Product Code: GVR-4-68039-161-1
Off-highway Electric Vehicles Market Growth & Trends:
The global off-highway electric vehicles market size is expected to reach a valuation of USD 5.75 billion by 2030, growing at 13.5% from 2025 to 2030, according to a new study by Grand View Research Inc. The commencement of redevelopment initiatives and expanding infrastructural advancements in developing nations are the key drivers fueling the off-highway electric vehicle industry's expansion.
The global demand for off-highway electric vehicles (EVs) is also being fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA). These cars' increased economy decreases overhaul costs and lowers noise and vibration levels to help increase demand for off-highway electric vehicles.
The benefits of off-highway electric machinery include increased operational maneuverability, accuracy, and overall efficiency. Off-highway vehicle electrification offers a number of advantages, but due to issues such as poor charging infrastructure and limited battery storage capacity, it is anticipated that market adoption would be sluggish. Due to the drawbacks of electrically-propelled machinery, hybrid off-highway electric vehicles-which are seen as a viable alternative-have gained an edge.
However, the significant investments involved in developing off-highway electric vehicles is limiting their commercial expansion. Despite this, for improved performance, pollution control, and reliability; off-highway equipment like vehicles, in areas such as agriculture, mining, and construction, are being electrified.
In order to stay ahead of their rivals, prominent corporations are launching new products, which is the main trend in the off-highway electric vehicle industry. For instance, The Volvo Group introduced an electric truck with a longer range in North America in January 2022. This truck is a modified Volvo VNR Electric with a range increase of up to 85% and faster charging. This is a class 8 electric truck variant with a greater energy storage capacity of up to 565 kWh and an operational range of up to 440 km (275 miles).
Off-highway Electric Vehicles Market Report Highlights:
- The battery electric vehicle (BEV) segment dominated the market in 2024 and accounted for a 50.14% share of the global revenue.
- The lead acid battery segment dominated the market in 2024. The lead-acid segment in the off-highway electric vehicle market employs rechargeable batteries known for storing electrical energy.
- The agriculture segment dominated the market in 2024. Consumers in North America and Europe are increasingly using modern farm machinery and advanced agricultural techniques, such as electric harvesters and electric tractors, to boost yields.
- The Asia Pacific region is expected to grow at a highest CAGR from 2025 to 2030.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Off-highway Electric Vehicles Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and social landscape
- 3.3.2.3. Technological landscape
- 3.4. Pain Point Analysis
Chapter 4. Off-Highway Electric Vehicles Market: Propulsion Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Off-Highway Electric Vehicles: Propulsion Movement Analysis, USD Million, 2024 & 2030
- 4.3. BEV
- 4.3.1. BEV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. HEV
- 4.4.1. HEV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Off-Highway Electric Vehicles Market: Battery Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Off-Highway Electric Vehicles: Battery Type Movement Analysis, USD Million, 2024 & 2030
- 5.3. Li-ion
- 5.3.1. Li-ion Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Lead-acid
- 5.4.1. Lead-acid Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Off-Highway Electric Vehicles Market: Application Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Off-Highway Electric Vehicles: Application Movement Analysis, USD Million, 2024 & 2030
- 6.3. Construction
- 6.3.1. Construction Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Agriculture
- 6.4.1. Agriculture Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Mining
- 6.5.1. Mining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Off-Highway Electric Vehicles Market: Regional Estimates & Trend Analysis
- 7.1. Off-Highway Electric Vehicles Market: Regional Outlook
- 7.2. North America
- 7.2.1. North America Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.3.2. Germany
- 7.3.2.1. Germany Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.3.3. UK
- 7.3.3.1. UK Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4.2. China
- 7.4.2.1. China Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4.3. India
- 7.4.3.1. India Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4.4. Japan
- 7.4.4.1. Japan Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4.5. Australia
- 7.4.5.1. Australia Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.4.6. South Korea
- 7.4.6.1. South Korea Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.6. MEA
- 7.6.1. MEA Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.6.2. UAE
- 7.6.2.1. UAE Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.6.3. Kingdom of Saudi Arabia (KSA)
- 7.6.3.1. Kingdom of Saudi Arabia (KSA) Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa Off-Highway Electric Vehicles market estimates & forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Positioning
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles/Listing
- 8.4.1. Caterpillar Inc.
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Product Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. CNH Industrial N.V.
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Product Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. Hitachi Construction Machinery Co., Ltd.
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Product Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. J C Bamford Excavators Ltd.
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Product Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. Komatsu Ltd.
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Product Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. Volvo Construction Equipment AB
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Product Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. Deere & Company
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Product Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. Doosan Corporation
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Product Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Sandvik AB
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Product Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. Epiroc AB
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Product Benchmarking
- 8.4.10.4. Strategic Initiatives