Press release
Off-Highway Electric Vehicle Market Expected to Achieve 23.3% CAGR by 2029: Growth Forecast Insights
Off-Highway Electric Vehicle
How Large Will the Off-Highway Electric Vehicle Market Size By 2025?
The market size of off-highway electric vehicles has seen a significant increase in the past few years. The market, which is projected to be worth $8.64 billion in 2024, is expected to further grow to a value of $10.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 26.3%. The considerable growth during the historic period is largely a result of environmental regulations, fuel efficiency, the total cost of ownership, and noise reduction.
How Big Is the Off-Highway Electric Vehicle Market Size Expected to Grow by 2029?
There is an anticipated significant growth in the off-highway electric vehicle market in the coming years. The market which is predicted to reach up to $25.27 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 23.3%. The explosive growth during the projected timescale is anticipated to arise from elements such as electrification trends, governmental incentives, developing consciousness, and sustainability targets. Additionally, infrastructure advancement, swiftness and adaptability, advanced charging facilities, and autonomous/semi-autonomous operations also feed into the growth. The prospect period will see major trends like enhancements in battery technology, autonomy and connected technologies, alliances and cooperatives within the industry, multi-functional and modular models, and energy restitution braking systems.
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Which Key Market Drivers Powering Off-Highway Electric Vehicle Market Expansion and Growth?
The off-highway electric vehicle market is anticipated to experience significant growth due to the rising demand for electric vehicles. Also known as vehicles powered partially or entirely by a rechargeable battery, electric vehicles benefit from renewable energy supply. They help lower CO2 emissions and air pollution, provide notable efficiency improvements, and serve as renewable electricity storage. These factors boost the need for off-highway electric vehicles. For example, the International Renewable Energy Agency, a UAE-based organization focusing on renewable and sustainable energy, predicts the number of electric passenger cars will reach 200 million by 2030. Furthermore, they project electric buses and light-duty vehicles to hit the 10 million mark by the same year. Thus, the mounting demand for electric vehicles is fueling the off-highway electric vehicle market.
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Which Fast-Growing Trends Are Poised to Disrupt the Off-Highway Electric Vehicle Market?
Technological innovation is becoming a prominent trend in the off-highway electric vehicle market. To bolster their market position, main companies in this sector are concentrating on launching new technologies. For example, Komatsu Limited, a manufacturing firm based in Japan, rolled out the PC4000-11E hydraulic mining excavator in September 2024. The Komatsu PC4000-11E is a hydraulic mining excavator powered by electricity. It merges the digging power of traditional diesel machines with the ecological benefits of electrical power, enabling a reduction in emissions by nearly 95%. Besides, it provides reduced operating costs and can decrease the total cost of ownership by approximately 50%, thereby encouraging sustainable mining operations.
What Are the Emerging Segments in the Off-Highway Electric Vehicle Market?
The off-highway electric vehicle market covered in this report is segmented -
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
3) By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
Subsegments:
1) By Battery Electric Vehicle (BEV): Fully Electric Off-Highway Vehicles, Electric Forklifts, Electric Construction Equipment, Electric Agricultural Vehicles
2) By Hybrid Electric Vehicle (HEV): Diesel-Electric Hybrid Vehicles, Gasoline-Electric Hybrid Vehicles, Electric-Powered Hybrid Agricultural Equipment
3) By Plug-In Hybrid Electric Vehicles (PHEV): Plug-In Hybrid Construction Equipment, Plug-In Hybrid Agricultural Vehicles, Plug-In Hybrid Utility Vehicles
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Who Are the Global Leaders in the Off-Highway Electric Vehicle Market?
Major companies operating in the off-highway electric vehicle market include Caterpillar Inc., Volvo Construction Equipment Ab, Deere And Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Doosan Corporation, JC Bamford Excavators Ltd., Cnh Industrial NV, Kubota Corporation, Duetz AG, Sumitomo Heavy Industries Ltd., Stihl Holding AG and Co. Kg, Solectrac LLC, ere*x Corporation, Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Wacker Neuson SE, Sany Heavy Industry Co. Ltd., Manitou Group, Bell Equipment Ltd., ASV Holdings Inc., Epiroc AB, Hyundai Construction Equipment Co. Ltd.
Which are the Top Profitable Regional Markets for the Off-Highway Electric Vehicle Industry?
North America was the largest region in the off-highway electric vehicle market in 2024.The regions covered in the off-highway electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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