Off-Road Highway Electric Vehicle Market

Global Off-Road Highway Electric Vehicle Market Size (2024 to 2029)

The global off-road highway electric vehicle market size is expected to reach USD 9.56 billion in 2024 and reach USD 29.16 billion by 2029, growing at a CAGR of 24.98% from 2024 to 2029.

Market Overview

An electric vehicle is powered entirely or partially by electricity, and it uses one or more electric motors for propulsion, storing energy within the battery. Different batteries like lithium-ion, lead-acid, and nickel-metal hybrid are utilized in these vehicles. A number of the conventional Off-Road Highway EV equipment are dumpers, LHDs, mowers, sprayers, and others. Off-road hybrid electric cars are powered by diesel and a restorative energy storage system to enhance fuel efficiency.

Rapid infrastructural development and revised government norms associated with construction activities are driving the off-road highway electric vehicle market in these countries. Aside from the development industry, the mining industry has also shown significant growth in the recent past. 

Market Drivers

They create less vibration and noise, which can drive market growth. Increasing awareness about the environmental benefits of EVs also will accelerate market growth. The low cost of the upgrade is another factor growing the expansion of the market within the forecast period., The efficiency of the Off-Road Highway electric vehicle also increases the demand in the market.

Market Restraints

The high investment cost of EVs will hamper market growth. The unavailability of charging stations also will restrain the market. Less acceptance of electric vehicles among the population is another factor restricting this market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Off-Road Highway Electric Vehicle Market By Equipment

Growing environmental concerns and awareness about the hazardous effects of kit emissions have forced engine and equipment manufacturers to develop engines that suit emission norms. Alternatively, the necessity to suit stringent emission norms has shifted the main target of manufacturers to electrical equipment.

Global Off-Road Highway Electric Vehicle Market By Battery Capacity

The 50-200 kWh segment of the Off-Road Highway electric vehicles market accounted for the second-largest market price in 2019 due to the upper demand for small- and mid-range Off-Road Highway equipment in countries like China, India, and, therefore, the US.

Global Off-Road Highway Electric Vehicle Market By Power Output

Most of the hybrid and electric Off-Road Highway vehicles include one or two electric motors, counting on vehicle features. As of now, electrification is primarily observed in small and compact cars. Motors generating an output of less than 50 hp are generally utilized in small Off-Road Highway electric and hybrid vehicles. These sorts of electric and hybrid Off-Road Highway cars have the most important market in Europe.

REGIONAL ANALYSIS

North America is predicted to steer the off-road highway electric vehicle market in terms of usefulness during the forecast period. The development and mining equipment demand in North America is predicted to extend thanks to measures adopted by the US that have increased the demand for domestically extracted minerals and infrastructure development. The US is estimated to be the most important marketplace for Off-Road Highway electric vehicles in North America. Additionally, with upcoming stringent emission norms for fuel economy within the country, companies are trying harder to manufacture electric and hybrid equipment for the domestic market. The construction industry has witnessed substantial growth in emerging economies like China and India. The increasing demand for brand-spanking new infrastructure is predicted to drive the demand for construction equipment across the world. Rapid infrastructural development and revised government norms associated with construction activities are driving the Off-Road Highway electric vehicle market in these countries. Aside from the development industry, the mining industry has also shown significant growth in recent years.

KEY MARKET PLAYERS

Hitachi Construction Machinery, Caterpillar, Komatsu, JCB, Volvo Construction Equipment, Deere & Company, CNH Industrial, Sandvik, Liebherr, Epiroc, Terex, Deutz AG, Atlas Copco, Fendt, Husqvarna, Stihl Holding AG and Co. Kg, Exel Industries, Xcmg, Sumitomo Heavy Industries, Doosan, Sany Heavy Industries, Kubota, Beml, Zoomlion. Some of the market players dominate the global Off-Road highway electric vehicles market.

RECENT HAPPENINGS IN THE GLOBAL OFF-ROAD HIGHWAY ELECTRIC VEHICLE MARKET

• Trimble and Hitachi Construction Machinery Loaders America Inc. (HCMA) announced the supply of Trimble LOADRITE L3180 SmartScale as an option on Hitachi Wheel Loaders within the US.  
• Hitachi Construction Machinery Co., Ltd. introduced that it developed a battery-powered mini excavator prototype (5-ton class) so as to determine electric construction machinery technology for a market that is predicted to begin in the future.
• Caterpillar to build 98-tonne off-road trucks in India. Caterpillar advertises their Cat 773E and 777E Off-Road Highway trucks to the consumer in the International Mining & Machinery Exhibition (IMME) held in the city
• Kuhn Schweiz and Lithium Storage were ready to create, ranging from a KOMATSU dumper to an enormous electric vehicle of 45 tons, for the structure and mining industry. These two Swiss companies have created the “E-Dumper”, the electrical version of a dumper that transports large quantities of products over short distances.

DETAILED SEGMENTATION OF THE GLOBAL OFF-ROAD HIGHWAY ELECTRIC VEHICLE MARKET INCLUDED IN THIS REPORT

This research report on the global off-road highway electric vehicle market is segmented and sub-segmented based on Equipment, Battery Type, Battery Capacity, Propulsion, Power out cut, electric tractor equipment and Region.

By Equipment

• Dump Truck
• Dozer
• Excavator
• Motor Grader
• Lhd
• Loader
• Lawn Mower
• Sprayer
• Tractor 

By Battery Type

• Lithium-ion
• Nickel Metal Hydride
• Lead- Acid
• Others

By Battery Capacity

• <50 Kwh
• 50–200 Kwh
• 200–500 Kwh
• >500 Kwh

By Propulsion Type

• Battery Electric
• Hybrid Electric

By Power Output

• <50 Hp
• 50–150 Hp
• 150–300 Hp
• >300 Hp

By Electric Tractor Equipment

• Lawn Mower
• Sprayer
• Tractor

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa