Off-Highway Electric Vehicle Market Size is Projected to Reach USD 97.8 Billion by 2030 at a CAGR of 21.51% - Growing Environmental Concern Over the Use of Fossil Fuel to Propel Off-Highway EV Market Demand | Facts & Factors

NEW YORK, May 26, 2023 /PRNewswire/ -- As per Facts and Factors study, the global off-highway electric vehicle market size was worth around USD 16.91 billion in 2022 and is predicted to grow to around USD 97.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 21.51% between 2023 and 2030.

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Off-Highway Electric Vehicle Market: Overview

The industry refers to the participants that work together for the production and distribution of electric vehicles (EVs) that are designed specifically to operate in harsh environments or off-road conditions. These EVs can be utilized across industries like agriculture, mining, forestry, and construction. The fraternity revolves around stakeholders that deal with the designing, manufacturing, distribution and after-sales services for all types of off-highway EVs (OHEVs) and their parts. During the projection period, the market players can expect heavy demand owing to the growing adoption of sustainable practices and the intention to become less reliant on non-renewable sources of energy. There are several benefits that OHEVs offer as compared to other vehicles used in end-user verticals but at the same time, it deals with multiple challenges and restrictions that act as roadblocks against higher growth.

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Key Insights:

• As per the analysis shared by our research analyst, the global off-highway electric vehicle market is estimated to grow annually at a CAGR of around 21.51% over the forecast period (2022-2030)
• In terms of revenue, the global off-highway electric vehicle market size was valued at around USD 16.91 billion in 2022 and is projected to reach USD 97.8 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing environmental concern over the use of fossil fuel
• Based on storage type segmentation, li-ion was predicted to show maximum market share in the ear 2022
• Based on propulsion segmentation, the hybrid electric vehicle was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

Facts and Factors published the latest report titled "Off-Highway Electric Vehicle Market Size, Share, Growth Analysis Report By Propulsion (Hybrid Electric Vehicle and Battery Electric Vehicle), By Application (Mining, Agriculture, and Construction), By Storage Type (Lead-Acid and Li-ion), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Off-Highway Electric Vehicle Market: Growth Drivers

• Growing environmental concern over the use of fossil fuel to propel market demand.

The global off-highway electric vehicle market is projected to grow owing to the increasing environmental concerns over the impact of mass-utilization of non-renewable sources of energy like fossil fuel. The impact of excess and rapid urbanization and industrialization has become more evident in the last couple of years in the form of rising temperatures and sudden climate change. These factors have led companies and governments to work toward reducing carbon footprint and the use of non-renewable energy for power generation is one of the leading causes.

Off-highway electric vehicles can act as great alternatives to traditional vehicles that run on gas, petrol, or diesel which lead to the emission of greenhouse gasses that are not only harmful to the environment but to all living beings that are constantly exposed to the harmful gasses. As the world strives to find more sustainable solutions for different business operations, the demand for OHEVs can expect higher growth.

Global Off-Highway Electric Vehicle Market: Restraints

• High initial cost to restrict the market growth.

The global market faces multiple restraints and one of the most common issues is in terms of the high upfront cost of OHEVs. Since these vehicles are generally used for off-highway applications, it means that the majority of the end-users are industrial players and the high initial investment can act as a barrier against production adoption, especially for smaller players or companies that are just starting their operations.

Furthermore, the maintenance of such vehicles can be expensive since they run on specialized parts and the lack of skilled professionals that can effectively manage the technical issues is an added constraint.

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Off-Highway Electric Vehicle Market: Opportunities

• Growing integration with renewable energy to provide growth opportunities.

OHEVs have the potential to be integrated with renewable sources of energy for power generation. These sources can be either solar or wind energy. As the investments, promotion, and development of infrastructure to harness the power of renewable sources are on the rise, the global industry can also expect better support. This trend can help to create a highly sustainable solution and also assist in reducing operational costs as the prices for fuel are rising consistently over the last 2 to 3 years.

Off-Highway Electric Vehicle Market: Challenges

• Current lack of charging architecture to challenge market growth.

