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Off-highway Electric Vehicle Market Size to Worth Around US$ 17.5 Bn by 2027

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global off-highway electric vehicle market was valued at around USD 5.5 billion in 2021 and is expected to register revenues worth USD 17.5 billion by the end of 2027, growing at an exceptional CAGR of approximately 21.4% between 2020 and 2027.

Off-highway Electric Vehicle

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Off-highway Electric Vehicle Market Growth Factors:

The growing growth of infrastructure in developing markets and the introduction of redevelopment projects in developed countries are boosting sales of electric highway vehicles. Strict emission standards by government agencies, such as emission standards for greenhouse gas (GHG) emissions by the U.S. The Environmental Protection Agency (EPA) and the European Commission are both main factors influencing the global market for off-road electric vehicles (EVs).

Electrification of heavy-duty off-highway vehicles is on the rise, and businesses are highly interested in exploring how this emerging development will complement their current business models. There are many advantages to the electrical system of heavy duty vehicles. However, in conducting research and implementing the electrical solution, factors such as battery technology, infrastructure, and overall cost of production play a vital role.

Off-highway Electric Vehicle Market Report Scope
Report Highlights Details
Market Size USD 17.5 Billion by 2027
Growth Rate CAGR of 21.4% from 2021 to 2027
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2027
Segments Covered Electric Vehicle, Application, Region
Off-highway Electric Vehicle Market Report Highlights
  • The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
  • The global off-highway electric vehicles market accounted USD 5.5 billion in 2019, and is expected to rise at a CAGR of 21.2 percent over the forecast period.
  • The BEV segment is expected to grow over the forecast period at the fastest CAGR of 30.5 percent. The slowdown in the adoption of internal combustion engine vehicles and the limitation of CO2 targets are expected to encourage segmental expansion.
  • The construction sector emerged as the largest sector in 2019 and by the end of the forecast period it is projected to produce revenues of over USD 6.68 billion

Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter. This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach.

This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably. Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Read Also@ E-bike Drive Unit Market Size to Worth Around US$ 8,36 Bn by 2027

some of the prominent players in the off-highway electric vehicle market include:
  • Caterpillar
  • Komatsu Ltd
  • Volvo Construction Equipment AB
  • Deere & Company
  • Sandvik AB
  • Hitachi Construction Machinery Co., Ltd
  • Epiroc AB
  • Doosan Corporation
  • CNH Industrial N.V
  • J C Bamford Excavators Ltd.
Off-highway Electric Vehicle Market Segments

By Application

  • Construction
  • Agriculture
  • Mining

By Electric Vehicle

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global off-highway electric vehicle market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the off-highway electric vehicle market.

The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.

Why should you invest in this report?

If you are aiming to enter the global off-highway electric vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for off-highway electric vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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About Us

Precedence Research is a Canada/India based company and one of the leading providers of strategic market insights. We offer executive-level blueprints of markets and solutions beyond flagship surveys. Our repository covers consultation, syndicated market studies, and customized research reports. Through our services we aim at connecting an organization’s goal with lucrative prospects globally.

From gauging investment feasibility to uncovering hidden growth opportunities, our market studies cover in-depth analysis, which also is interspersed with relevant statistics. Recommendation are often enclosed within our reports with the sole intent of enabling organizations achieve mission-critical success.

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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