Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Off-Highway Electric Vehicle Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Are the Expected Market Growth Rates for the Off-Highway Electric Vehicle Market?
The market size of the off-highway electric vehicle market has seen substantial growth recently. From the year 2024 to 2025, it is projected to grow from $8.64 billion to $10.82 billion. The compound annual growth rate (CAGR) during this period is expected to be 25.2%.
What Are the Expected Market Growth Trends for the Off-Highway Electric Vehicle Market Through 2029?
The Off-Highway Electric Vehicle Global Market is predicted to reach a market size of $24.49 billion in 2029 and is anticipated to grow at a compound annual growth rate (CAGR) of 22.7%.
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What Are the Key Business Drivers in the Off-Highway Electric Vehicle Market Landscape?
The key drivers in the off-highway electric vehicle market are:
• Increase in electrification trends and sustainability goals
• Government incentives supporting the adoption of electric vehicles
• Development of infrastructure, including rapid charging stations
• Rise in autonomous and semi-autonomous operations in off-highway electric vehicles
How Is the Off-Highway Electric Vehicle Market Divided Across Key Categories?
The off-highway electric vehicle market covered in this report is segmented –
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Lithium-Ion, Lead-Acid, Other Batteries
3) By Application: Mining, Construction Agriculture: Gardening or Landscaping, Other Applications
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What Are the Ongoing Trends in the Off-Highway Electric Vehicle Market?
The key trends in the off-highway electric vehicle market are:
• Battery technology improvements are transforming the off-highway electric vehicle market.
• Autonomous and connected technologies are emerging trends.
• Industry partnerships and collaborations are becoming more prevalent.
• There is an increasing trend towards the development of multi-purpose and modular designs and regenerative braking systems.
Which Companies are Expanding in the Off-Highway Electric Vehicle Industry?
Major players in the off-highway electric vehicle market are:
• Caterpillar Inc.
• Volvo Construction Equipment Ab
• Deere And Company
• Komatsu Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Doosan Corporation
• JC Bamford Excavators Ltd.
• Cnh Industrial NV
• Kubota Corporation
• Duetz AG
• Sumitomo Heavy Industries Ltd.
• Stihl Holding AG and Co. Kg
• Solectrac LLC
• Terex Corporation
• Liebherr Group
• Xuzhou Construction Machinery Group Co. Ltd.
• Wacker Neuson SE
• Sany Heavy Industry Co. Ltd.
• Manitou Group
• Bell Equipment Ltd.
• ASV Holdings Inc.
• Epiroc AB
• Hyundai Construction Equipment Co. Ltd.
Which is the Largest Region the Global Off-Highway Electric Vehicle Market?
North America was the largest region in the off-highway electric vehicle market in 2024
