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Off-highway Electric Vehicles Market Size, Share & Trends Analysis Report by Propulsion (BEV, HEV), Battery Type (Li-ion, Lead-acid), Application (Construction, Agriculture), Region, with Growth Forecasts, 2025-2030- Product Image
Off-highway Electric Vehicles Market Size, Share & Trends Analysis Report by Propulsion (BEV, HEV), Battery Type (Li-ion, Lead-acid), Application (Construction, Agriculture), Region, with Growth Forecasts, 2025-2030- Product Image
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Off-highway Electric Vehicles Market Size, Share & Trends Analysis Report by Propulsion (BEV, HEV), Battery Type (Li-ion, Lead-acid), Application (Construction, Agriculture), Region, with Growth Forecasts, 2025-2030

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  • 120 Pages
  • April 2025
  • Region: Global
  • Grand View Research
  • ID: 5595867
Description Jump to:
The Off-highway Electric Vehicles Market was valued at USD 2.64 Billion in 2024, and is projected to reach USD 5.75 Billion by 2030, rising at a CAGR of 13.50%. The commencement of redevelopment initiatives and expanding infrastructural advancements in developing nations are the key drivers fueling the off-highway electric vehicle industry’s expansion.

The global demand for off-highway electric vehicles (EVs) is also being fueled by strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions by the European Commission and the U.S. Environmental Protection Agency (EPA). These cars’ increased economy decreases overhaul costs and lowers noise and vibration levels to help increase demand for off-highway electric vehicles.

The benefits of off-highway electric machinery include increased operational maneuverability, accuracy, and overall efficiency. Off-highway vehicle electrification offers a number of advantages, but due to issues such as poor charging infrastructure and limited battery storage capacity, it is anticipated that market adoption would be sluggish. Due to the drawbacks of electrically-propelled machinery, hybrid off-highway electric vehicles-which are seen as a viable alternative-have gained an edge.

However, the significant investments involved in developing off-highway electric vehicles is limiting their commercial expansion. Despite this, for improved performance, pollution control, and reliability; off-highway equipment like vehicles, in areas such as agriculture, mining, and construction, are being electrified.

In order to stay ahead of their rivals, prominent corporations are launching new products, which is the main trend in the off-highway electric vehicle industry. For instance, The Volvo Group introduced an electric truck with a longer range in North America in January 2022. This truck is a modified Volvo VNR Electric with a range increase of up to 85% and faster charging. This is a class 8 electric truck variant with a greater energy storage capacity of up to 565 kWh and an operational range of up to 440 km (275 miles).

Off-highway Electric Vehicles Market Report Highlights

  • The battery electric vehicle (BEV) segment dominated the market in 2024 and accounted for a 50.14% share of the global revenue.
  • The lead acid battery segment dominated the market in 2024. The lead-acid segment in the off-highway electric vehicle market employs rechargeable batteries known for storing electrical energy.
  • The agriculture segment dominated the market in 2024. Consumers in North America and Europe are increasingly using modern farm machinery and advanced agricultural techniques, such as electric harvesters and electric tractors, to boost yields.
  • The Asia-Pacific region is expected to grow at a highest CAGR from 2025 to 2030.

Why Should You Buy This Report?

  • Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments.
  • Competitive Landscape: Explore the market presence of key players.
  • Future Trends: Discover the pivotal trends and drivers shaping the future of the market.
  • Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.

This report addresses:

  • Market intelligence to enable effective decision-making
  • Market estimates and forecasts from 2018 to 2030
  • Growth opportunities and trend analyses
  • Segment and regional revenue forecasts for market assessment
  • Competition strategy and market share analysis
  • Product innovation listings for you to stay ahead of the curve

