Off-Highway Electric Vehicle Market Size, Trends and Analysis by Region, Vehicle Type, Application, Propulsion and Forecast to 2030
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- Make informed decisions about investments, partnerships, and product developments.
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- Identify promising areas, growth trends, segments, and markets to expand your product portfolio or successful investment.
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- Identify potential areas of disruption.
How is our ‘Off-Highway Electric Vehicle’ market report different from other reports in the market?
- The report presents in-depth market sizing and forecast at a segment level for more than 10 countries including historical and forecast analysis for the period 2022-2030 for market assessment.
- Detailed segmentation by vehicle type – excavators, loaders, tractors, trucks, and others
- The report highlights key application segments including construction, mining, and agriculture
- Detailed segmentation by propulsion – Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)
- Detailed value chain analysis helps businesses identify areas where they can improve their efficiency and effectiveness, reduce costs, and enhance their competitive advantage.
- The report offers technology and regulatory trends, along with challenging factors impacting the off-highway electric vehicle market.
- The growth innovation matrix included in the report, divides the market players into four categories i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants in understanding how the competition is performing based on their volume growth and their R&D efforts.
- Competitive profiling and benchmarking of key companies in the market to provide a deeper understanding of industry competition.
We recommend this valuable source of information to anyone involved in:
- Construction and Mining Equipment Manufacturing
- Agriculture Equipment Manufacturing
- Battery Manufacturing
- EV Charging Equipment Manufacturing
- EV Charging Component Manufacturing
- Regulations and Policy Making
- Independent Research
- Venture Funding
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Off-Highway Electric Vehicle Market Overview
The global off-highway electric market size will be at 8,216 units in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 18.7% over the forecast period. Vehicles such as excavators, loaders, trucks, and tractors, among others, used for heavy workloads at construction, mining, agriculture, and other purposes are responsible for large consumption of fuel and large numbers of emissions. As such several governments worldwide, are imposing strict regulations in order to control noise and air pollution caused by these vehicles, which is anticipated to contribute to the emergence of electrification of off-highway vehicles. As such, low energy consumption, strict pollution norms, and low maintenance and operating costs are a few factors anticipated to drive market growth.
The increasing demand for on-road electric vehicles globally is encouraging off-highway vehicle manufacturers to build and introduce hybrid and battery electric vehicles. Several OEMs are keen to explore the electric vehicle space in order to capitalize on the revenue growth opportunity it is expected to offer. Additionally, with the emergence of on-road electric vehicles, several suppliers and dealers also evolved and began developing sustainable and cost-effective solutions to cater to the demand for electric vehicles. This increasing shift towards electrification is expected to compel several IC engine manufacturers to invest in battery electric vehicle development, which bodes well for market growth.
Off-Highway Electric Vehicle Market Outlook, 2022-2030 (Units)
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Battery manufacturers are engaged in developing batteries to support long working hours as well as improving the durability of batteries to sustain harsh working conditions. In addition to this, battery companies are introducing battery management solutions (BMS), which are responsible for maintaining battery health by continuously monitoring the temperature and charging status of the batteries. Despite continued developments and improvements in the design and functioning of off-highway electric vehicles, several customers are hesitant to shift to fully electric off-highway vehicles. However, advancements in battery technology and the emergence of swappable battery design are expected to boost confidence in electric vehicles, thereby driving adoption.
As reported by the United Nations, construction sites account for 23% of CO2 emissions globally while the machinery and equipment at construction sites contribute to 5.5% of CO2 emissions globally. As such, increasing environmental awareness is driving governments worldwide to impose strict regulations to restrict the emission of particulate matter. For instance, in September 2022, the California Air Resources Board drafted a proposal stating rules to ban sales of new diesel big rigs by 2036 and transform existing trucks of large companies to zero emissions by 2042. The growing pressure from these regulations is compelling manufacturers to focus on the development and introduction of electric construction vehicles.
Although the electrification trend is anticipated to foresee strong growth, high upfront costs of off-highway electric vehicles may pose a challenge to the market growth. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle. The high cost of battery packs directly adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers counter the initial purchase cost. Additionally, the total cost of ownership for electric vehicles is also expected to become lower compared to IC engine vehicles over the future owing to lower operating and maintenance costs, which is expected to drive the adoption of off-highway electric vehicles.
