.
Based on the Electric Vehicle Insights, the market is segmented into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV).
- The Hybrid Electric Vehicle (HEV) segment accounted for the largest market share of 58.8% in 2021 and is anticipated to dominate the market from 2022 to 2030. The hybrid electric vehicle is designed to augment the use of the internal combustion engine in collaboration with the electric powertrain.
- The BEV segment is projected to register the highest CAGR of 40.0% from 2022 to 2030. The growth of the segment can be attributed to the restrictions on CO2 emission and the slowdown in the adoption of Internal Combustion Engine (ICE) vehicles.
Off-highway Electric Vehicle Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World(ROW)
Key Companies Profile & Market Share Insights
Key players operating in the off-highway electric vehicle market offer a wide range of electrically-propelled off-highway vehicles for agriculture, construction, and mining applications. They are focused on providing advanced and technologically-driven equipment to reduce the carbon footprint and adhere to the emission regulations.
Some prominent players in the Global Off-highway Electric Vehicle market include:
- 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.
Order a free sample PDF of the Off-highway Electric Vehicle Market Intelligence Study, published by Grand View Research.
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