The off-highway electric vehicle market size was valued at 11,646 units in 2023, according to a new report by GlobalData Plc. Stringent emission standards, rising fuel costs, and low maintenance and operating costs are the prime factors responsible for the growth of this market. Several governments worldwide are imposing strict regulations to minimize the emission of particulate matter. This is compelling several manufacturers to introduce hybrid engines and battery electric vehicles in order to comply with emission standards. Additionally, electric vehicles facilitate cleaner and quieter operations, thereby reducing noise pollution and creating a safe working environment for the workers. These factors are further expected to lead the off-highway electric vehicle market to grow at a CAGR of 17.4% during 2023-2030.
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Off-Highway Electric Vehicle Market FAQs
The global off-highway electric vehicle market size valued at 11,646 units in 2023.
The global off-highway electric vehicle market is expected to grow at a CAGR of 17.4% over the forecast period (2023-2030).
The low total cost of ownership, cleaner and quieter operation, and growing environmental awareness are the factors contributing to the market growth.
Vehicle Type Segments: Excavators, Loaders, Tractors, Trucks, Others
Application Segments: Construction, Mining, Agriculture
Propulsion Segments: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
The leading off-highway electric vehicle companies are Caterpillar Inc, AB Volvo, CNH Industrial NV, Deere & Co, Epiroc AB, Hitachi Construction Machinery Co., Ltd., J.C. Bamford Excavators Ltd., Komatsu Ltd., Sandvik AB, SANY Heavy Industries Co Ltd.
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Off-Highway Electric Vehicle Market Dynamics
The presence of many batteries in the electric vehicle adds to the overall cost which is anticipated to slow down the adoption of electric vehicles. However, governments are focused on launching schemes and providing incentives and subsidies to counter the initial cost of the machine, thereby encouraging the customers to buy electric vehicles. Additionally, battery manufacturers are developing battery management systems and working on enhancing the build quality of batteries to sustain harsh environments and improve battery life. Such enhancements are anticipated to lower the total cost of ownership of the machine, thereby boosting the confidence of customers and increasing the adoption of electric vehicles.
Off-highway vehicles are high-capacity machines and must deal with heavy workloads. As such, these vehicles require a large number of batteries to ensure continuous working of 7-8 hours per day. Furthermore, with the development of off-highway electric vehicles still being at a nascent stage, there is a lack of charging infrastructure, which makes it challenging for customers to get the machine running on time. Additionally, slow charging stations take a long time to charge such heavy-duty vehicles leading to longer idle time. As such, lack of charging infrastructure and low battery capacity are some of the factors expected to restrain the market growth. Nonetheless, continued developments and advancements in battery technologies and charging infrastructure are expected to provide confidence to buyers over the future, subsequently driving the adoption of off-highway electric vehicles.
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Off-Highway Electric Vehicle Market Report Highlights
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GlobalData Plc has segmented the off-highway electric vehicle market report by vehicle type, application, propulsion, and region:
Off-Highway Electric Vehicle by Vehicle Type Outlook (Volume, Units, 2023-2030)
Off-Highway Electric Vehicle Application Outlook (Volume, Units, 2023-2030)
Off-Highway Electric Vehicle Propulsion Outlook (Volume, Units, 2023-2030)
Off-Highway Electric Vehicle Regional Outlook (Volume, Units, 2023-2030)
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