Global Off-Highway Electric Vehicle (EV) Market

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 News

  • 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.
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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).

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. 'Caterpillar – (US)', 'Volvo Construction Equipment AB – (Sweden)', 'Komatsu Ltd. – (Japan)', '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)'

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.

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.

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.

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Global Off-Highway Electric Vehicle (EV) Market

Report ID: SQMIG25C2111

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