USD 9.02 billion
Off-Highway Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Propulsion Type(Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Application(Construction, Mining, Agriculture, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2111 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
65
Off-Highway Electric Vehicle (EV) Market Insights
Off-Highway Electric Vehicle (EV) Market size was valued at USD 10.71 billion in 2022 and is poised to grow from USD 12.72 billion in 2023 to USD 50.29 billion by 2031, growing at a CAGR of 18.75% in the forecast period (2024-2031).
Off-highway vehicles, also known as off-road vehicles, are not intended for use on highways. They are extensively used in the mining and construction industries, where conventional roads may not be available. Apart from transporting loads, these vehicles serve various purposes in these industries. Electric off-highway vehicles offer a remarkable advantage by reducing emissions of hazardous gasses, making them ideal for environmentally sensitive sites. The global off-highway electric vehicle market is anticipated to witness substantial growth in the forthcoming years. The off-highway electric vehicle market is gaining popularity as they can be charged as needed and utilized for multiple applications. The increasing adoption of electric vehicles is driven by the need to reduce pollution from diesel-powered vehicles, which emit harmful chemicals. The growing mining industry and advancements in electric vehicle technology further contribute to the market's expansion in the forecast period.
US Off-Highway Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Battery Electric Vehicle (BEV)
Fastest Growth
Battery Electric Vehicle (BEV)
Growth Rate
18.75% CAGR
Global Off-Highway Electric Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Off-Highway Electric Vehicle (EV) Market Segmental Analysis
The global Off-Highway Electric Vehicle (EV) Market is segmented on the basis of Propulsion type, application, and region. By Propulsion type, the market is segmented into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV). By Application, the market is segmented into Construction, Mining, Agriculture, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Off-Highway Electric Vehicle (EV) Market Analysis By Propulsion type
Based on propulsion type, the battery electric vehicles (BEVs) are currently the dominant segment in the off-highway electric vehicle market. BEVs are widely adopted in various off-highway applications due to their zero-emission nature, which aligns with environmental regulations and sustainability goals in industries like mining and construction.
On the other hand, the fastest-growing segment in the off-highway electric vehicle market is likely the hybrid electric vehicles (HEVs). HEVs combine an internal combustion engine with an electric motor, providing improved fuel efficiency and reduced emissions compared to traditional internal combustion engine vehicles. The hybrid technology offers a transitional solution for industries gradually transitioning from conventional vehicles to fully electric alternatives, thus contributing to the rapid growth in this market segment.
Off-Highway Electric Vehicle (EV) Market Analysis By Application
In the off-highway electric vehicle market, the dominant segment is likely to be the construction sector. Construction of off-highway electric vehicles are widely used for various tasks in construction sites, such as material handling, transportation, and equipment movement. The construction industry has been progressively adopting electric vehicles due to their environmental benefits, reduced emissions, and lower operating costs, driving the dominance of this segment.
On the other hand, the fastest-growing segment in the off-highway electric vehicle market is expected to be the mining sector. Off-highway electric vehicles in mining are gaining traction due to their ability to handle heavy loads, increased energy efficiency, and lower carbon footprint compared to traditional diesel-powered vehicles. As the mining industry continues to focus on sustainable and eco-friendly practices, the adoption of electric vehicles in this sector is likely to experience rapid growth in the coming years.
Global Off-Highway Electric Vehicle Market By Propulsion Type
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Off-Highway Electric Vehicle (EV) Market Regional Insights
The global off-highway electric vehicle market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific holds the largest share in the off-highway electric vehicle market. This dominance is attributed to several factors, including the rapid industrialization and urbanization in countries like China and India, which have led to increased demand for off-highway vehicles in mining and construction sectors. Additionally, government initiatives promoting electric mobility and sustainable practices have further fueled the adoption of off-highway electric vehicles in the region.
On the other hand, North America is experiencing significant growth and is the fastest growing region in the off-highway electric vehicle market. The region's growth is driven by various factors, including stringent environmental regulations, increasing awareness of carbon emissions, and a shift towards eco-friendly transportation solutions. Additionally, advancements in battery technology and charging infrastructure are encouraging the adoption of off-highway electric vehicles in North America. The growing interest in electric construction and mining equipment is contributing to the rapid expansion of the market in this region.
Global Off-Highway Electric Vehicle Market By Geography
- Largest
- Fastest
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Off-Highway Electric Vehicle (EV) Market Dynamics
Off-Highway Electric Vehicle Market Drivers
Environmental Concerns:
- The growing awareness of environmental issues and the need to reduce greenhouse gas emissions are significant drivers for the off-highway electric vehicle market. Electric vehicles produce fewer or no tailpipe emissions, making them a more eco-friendly option compared to their diesel-powered counterparts.