| Market Size (2023) | 8,216 units |
| Market Size (2030) | 27,277 units |
| CAGR (2023-2030) | 18.7% |
| Forecast Period | 2023-2030 |
| Historic Data | 2022 |
| Report Scope & Coverage | Industry Overview, Volume Forecast, Regional Analysis, Competitive Landscape, Company Profiles, Growth Trends |
| Vehicle Type Segment | Excavators, Loaders, Tractors, Trucks, Others |
| Application Segment | Construction, Mining, Agriculture |
| Propulsion Segment | Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) |
| Regional Segment | North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa |
| Country Segment | US, Canada, Mexico, UK, Germany, China, India, Australia, Brazil, South Africa |
| Key Companies | Caterpillar Inc, AB Volvo, CNH Industrial NV, Deere & Co, Epiroc AB, Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Sandvik AB, SANY Heavy Industries Co Ltd |
Off-Highway Electric Vehicle Market Segmentation by Type
The tractors segment is expected to hold the highest market share of the overall off-highway electric vehicle market in 2023 and continue its dominance over the forecast period. Several established companies as well as startups are engaged in the development and introduction of electric tractors, which is expected to propel market growth. Additionally, electric tractors and upcoming technologies such as driverless tractors and monitoring technologies based on artificial intelligence and machine learning are expected to complement each other due to the presence of electric batteries and a continuous supply of power. As such, the blend of these technologies is expected to attract and encourage farmers in adopting electric tractors in order to get maximum output with efficient equipment.
Off-Highway Electric Vehicle Market Share by Vehicle Type, 2023 (%)
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The truck and excavator segments held a significant market share in the off-highway electric vehicle market in 2022. The increasing adoption of these vehicles at construction and mining sites is anticipated to contribute to market growth. Additionally, the early electrification of these types of vehicles has contributed to their high adoption. Further, several companies introducing new products in the truck and compact excavator categories are expected to drive the growth of these segments in the future.
Off-Highway Electric Vehicle Market Segmentation by Application
The agriculture segment is projected to exhibit significant growth over the forecast period. Electrification in the agricultural sector is expected to support the implementation of precision farming by providing the necessary power supply to advanced gadgets. Electric motors used in the battery electric tractors provide huge torque at lower speeds and are more efficient and cleaner in operation. As such, the utilization of electric vehicles in agricultural sectors facilitates a pollution-free environment essential for good quality yield and cost-effective operation, subsequently fueling the adoption in this sector.
Off-Highway Electric Vehicle Market Share by Application, 2023 (%)
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Increasing urbanization and rising fuel costs are expected to contribute to the growth of the construction and mining segments over the forecast period. Governments worldwide are focused on mitigating the harmful effects of pollutants emitted by the heavy vehicles used at construction and mining sites, which is compelling contractors to deploy electric vehicles. Further, the emerging development of smart cities is projected to propel the construction sector, which is further anticipated to drive the adoption of electric vehicles, thereby contributing to market growth.
Off-Highway Electric Vehicle Market Segmentation by Propulsion
The battery electric vehicle (BEV) segment is expected to exhibit the fastest growth over the forecast period. This growth is attributed to the efforts taken by governments worldwide to curb CO2 emissions and reduce the spread of harmful gases. Additionally, as BEVs comprise fewer moving parts, their deployment facilitates less noise pollution and a safe working environment for the workers. Although the electrification of off-highway vehicles is at a nascent stage, the advancements in battery technology are expected to drive the adoption of off-highway electric vehicles.
Off-Highway Electric Vehicle Market Share by Propulsion, 2023 (%)
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The hybrid electric vehicle (HEV) segment accounted for the largest market share in 2022. The early development and introduction of hybrid vehicles have contributed to the high adoption of HEVs. Further, stringent emission standards have increased the demand for diesel-electric engines, thereby contributing to market growth. Additionally, hybrid engines have a smaller engine, and the presence of electric drive facilitates fewer vibrations and noise, which increases the efficiency compared to IC engine vehicles.
Off-Highway Electric Vehicle Market Analysis by Region
The Asia Pacific region is anticipated to hold the highest market share in 2023 and grow at the fastest CAGR over the forecast period. The region has the most populous countries generating demand in the construction and agricultural sectors, which is one of the prime factors for the adoption of off-highway electric vehicles in the region. Additionally, China has one of the largest networks of charging infrastructure owing to the high adoption of on-road vehicles and the presence of several electric vehicle manufacturers, which is expected to build confidence among buyers of off-highway electric vehicles, thereby driving the adoption. Countries such as Australia, Indonesia, and Thailand also present a good opportunity for electric mining equipment manufacturers with several upcoming projects across the countries.
Asia-Pacific Off-Highway Electric Vehicle Market Share by Country, 2023 (%)
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North America holds the second highest market share in the off-highway electric vehicle market, with several manufacturers introducing electric vehicles in the North American market. The rapid adoption of new technology is one of the prime drivers of electric vehicle adoption in the region. Additionally, the growth of the construction and agricultural sectors is expected to drive market growth across the region. Stringent environmental regulations across Europe are expected to fuel the demand for all-electric off-highway vehicles in the region.
