Off-Highway Electric Vehicles

Global Off-Highway Electric Vehicles Market to Reach US$67.4 Billion by 2030

The global market for Off-Highway Electric Vehicles estimated at US$42.7 Billion in the year 2024, is expected to reach US$67.4 Billion by 2030, growing at a CAGR of 7.9% over the analysis period 2024-2030. Hybrid-Electric, one of the segments analyzed in the report, is expected to record a 4.9% CAGR and reach US$33.6 Billion by the end of the analysis period. Growth in the Battery-Electric segment is estimated at 11.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.9 Billion While China is Forecast to Grow at 7.1% CAGR

The Off-Highway Electric Vehicles market in the U.S. is estimated at US$11.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.4 Billion by the year 2030 trailing a CAGR of 7.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.0% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.

Global Off-Highway Electric Vehicles Market - Key Trends and Drivers Summarized

How Are Off-Highway Electric Vehicles Revolutionizing Industrial Mobility?

Off-Highway Electric Vehicles (OHEVs) are transforming the landscape of industrial mobility, providing eco-friendly alternatives to traditional diesel-powered machinery. These vehicles include electric construction equipment, agricultural tractors, mining trucks, and material handling vehicles designed for rugged off-road applications. With advancements in electric drivetrains, battery technology, and energy efficiency, OHEVs offer benefits like reduced emissions, lower operational costs, and improved safety. As industries like construction, agriculture, and mining aim to meet sustainability goals, the adoption of electric vehicles is gaining momentum, setting the stage for a more sustainable and efficient industrial sector.

What Are the Key Segments in the Off-Highway Electric Vehicles Market?

Key vehicle types include electric excavators, tractors, forklifts, and dump trucks, with electric forklifts representing the largest segment due to their widespread use in warehouses and manufacturing facilities. The propulsion segment covers battery electric, hybrid electric, and fuel cell electric vehicles, with battery electric vehicles (BEVs) leading the market due to their cost-effectiveness and availability of charging infrastructure. Major end-user industries include construction, agriculture, mining, and material handling, with the construction sector driving the highest demand due to the need for sustainable equipment in infrastructure projects.

How Are Off-Highway Electric Vehicles Being Adopted Across Industries?

The construction industry is rapidly adopting OHEVs, such as electric excavators and loaders, to reduce emissions and noise pollution at construction sites. In agriculture, electric tractors and tillers are gaining popularity due to their low maintenance requirements and cost savings, making them attractive to both small and large-scale farmers. The mining sector is leveraging electric haul trucks and loaders to minimize ventilation costs in underground mines and comply with stricter emission standards. Material handling sectors, including logistics and warehousing, use electric forklifts and pallet jacks for efficient indoor operations, reducing emissions and improving worker safety. Additionally, government incentives for electric vehicle adoption are boosting the uptake of OHEVs across these industries.

What Factors Are Driving the Growth in the Off-Highway Electric Vehicles Market?

The growth in the Off-Highway Electric Vehicles market is driven by several factors, including increasing environmental regulations and emission reduction targets across industries. The rising cost of fossil fuels and the need for lower operational costs have accelerated the shift toward electric alternatives. Technological advancements in battery energy density, charging infrastructure, and electric drivetrains have enhanced the performance and range of OHEVs, supporting broader adoption. Government incentives and subsidies for electric vehicle adoption, particularly in construction and agriculture, have further fueled market growth. Additionally, the push for sustainable infrastructure development and the rising focus on occupational safety are driving the demand for quieter, emission-free vehicles in off-highway applications.

SCOPE OF STUDY:

The report analyzes the Off-Highway Electric Vehicles market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Propulsion (Hybrid-Electric, Battery-Electric); Application (Construction, Mining, Agriculture, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 42 Featured) -

• Caterpillar
• CNH Industrial N.V.
• Deere & Company
• Doosan Corporation
• Epiroc AB
• Hitachi Construction Machinery Co., Ltd.
• J C Bamford Excavators Ltd.
• Komatsu Ltd.
• Sandvik AB
• Volvo Construction Equipment AB

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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