Government Incentives and Regulations:
- Many governments across the globe are implementing favorable policies, incentives, and regulations to promote the adoption of electric vehicles. These measures include tax credits, subsidies, and stricter emission standards, encouraging industries to shift towards electric off-highway vehicles.
Off-Highway Electric Vehicle Market Restraints
Limited Range and Charging Infrastructure:
- Off-highway electric vehicles often require large batteries to accommodate heavy loads, resulting in limited driving range. Additionally, the availability of charging infrastructure in remote mining or construction sites can be a challenge, hindering the widespread adoption of these vehicles.
Initial Cost:
- The upfront cost of electric off-highway vehicles, including the higher price of batteries, remains a significant restraint. While the operational costs are lower over time, the initial investment may deter some companies from transitioning to electric vehicles.
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Off-Highway Electric Vehicle (EV) Market Competitive Landscape
The global off-highway electric vehicle market exhibits a competitive landscape with several key players vying for market share. Established automotive manufacturers and specialized electric vehicle companies are vying for market share. Companies are focusing on research and development to improve vehicle performance, battery efficiency, and charging infrastructure. Partnerships and collaborations are common to leverage expertise and expand market reach. Key players are also investing in eco-friendly technologies and sustainable manufacturing processes. Additionally, regulatory support for clean transportation and increasing customer demand for greener solutions are driving innovation and product development in this competitive landscape.
Off-Highway Electric Vehicle Market Top Player’s Company Profile
- Deere & Company - (US)
- Sandvik AB – (Sweden)
- Hitachi Construction Machinery Co., Ltd. – (Japan)
- Epiroc AB – (Sweden)
- Doosan Corporation – (South Korea)
- J C Bamford Excavators Ltd. (JCB) - (UK)
- CNH Industrial N.V. – (Netherlands)
Off-Highway Electric Vehicle Market Recent Developments
- In June 2022, Volvo Trucks announced the launch of its new VNR Electric truck. The VNR Electric is a battery-electric truck that is designed for long-haul applications.
- In July 2022, BYD announced the launch of its new T1E electric bus. The T1E is an electric bus that is designed for urban transit applications.
- In August 2022, John Deere announced the launch of its new E18 electric tractor. The E18 is an electric tractor that is designed for agricultural applications.
Off-Highway Electric Vehicle (EV) Key Market Trends
Increasing Adoption of Electric Vehicles in Mining and Construction:
- The off-highway electric vehicle market is experiencing a growing trend of adopting electric vehicles in the mining and construction industries. As companies seek to reduce their carbon footprint and comply with environmental regulations, electric vehicles offer a cleaner and more sustainable alternative to traditional diesel-powered vehicles. The shift towards electric off-highway vehicles is driven by the need to lower emissions, improve energy efficiency, and minimize the environmental impact in these heavy-duty industries.
Advancements in Battery Technology:
- The market is witnessing significant advancements in battery technology, which is a crucial factor driving the adoption of electric off-highway vehicles. Improvements in battery energy density, charging infrastructure, and battery life are enhancing the performance and feasibility of electric vehicles in demanding off-road conditions. These technological advancements are making electric off-highway vehicles more reliable, efficient, and cost-effective, leading to increased market penetration and acceptance among industry players.
Off-Highway Electric Vehicle (EV) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global off-highway electric vehicle market analysis, the market is experiencing substantial growth driven by its suitability for various applications in the mining and construction industries. These vehicles are preferred for their ability to navigate challenging terrains without emitting harmful gasses, thus reducing pollution and environmental impact. As concerns about air quality and sustainability grow, the adoption of electric off-highway vehicles is increasing to replace traditional diesel-powered ones. The market's expansion is further fueled by technological advancements in the automotive industry and electric vehicles. Additionally, the demand for off-highway electric vehicles is rising due to their capability to handle heavy loads efficiently and their potential to reduce operating costs and maintenance. Overall, the market is expected to witness significant growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.71 billion |
| Market size value in 2031 | USD 50.29 billion |
| Growth Rate | 18.75% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Off-Highway Electric Vehicle (EV) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Off-Highway Electric Vehicle (EV) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Off-Highway Electric Vehicle (EV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Off-Highway Electric Vehicle (EV) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Off-Highway Electric Vehicle (EV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Off-Highway Electric Vehicle (EV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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