This product will be delivered within 1-3 business days.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.3. Off-highway Electric Vehicles Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of The suppliers
3.3.1.2. Bargaining power of The buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and social landscape
3.3.2.3. Technological landscape
3.4. Pain Point Analysis
Chapter 4. Off-Highway Electric Vehicles Market: Propulsion Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Off-Highway Electric Vehicles: Propulsion Movement Analysis, USD Million, 2024 & 2030
4.3. BEV
4.3.1. BEV Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
4.4. HEV
4.4.1. HEV Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
Chapter 5. Off-Highway Electric Vehicles Market: Battery Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Off-Highway Electric Vehicles: Battery Type Movement Analysis, USD Million, 2024 & 2030
5.3. Li-ion
5.3.1. Li-ion Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
5.4. Lead-acid
5.4.1. Lead-acid Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
Chapter 6. Off-Highway Electric Vehicles Market: Application Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Off-Highway Electric Vehicles: Application Movement Analysis, USD Million, 2024 & 2030
6.3. Construction
6.3.1. Construction Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
6.4. Agriculture
6.4.1. Agriculture Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
6.5. Mining
6.5.1. Mining Market Revenue Estimates and Forecasts, 2018-2030 (USD Million)
Chapter 7. Off-Highway Electric Vehicles Market: Regional Estimates & Trend Analysis
7.1. Off-Highway Electric Vehicles Market: Regional Outlook
7.2. North America
7.2.1. North America Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.2.2. U.S.
7.2.2.1. U.S. Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.2.3. Canada
7.2.3.1. Canada Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.2.4. Mexico
7.2.4.1. Mexico Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.3. Europe
7.3.1. Europe Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.3.2. Germany
7.3.2.1. Germany Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.3.3. UK
7.3.3.1. UK Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.3.4. France
7.3.4.1. France Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4. Asia Pacific
7.4.1. Asia Pacific Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4.2. China
7.4.2.1. China Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4.3. India
7.4.3.1. India Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4.4. Japan
7.4.4.1. Japan Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4.5. Australia
7.4.5.1. Australia Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.4.6. South Korea
7.4.6.1. South Korea Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.5. Latin America
7.5.1. Latin America Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.5.2. Brazil
7.5.2.1. Brazil Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.6. MEA
7.6.1. MEA Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.6.2. UAE
7.6.2.1. UAE Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.6.3. Kingdom of Saudi Arabia (KSA)
7.6.3.1. Kingdom of Saudi Arabia (KSA) Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
7.6.4. South Africa
7.6.4.1. South Africa Off-Highway Electric Vehicles market estimates & forecasts, 2018-2030 (USD Million)
Chapter 8. Competitive Landscape
8.1. Company Categorization
8.2. Company Market Positioning
8.3. Company Heat Map Analysis
8.4. Company Profiles/Listing
8.4.1. Caterpillar Inc.
8.4.1.1. Participant’s Overview
8.4.1.2. Financial Performance
8.4.1.3. Product Benchmarking
8.4.1.4. Strategic Initiatives
8.4.2. CNH Industrial N.V.
8.4.2.1. Participant’s Overview
8.4.2.2. Financial Performance
8.4.2.3. Product Benchmarking
8.4.2.4. Strategic Initiatives
8.4.3. Hitachi Construction Machinery Co., Ltd.
8.4.3.1. Participant’s Overview
8.4.3.2. Financial Performance
8.4.3.3. Product Benchmarking
8.4.3.4. Strategic Initiatives
8.4.4. J C Bamford Excavators Ltd.
8.4.4.1. Participant’s Overview
8.4.4.2. Financial Performance
8.4.4.3. Product Benchmarking
8.4.4.4. Strategic Initiatives
8.4.5. Komatsu Ltd.
8.4.5.1. Participant’s Overview
8.4.5.2. Financial Performance
8.4.5.3. Product Benchmarking
8.4.5.4. Strategic Initiatives
8.4.6. Volvo Construction Equipment AB
8.4.6.1. Participant’s Overview
8.4.6.2. Financial Performance
8.4.6.3. Product Benchmarking
8.4.6.4. Strategic Initiatives
8.4.7. Deere & Company
8.4.7.1. Participant’s Overview
8.4.7.2. Financial Performance
8.4.7.3. Product Benchmarking
8.4.7.4. Strategic Initiatives
8.4.8. Doosan Corporation
8.4.8.1. Participant’s Overview
8.4.8.2. Financial Performance
8.4.8.3. Product Benchmarking
8.4.8.4. Strategic Initiatives
8.4.9. Sandvik AB
8.4.9.1. Participant’s Overview
8.4.9.2. Financial Performance
8.4.9.3. Product Benchmarking
8.4.9.4. Strategic Initiatives
8.4.10. Epiroc AB
8.4.10.1. Participant’s Overview
8.4.10.2. Financial Performance
8.4.10.3. Product Benchmarking
8.4.10.4. Strategic Initiatives
List of Tables
Table 1 Global Off-Highway Electric Vehicle Market size estimates & forecasts 2018-2030 (USD Million)
Table 2 Global Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 3 Global Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 4 Global Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 5 Global Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 6 BEV Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 7 HEV Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 8 Li-ion Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 9 Lead-acid Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 10 Agriculture Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 11 Construction Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 12 Mining Off-Highway Electric Vehicle Market, by region 2018-2030 (USD Million)
Table 13 North America Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 14 North America Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 15 North America Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 16 U.S. Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 17 U.S. Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 18 U.S. Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 19 Canada Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 20 Canada Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 21 Canada Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 22 Mexico Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 23 Mexico Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 24 Mexico Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 25 Europe Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 26 Europe Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 27 Europe Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 28 UK Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 29 UK Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 30 UK Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 31 Germany Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 32 Germany Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 33 UK Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 34 France Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 35 France Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 36 France Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 37 Asia Pacific Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 38 Asia Pacific Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 39 Asia Pacific Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 40 China Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 41 China Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 42 China Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 43 India Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 44 India Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 45 India Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 46 Japan Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 47 Japan Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 48 Japan Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 49 South Korea Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 50 South Korea Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 51 South Korea Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 52 Australia Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 53 Australia Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 54 Australia Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 55 Latin America Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 56 Latin America Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 57 Latin America Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 58 Brazil Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 59 Brazil Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 60 Brazil Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 61 MEA Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 62 MEA Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 63 MEA Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 64 UAE Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 65 UAE Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 66 UAE Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 67 KSA Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 68 KSA Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 69 KSA Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 70 South Africa Off-Highway Electric Vehicle Market, by propulsion 2018-2030 (USD Million)
Table 71 South Africa Off-Highway Electric Vehicle Market, by battery type 2018-2030 (USD Million)
Table 72 South Africa Off-Highway Electric Vehicle Market, by application 2018-2030 (USD Million)
Table 73 Key companies undergoing expansion
Table 74 Key companies undergoing collaborations
Table 75 Key companies undergoing new product launch
Table 76 Key companies undergoing mergers & acquisitions
Table 77 Key companies undergoing other strategies
List of Figures
Figure 1 Off-Highway Electric Vehicle Market segmentation
Figure 2 Market research process
Figure 3 Information procurement
Figure 4 Primary research pattern
Figure 5 Market research approaches
Figure 6 Value chain-based sizing & forecasting
Figure 7 Parent market analysis
Figure 8 Market formulation & validation
Figure 9 Off-Highway Electric Vehicle Market snapshot
Figure 10 Off-Highway Electric Vehicle Market segment snapshot
Figure 11 Off-Highway Electric Vehicle Market competitive landscape snapshot
Figure 12 Market research process
Figure 13 Market driver relevance analysis (Current & future impact)
Figure 14 Market restraint relevance analysis (Current & future impact)
Figure 15 Off-Highway Electric Vehicle Market: Propulsion outlook key takeaways (USD Million)
Figure 16 Off-Highway Electric Vehicle Market: Propulsion movement analysis 2024 & 2030 (USD Million)
Figure 17 BEV market revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 18 HEV market revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 19 Off-Highway Electric Vehicle Market: Battery Type outlook key takeaways (USD Million)
Figure 20 Off-Highway Electric Vehicle Market: Battery Type movement analysis 2024 & 2030 (USD Million)
Figure 21 Li-ion market revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 22 Lead-acid market revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 23 Off-Highway Electric Vehicle Market: Application outlook key takeaways (USD Million)
Figure 24 Off-Highway Electric Vehicle Market: Application movement analysis 2024 & 2030 (USD Million)
Figure 25 Agriculture market revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 26 Construction revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 27 Mining revenue estimates and forecasts, 2018-2030 (USD Million)
Figure 28 Off-Highway Electric Vehicle Market: Regional outlook, 2024 & 2030, USD Million
Figure 29 North America Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 30 U.S. Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 31 Canada Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 32 Mexico Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 33 Europe Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 34 UK Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 35 Germany Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 36 France Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 37 Asia Pacific Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 38 China Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 39 Japan Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 40 India Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 41 Australia Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 42 South Korea Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 43 Latin America Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 44 Brazil Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 45 MEA Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 46 KSA Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 47 UAE Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 48 South Africa Off-Highway Electric Vehicle Market estimates and forecasts, 2018-2030 (USD Million)
Figure 49 Strategy framework
Figure 50 Company Categorization

Companies Mentioned

The companies profiled in this Off-highway Electric Vehicles market report include:
  • Caterpillar Inc.
  • CNH Industrial N.V.
  • Hitachi Construction Machinery Co., Ltd.
  • J C Bamford Excavators Ltd.
  • Komatsu Ltd.
  • Volvo Construction Equipment AB
  • Deere & Company
  • Doosan Corporation
  • Sandvik AB
  • Epiroc AB

Methodology

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Table Information

Report AttributeDetails
No. of Pages120
PublishedApril 2025
Forecast Period2024 - 2030
Estimated Market Value ( USD ) in 2024 $ 2.64 Billion
Forecasted Market Value ( USD ) by 2030 $ 5.75 Billion
Compound Annual Growth Rate13.5%
Regions CoveredGlobal
No. of Companies Mentioned11

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