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 VehicleMarket: 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 to enable future automation utilizing connected fleet and remote vehicle operations is boosting the demand for off-highway electric vehicles. Cost implications are another important 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.

Additionally, the increasing demand for emission-free and low-noise machines in the construction industry is expected to boost the growth of the off-highway electric vehicle market globally. However, factors such as high charging time resulting in loss of productivity and concerns relating to compatibility, standardization, and interchangeability may hamper the market growth.

Segmental Overview

The market for Off-highway Electric vehicles is categorized by application, including mining, construction, agriculture, and others. The agriculture segment is anticipated to witness a significant CAGR during the forecast period. Presently, the agriculture segment contributes to a smaller share of the off-highway electric vehicle market. However, in the coming years, this equipment is expected to draw significant traction in agriculture applications as they are energy-efficient. Also, soil complication challenges can be resolved owing to the weight-to-power ratio.

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Regional Overview

Asia Pacific is expected to witness a high CAGR during 2022-2030. The developing economies in the region are experiencing high growth in their construction sector. The growth in construction coupled with government regulations to reduce carbon emissions is anticipated to drive the growth of the market. China is one of the key countries in off-highway electric vehicles.

The market for off-highway electric vehicles in North America is anticipated to hold the largest market share during the forecast period of 2022-2030, particularly in the US. The market in the US is propelled by rising government measures for environmental measures, and local companies taking initiatives for the manufacturing of electric and hybrid equipment for the country’s market. For instance, Caterpillar, Inc. introduced the biggest electric excavator in the world. The excavator is equipped with a 300-kilowatt hour battery pack. Further, the government is investing significantly to improve the country’s electric vehicle charging infrastructure, which is further projected to boost the off-highway electric vehicles market growth in the US.

Key Players Insights

The overall off-highway electric vehicles market comprises of few large players focused on launching new and advanced products and expanding their geographical reach through collaborations and partnerships. The report comprises extensive company profiles for key players in the off-highway electric vehicle market worldwide. Further, it provides an in-depth analysis of the market share captured by major companies operating in the market.

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