Global Off-highway Electric Vehicle Market Share Is Expected to Grow At A CAGR Value Of Around 21.51% By 2030

25-Apr-2023 | Facts and Factors

According to the Facts and Factors report, the global off-highway electric vehicle market size was worth around USD 16.91 billion in 2022 and is predicted to grow to around USD 97.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 21.51% between 2023 and 2030.

global-off-highway-electric-vehicle-market-share

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Off-highway electric vehicles (OHEVs) are designed to be used in specific off-road applications including activities in the agriculture, mining, or construction sector. OHEVs are like electric vehicles (EVs) that are powered by electricity as opposed to traditional fuel-powered vehicles. Due to this, they offer better benefits in terms of reduced carbon emissions, improved efficiency, and low operating cost.

Browse the full “ Off-Highway Electric Vehicle Market Size, Share, Growth Analysis Report By Propulsion (Hybrid Electric Vehicle and Battery Electric Vehicle), By Application (Mining, Agriculture, and Construction), By Storage Type (Lead-Acid and Li-ion), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/off-highway-electric-vehicle-market

The industry includes a variety of vehicles like tractors, loaders, bulldozers, and excavators to name a few. Since the industry holds tremendous potential, it is currently witnessing a surge in new player addition, research & development, and other resources investment in general. This is the reason why the fraternity is growing rapidly and may reach new heights during the forecast period.

The global off-highway electric vehicle market is projected to grow owing to rising initiatives undertaken by governments and environmental regulatory bodies to promote the adoption of EVs that can assist in reducing dependency on the oil & gas industry for power generation.

Furthermore, the regional governments are undertaking investments toward the development of infrastructure that can harness the benefits of renewable sources to generate power further fueling the global fraternity size. These initiatives include tax redemption, grants, financial assistance, and incentives, making the market lucrative for new consumers.

In addition to this, the growing industrial applications in some of the fastest-growing end-user verticals like construction and building, and agriculture could act as growth-propelling factors. The cost benefits associated with the use of OHEVs over traditional vehicles are expected to play a crucial role during the projection period. Moreover, the constantly changing fuel prices and the growing shortage influenced by the Russia-Ukraine war could trigger higher adoption of EVs in general.

Although the market is expected to grow at a steady CAGR, it is also surrounded by multiple limitations. For instance, the existence of uncertainty around regulatory measures could impact the higher adoption of the product. This is because the market is fairly new and there is a significant lack of regulatory standards confusing new market players.

In addition to this, performance limitations posed by OHEVs are other crucial factors since these vehicles may not offer the same performance efficiency as traditional vehicles partly due to relatively lesser research on OHEVs. Other concerns like lack of charging facilities and limitations related to the range of the products could also impact the global industry growth.

The growing integration with renewable energy may provide growth opportunities while the current lack of charging architecture could challenge market growth.

global-off-highway-electric-vehicle-market-size

Segmental Overview:

The global off-highway electric vehicle market is segmented based on propulsion, application, storage type, and region.

Based on propulsion, the global market segments are hybrid electric vehicle and battery electric vehicle.

  • The industry witnessed the highest growth in the hybrid electric vehicle (HEV) segment in 2022 and dominated more than 56.1% of the segmental share
  • HEVs offer several advantages and even though they are not completely powered by electric batteries, these vehicles are currently more viable at least in areas that do not have proper or efficient set for electric charging
  • Furthermore, HEVs offer higher fuel efficiency and assist in reducing harmful emissions
  • The cost of HEV maintenance is relatively lower making them price-effective and also have a better range as compared to traditional vehicles and battery vehicles

Based on application, the global market is divided into mining, agriculture, and construction.

  • The industry witnessed the highest growth in the construction segment in 2022 due to a higher product adoption rate in the segment
  • The construction industry uses electric vehicles for various infrastructure development projects which is further assisted by rising production additions made specifically to meet the needs of the construction segment
  • In 2022, the agriculture segment dominated around 23% of the segmental share and may grow with a steady CAGR as product awareness along with government initiatives is on the rise

Based on storage type, the global market divisions are lead-acid and li-ion.

Regional Overview:

North America is projected to lead the global off-highway electric vehicle market mainly driven due to the growing initiatives undertaken by the governments of the US and Canada to promote the adoption of EVs across industrial verticals. The US has one of the highest rates of carbon emission and the government is under tremendous pressure to reduce its carbon footprint.

Furthermore, the entry of new players, domestic and from the international market, due to the high growth potential of the region could contribute to further growth. Asia-Pacific is an important market for the global industry due to the presence of some of the crucial manufacturers of OHEVs, especially in China, Japan, and South Korea that are now targeting emerging and unexplored economies for further growth. India may soon adopt a higher number of OHEVs as the country continues to invest in sustainable solutions for future growth.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 16.91 Billion

Projected Market Size in 2030

USD 97.8 Billion

CAGR Growth Rate

21.51%

Base Year

2022

Forecast Years

2023-2030

Key Market Players

CNH Industrial N.V., Caterpillar Inc., Terex Corporation, Komatsu Ltd., Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Manitou Group, Sandvik AB, Haulotte Group, John Deere, Zoomlion Heavy Industry Science and Technology Co. Ltd., Volvo Group, JCB, Wacker Neuson SE, Kubota Corporation, Liebherr Group, XCMG Group, Sany Group Co. Ltd., Oshkosh Corporation, Bell Equipment, and Others

Key Segment

By Propulsion, Application, Storage Type, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Competitive Landscape:

The global off-highway electric vehicle market is led by players like CNH Industrial N.V., Caterpillar Inc., Terex Corporation, Komatsu Ltd., Doosan Infracore, Hitachi Construction Machinery Co., Ltd., Manitou Group, Sandvik AB, Haulotte Group, John Deere, Zoomlion Heavy Industry Science and Technology Co., Ltd., Volvo Group, JCB, Wacker Neuson SE, Kubota Corporation, Liebherr Group, XCMG Group, Sany Group Co., Ltd., Oshkosh Corporation, and Bell Equipment amongst many others.

Recent Developments:

  • In November 2021, Komatsu, a leading player in the industry, announced the unveiling of D71P-24, an electric bulldozer that features a 246 kW electric motor
  • In January 2020, Volvo CE announced the launch of ECR25 which is an electric compact excavator and is designed for application in urban landscaping and construction
  • In February 2023, Volvo CE unveiled its first electric excavator in the Indian market, giving the economy a push toward OHEVs

The global off-highway electric vehicle market is segmented as follows:

By Propulsion

  • Hybrid Electric Vehicle
  • Battery Electric Vehicle

By Application

  • Mining
  • Agriculture
  • Construction

By Storage Type

  • Lead-Acid
  • Li-ion

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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