The larger EV sector has gained popularity only in the second half of the last decade. The infrastructure for commercial EVs has recently gained more investment and interest from governments along with private players. Subsequently, charging architecture for OHEVs is significantly poor and more investment would be needed if the industry has to reach its true potential.

However, there are several other hurdles like poor economic growth and the socio-political state of the region that have to first be managed effectively before the global industry can be accessed.

Global Off-Highway Electric Vehicle Market: Segmentation

• The global off-highway electric vehicle market is segmented based on propulsion, application, storage type, and region.

Based on propulsion, the global market segments are hybrid electric vehicle and battery electric vehicle.

• The industry witnessed the highest growth in the hybrid electric vehicle (HEV) segment in 2022 and dominated more than 56.1% of the segmental share
• HEVs offer several advantages and even though they are not completely powered by electric batteries, these vehicles are currently more viable at least in areas that do not have proper or efficient set for electric charging
• Furthermore, HEVs offer higher fuel efficiency and assist in reducing harmful emissions
• The cost of HEV maintenance is relatively lower making them price-effective and also have a better range as compared to traditional vehicles and battery vehicles

Based on application, the global market is divided into mining, agriculture, and construction.

Based on storage type, the global market divisions are lead-acid and li-ion.

• The market registered the highest growth in the li-ion (Lithium-ion) segment in 2022 and is expected to continue the same trend during the forecast period
• Li-ion batteries are more efficient in terms of performance and cost as compared to lead-acid batteries making them a better choice for OHEVs since they require reliable energy storage and high-performance solutions
• The growing investments in terms of technological advancement toward the development of better li-ion batteries could assist in further growth
• The general performance efficiency rate of li-ion batteries is between 95% to 98%

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List of Key Players in Off-Highway Electric Vehicle Market:

• CNH Industrial N.V.
• Caterpillar Inc.
• Terex Corporation
• Komatsu Ltd.
• Doosan Infracore
• Hitachi Construction Machinery Co. Ltd.
• Manitou Group
• Sandvik AB
• Haulotte Group
• John Deere
• Zoomlion Heavy Industry Science and Technology Co. Ltd.
• Volvo Group
• JCB
• Wacker Neuson SE
• Kubota Corporation
• Liebherr Group
• XCMG Group
• Sany Group Co. Ltd.
• Oshkosh Corporation
• Bell Equipment

Key questions answered in this report:

• What are the growth rate forecast and market size for Off-Highway Electric Vehicle Market?
• What are the key driving factors propelling the Off-Highway Electric Vehicle Market forward?
• What are the most important companies in the Off-Highway Electric Vehicle Market Industry?
• What segments does the Off-Highway Electric Vehicle Market cover?
• How can I receive a free copy of the Off-Highway Electric Vehicle Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America to continue its dominance.

The global off-highway electric vehicle market is projected to witness the highest growth in North America as it dominated more than 25% of the global market share in 2022. The growth is mainly due to the higher awareness rate of the products and better adoption rate. Several factors coherently work toward improving the market dominance of North America.

Some of them are the availability of electric charging stations, a growing number of manufacturers, higher disposable income of regional farmers allowing them to afford expensive agricultural equipment, growing government policies to control environmental pollution, and general proactive approach of end-consumers to reduce carbon footprint. Asia-Pacific is projected to grow at a higher CAGR mainly driven by the growth in the EV segment of countries like China, South Korea, Japan, and India as they are witnessing a surge in demand for all types of EVs.

Global Off-Highway Electric Vehicle Market is segmented as follows:

Off-Highway Electric Vehicle Market: By Propulsion Outlook (2023-2030)

• Hybrid Electric Vehicle
• Battery Electric Vehicle

Off-Highway Electric Vehicle Market: By Application Outlook (2023-2030)

• Mining
• Agriculture
• Construction

Off-Highway Electric Vehicle Market: By Storage Type Outlook (2023-2030)

• Lead-Acid
• Li-ion

Off-Highway Electric Vehicle Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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