Off-highway Electric Vehicle Market based By Application Type (Construction, Agriculture, Mining), By Propulsion (BEV, HEV), By Storage Type, and Region – Trends & Forecast – 2022-2030

Off-highway Electric Vehicle Market based By Application Type (Construction, Agriculture, Mining), By Propulsion (BEV, HEV), By Storage Type, and Region – Trends & Forecast – 2022-2030

The market for off-highway electric vehicles was estimated at USD 1,964.4 million in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 20.6%. Strict emission regulations for off-road vehicles have been created by a number of government organisations, including the China VI and India BS-VI emission standards. Emissions of greenhouse gases (GHGs) are also subject to limits from the US Environmental Protection Agency (EPA). Due to equipment manufacturers' focus on alternative engine alternatives, such as full and hybrid off-highway electric vehicles, the industry has grown rapidly. Off-highway heavy-duty vehicle electrification is growing, and OEMs are eager to learn how this new trend may support their current business models. The trend of electrifying automobiles is anticipated to gain pace in the upcoming years due to favourable aspects like battery technology, supply, and general economics. Electric solutions are more widely adopted when charging infrastructure, battery technology, and overall development costs are taken into account. Off-highway vehicle electrification ensures long-term cost savings due to less frequent maintenance and fuel usage compared to traditional vehicles.