Overview and Scope
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. The off-highway electric vehicle is used to boost productivity, reduce emissions, and improve safety and labor savings.
Sizing and Forecast
The off-highway electric vehicle market size has grown exponentially in recent years. It will grow from $6.84 billion in 2024 to $8.64 billion in 2024 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 $20.65 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. 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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Segmentation & Regional Insights
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
Top 5 Major Players:
- Caterpillar Inc
- Volvo Construction Equipment Ab
- Deere And Company
- Komatsu Ltd
- Hitachi Construction Machinery Co. Ltd
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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the off-highway electric vehicle market report are 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, Tesla Inc., Bayerische Motoren Werke GmbH, Nissan Motors Corp., Toyota Motor Corp., Volkswagen AG, Kubota Corporation, Duetz AG, Atlas Compagnie Pneumatique Company, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, Deere & Company, 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.
The off-highway electric vehicle market report table of contents includes:
1. Executive Summary
2. Off-Highway Electric Vehicle Market Characteristics
3. Off-Highway Electric Vehicle Market Trends And Strategies
4. Off-Highway Electric Vehicle Market – Macro Economic Scenario
5. Global Off-Highway Electric Vehicle Market Size and Growth
…..
31. Global Off-Highway Electric Vehicle Market Competitive Benchmarking
32. Global Off-Highway Electric Vehicle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Off-Highway Electric Vehicle Market
34. Off-Highway Electric Vehicle Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Off-Highway Electric Vehicle Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Off-Highway Electric Vehicle Market, Segmentation By Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Off-Highway Electric Vehicle Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Caterpillar Inc. Financial Performance
Table 75: Volvo Construction Equipment Ab Financial Performance
Table 76: Deere And Company Financial Performance
Table 77: Komatsu Ltd. Financial Performance
Table 78: Hitachi Construction Machinery Co. Ltd. Financial Performance
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