Off-Highway Electric Vehicle Market - Competitive Landscape
The global off-highway electric vehicle market is a consolidated market with a few established companies holding a large market share. The off-highway electric vehicle development is at a nascent stage, and several major companies are still engaged in thorough research and development before launching their products. Major companies in the market are focused on forming partnerships and acquiring smaller firms in order to leverage their technologies and facilitate product enhancement. For instance, in June 2022, AB Volvo acquired a 10% stake in Connected Energy, a UK-based firm specializing in second-life battery energy storage. Through this acquisition, AB Volvo aims to minimize the environmental impact of batteries powering its electric vehicles.
Key companies in the off-highway electric vehicle market include:
- AB Volvo
- Caterpillar Inc
- CNH Industrial NV
- Deere & Co
- Epiroc AB
- Hitachi Construction Machinery Co., Ltd.
- C. Bamford Excavators Ltd.
- Komatsu Ltd.
- Sandvik AB
- SANY Heavy Industries Co Ltd
Other Off-Highway Electric Vehicle Market Vendors Mentioned
Doosan Corp, Liebherr-International AG, Monarch Tractor, Solectrac, Mahindra Tractors, Kubota Corporation, AGCO Corporation, YUTONG, Scania, XCMG Group, Aramine.
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Off-Highway Electric Vehicle Market Segments and Scope
GlobalData Plc has segmented the off-highway electric vehicle market report by vehicle type, application, propulsion, and region:
Off-Highway Electric Vehicle Market Vehicle Type Outlook (Volume, Units 2022-2030)
- Excavators
- Loaders
- Tractors
- Trucks
- Others
Off-Highway Electric Vehicle Market Application Outlook (Volume, Units 2022-2030)
- Construction
- Mining
- Agriculture
Off-Highway Electric Vehicle Market Propulsion Outlook (Volume, Units 2022-2030)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Off-Highway Electric Vehicle Regional Outlook (Volume, Units 2022-2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Rest of Asia Pacific
- South & Central America
- Brazil
- Rest of South & Central America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Scope
This report provides overview and service addressable market for off-highway electric vehicle market.
It identifies the key trends impacting growth of the market over the next 12 to 24 months.
It includes global market forecasts for the off-highway electric vehicle industry and detailed competitor analysis.
Reasons to Buy
This market intelligence report offers a thorough, forward-looking analysis of the global off-highway electric vehicle market by type and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Accompanying GlobalData’s Forecast products, the report examines the assumptions, drivers, deals, strategic initiatives and trend analysis in off-highway electric vehicle markets.
Detailed segmentation by Product – Excavators, Loaders, Tractors, Trucks, Others
The report also highlights key Application segments Construction, Mining
Detailed segmentation by Propulsion segments Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
The report includes 50+ charts and tables providing in-depth analysis of the market size, forecast and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in off-highway electric vehicle markets.
The competitive section of the report helps in identifying the flagbearers, experimenters, contenders, and specialists based on their growth and innovation performance in the electric vehicle industry which will help stakeholders analyze competition penetration.
The broad perspective of the report coupled with comprehensive, actionable detail will help mining sector stakeholders, service providers, and other off-highway electric vehicle players succeed in growing the off-highway electric vehicle market globally.
Key Players
AB VolvoCaterpillar Inc
CNH Industrial NV
Deere & Co
Epiroc AB
Hitachi Construction Machinery Co., Ltd.
J.C. Bamford Excavators Ltd.
Komatsu Ltd.
Sandvik AB
SANY Heavy Industries Co Ltd
Table of Contents
Figures
Frequently asked questions
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What was the global off-highway electric vehicle market size in 2023?
The off-highway electric vehicle market size will be at 8,216 units in 2023.
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What is the off-highway electric vehicle market growth rate?
The off-highway electric vehicle market is expected to grow at a CAGR of 18.7% over the forecast period (2023-2030).
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What are the key off-highway electric vehicle market drivers?
The low total cost of ownership, cleaner and quieter operation, and growing environmental awareness are the factors contributing to the off-highway electric vehicle market growth.
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What are the key off-highway electric vehicle market segments?
Vehicle Type Segments: Excavators, Loaders, Tractors, Trucks, Others
Application Segments: Construction, Mining, Agriculture
Propulsion Segments: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
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Which are the leading off-highway electric vehicle companies globally?
The leading off-highway electric vehicle companies are Caterpillar Inc, AB Volvo, CNH Industrial NV, Deere & Co, Epiroc AB, Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Sandvik AB, SANY Heavy Industries Co Ltd.
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