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

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.