Global Off-highway Electric Vehicle Market Report 2023: Sector to Reach $5.7 Billion by 2030 at a CAGR of 14.1% - ResearchAndMarkets.com

The "Off-highway Electric Vehicle Market Size, Share & Trends Analysis Report By Application Type (Construction, Agriculture, Mining), By Propulsion (BEV, HEV), By Storage Type, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global off-highway electric vehicle market size is expected to reach a valuation of USD 5,745.96 million by 2030, growing at 14.1% CAGR from 2023 to 2030.

Companies Mentioned

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

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 Vehicle Market Report Highlights

• The growth of the off-highway electric vehicle industry in developed countries is being driven by rapid infrastructure development and improved regulations related to construction operations
• The global demand for off-highway EVs is 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)
• The Asia Pacific region is anticipated to grow at a CAGR of 14.9% over the forecast period due to an increase in new development activity in the region's healthcare and housing industries
• Since the COVID-19 outbreak, major off-highway electric vehicle industry participants have concentrated on acquisitions to grow their organization

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Off-Highway Electric Vehicle Market Variables, Trends & Scope

3.1. Penetration and Growth Prospect Mapping

3.2. Global Off-highway Electric Vehicle Market Dynamics

3.2.1. Market Driver Analysis

3.2.2. Market Restraints Analysis

3.3. Industry Value Chain Analysis

3.4. Market Analysis Tools

3.4.1. Industry Analysis - Porter's Five Forces

3.4.2. Industry Analysis - PEST Analysis

3.5. Impact Of COVID-19 On the Off-Highway Electric Vehicle Market

Chapter 4. Off-Highway Electric Vehicle Market: Application Outlook

4.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)

4.2. Construction

4.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

4.3. Agriculture

4.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

4.4. Mining

4.4.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

Chapter 5. Off-Highway Electric Vehicle Market: Propulsion Outlook

5.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)

5.2. BEV

5.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

5.3. HEV

5.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

Chapter 6. Off-Highway Electric Vehicle Market: Storage Outlook

6.1. Market Size Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Revenue, USD Million)

6.2. Li-ion

6.2.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

6.3. Lead-acid

6.3.1. Market Estimates And Forecasts By Region, 2018 - 2030 (Revenue, USD Million)

Chapter 7. Off-Highway Electric Vehicle Market: Regional Outlook

Chapter 8. Competitive Landscape

8.1. Key Company Analysis, 2022

8.2. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/k6k87d

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230314005704/en/