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Global Off-Highway Electric Vehicle Market Size, Share, and Forecast Analysis 2025-2029
Off-Highway Electric Vehicle Market Size
What Are the Off-Highway Electric Vehicle Market Size Forecast for 2025?
The market size for off-highway electric vehicles has seen significant growth in the past few years. The projected growth from $8.64 billion in 2024 to $10.82 billion in 2025, with a CAGR of 25.2%, highlights this trend. Factors contributing to this expansion during the historical period include environmental regulations, fuel efficiency, the overall cost of ownership, and noise reduction initiatives.
What Is the Market Size Outlook for Off-Highway Electric Vehicle Until 2029?
Expectations for the off-highway electric vehicle market forecast a surge in size in the coming years, with projections suggesting a value of $24.49 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 22.7%. This substantial growth is linked to several factors including electrification trends, government incentives, heightened awareness, sustainability objectives, infrastructure enhancements, flexibility and adaptability factors, rapid charging facilities, and autonomous and semi-autonomous operations. Key industry trends forecasted include advancements in battery technologies, the advent of autonomous and interconnected technologies, industrial partnerships and collaborations, multi-functional and modular designs, as well as development in regenerative braking systems.
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What Are the Major Factors Driving Demand in the Off-Highway Electric Vehicle Market?
The surge in electric vehicle requirement is anticipated to stimulate the expansion of the off-highway electric vehicle industry in future. These automobiles, which are either partially or entirely powered by a rechargeable electric battery, are known as electric vehicles. They derive their power from renewable energy, which aid in reducing CO2 emissions and pollution, enhancing efficiency substantially, and acting as a renewable electricity storage source, thereby augmenting the desire for off-road electric vehicles. For example, a forecast by the International Renewable Energy Agency, a UAE-based organization concerned with renewable and sustainable energy, predicts that the quantity of electric cars will hit 200 million by 2030, and the count of electric buses and light-duty vehicles will likely touch 10 million by the same year. Consequently, the escalating demand for electric vehicles is fuelling the need in the off-highway electric vehicle industry.
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How Are End-Use Segments Shaping the Off-Highway Electric Vehicle Market Outlook?
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
What Are the Strategic Trends Transforming the Off-Highway Electric Vehicle Market Landscape?
Innovations in technology are leading trends in the off-highway electric vehicle industry. Key players in this market are implementing novel technologies to bolster their market position. For instance, Komatsu Limited, a manufacturing firm from Japan, unveiled the PC4000-11E hydraulic mining excavator in September 2024. The Komatsu PC4000-11E, an electrically powered hydraulic mining excavator, blends the power of conventional diesel machinery with electric power's eco-friendly benefits, reducing emissions by as much as 95%. Additionally, it offers a reduction in operating expenses and can decrease the total cost of ownership by as much as 50%, endorsing more sustainable mining approaches.
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Who Are the Prominent Companies in the Off-Highway Electric Vehicle Market by ?
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, T 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 Region Is Expected to See the Highest CAGR in the Off-Highway Electric Vehicle Market?
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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