Global Off-highway Electric Vehicle Market Share Likely to Expand At a CAGR of 30% By 2030

According to Custom Market Insights, The off-highway electric vehicle market size was estimated at USD 4.3 billion in 2021 and is anticipated to grow to approximately USD 42.4 billion by 2030, witnessing a CAGR growth of roughly 30% between 2022 and 2030. The report examines the off-highway electric vehicle market’s driving and restraining factors, along with the impact analysis throughout the projection period. Further, the report observes global opportunities prevailing in the off-highway electric vehicle market worldwide.

Off-highway Electric Vehicle Market: Overview

Off-highway electric vehicles are witnessing high adoption across various industries globally. The stringent government regulations for reducing carbon emissions and various rebates and tax benefits offered for the deployment of-highway electric vehicles are boosting the market’s growth. The rise in investment by the government in public infrastructure is also boosting the market growth.

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Growth Factors

The rising trend for electrification of equipment in the mining sector with an aim to enable future automation utilizing connected fleet as well as remote vehicle operations is boosting the demand for off-highway electric vehicles. Cost implications are another critical aspect propelling the deployment of these vehicles. For instance, in underground mining, the cost of ventilation systems can be reduced by approximately 30%-50% by using battery-powered machines.

Recent Development

January 2022: Volvo Group introduced an improved version of its electric truck, Volvo VNR ELECTRIC, in North America.

December 2021: XCMG launched XCT25_ EV, the company’s first plug-in double-drive hybrid crane.

March 2021: Hyundai Doosan Infracore Co. Ltd. unveiled a 100-ton excavator model.

Some of the prominent players

Caterpillar
Deere & Company
Komatsu Ltd.
Hitachi Construction Machinery Co., Ltd.
Volvo Construction Equipment AB

The global off-highway electric vehicle market is segmented as follows:

By Application

Construction
Agriculture
Mining
Others