The Business Research Company’s report on the Off-Highway Electric Vehicle Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the off-highway electric vehicle market’s growth in recent years?
The increase in demand for electric vehicles is expected to propel the growth of the off-highway electric vehicle market going forward. Electric vehicles are referred to as automobiles that are powered partially or completely by electricity from a rechargeable battery. Electric vehicles are supplied by renewable energy that contributes to reduced CO2 emissions and air pollution, creates significant efficiency gains, and serves as a source of storage of renewable electricity, thereby increasing the demand for off-highway electric vehicles. For instance, according to the International Renewable Energy Agency report, a UAE-based renewable and sustainable energy intergovernmental organization, the number of electric passenger cars is expected to reach 200 million in 2030 and electric buses and light-duty vehicles are expected to reach 10 million by 2030. Hence, increasing demand for electric vehicles is driving the demand in the off-highway electric vehicle market.
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How does the future projection of the off-highway electric vehicle market size compare to its historical growth?
The off-highway electric vehicle market size has grown exponentially in recent years. It will grow from $8.64 billion in 2024 to $10.92 billion in 2025 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to environmental regulations, fuel efficiency, total cost of ownership, noise reduction.
The off-highway electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $25.27 billion in 2029 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to electrification trends, government incentives, increased awareness and sustainability goals, infrastructure development, flexibility and adaptability, rapid charging infrastructure, autonomous and semi-autonomous operations. Major trends in the forecast period include battery technology improvements, autonomous and connected technologies, industry partnerships and collaboration, multi-purpose and modular designs, regenerative braking systems.
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Which key players are shaping the future of the off-highway electric vehicle market?
Major companies operating in the off-highway electric vehicle market include Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, JC Bamford Excavators Ltd., Cnh Industrial NV, Kubota Corporation, Duetz AG, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, Terex Corporation, Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Wacker Neuson SE, Sany Heavy Industry Co. Ltd., Manitou Group, Bell Equipment Ltd., ASV Holdings Inc., Epiroc AB, Hyundai Construction Equipment Co. Ltd.
What trends will propel the growth and evolution of the off-highway electric vehicle market?
Technology advancement is the key trend gaining popularity in the off-highway electric vehicle market. Major companies operating in the off-highway electric vehicle sector are focused on introducing new technologies to strengthen their position in the market. For instance, in September 2024, Komatsu Limited, a Japan-based manufacturing company, launched PC4000-11E hydraulic mining excavator. The Komatsu PC4000-11E is an electrically powered hydraulic mining excavator that combines the digging power of traditional diesel machines with the environmental advantages of electric power, reducing emissions by up to 95%. It offers lower operating costs and can cut total ownership costs by up to 50%, promoting sustainable mining practices.
Which regions are expected to become dominant players in the off-highway electric vehicle market?
North America was the largest region in the off-highway electric vehicle market in 2024.The regions covered in the off-highway electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the off-highway electric vehicle market, and how are they evolving?
The off-highway electric vehicle market covered in this report is segmented –
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
3) By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
Subsegments:
1) By Battery Electric Vehicle (BEV): Fully Electric Off-Highway Vehicles, Electric Forklifts, Electric Construction Equipment, Electric Agricultural Vehicles
2) By Hybrid Electric Vehicle (HEV): Diesel-Electric Hybrid Vehicles, Gasoline-Electric Hybrid Vehicles, Electric-Powered Hybrid Agricultural Equipment
3) By Plug-In Hybrid Electric Vehicles (PHEV): Plug-In Hybrid Construction Equipment, Plug-In Hybrid Agricultural Vehicles, Plug-In Hybrid Utility Vehicles
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How is the off-highway electric vehicle market defined?
An off-highway electric vehicle refers to a type of electric vehicle built for off-road use that utilizes electricity to operate on and off paved or gravel roads. The common characteristics of off-highway electric vehicles are front suspension, grip-suitable tires with deep, wide treads, underbody protection, low-range-gearing, and caterpillar tracks.
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