Global Off-highway Electric Vehicle Market Size & Outlook
Global off-highway electric vehicle market, 2018-2030 (US$M)
Related Markets
Global off-highway electric vehicle market highlights
- The global off-highway electric vehicle market generated a revenue of USD 2,287.0 million in 2023 and is expected to reach USD 5,746.0 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 14.1% by 2030.
- In terms of segment, hev accounted for a revenue of USD 1,195.6 million in 2023.
- BEV is the most lucrative propulsion segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 2,287.0 million |
| Market revenue in 2030 | USD 5,746.0 million |
| Growth rate | 14.1% (CAGR from 2023 to 2030) |
| Largest segment | Hev |
| Fastest growing segment | BEV |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | BEV, HEV |
Other key industry trends
- In terms of revenue, the North America accounted for 25.8% of the global off-highway electric vehicle market in 2023.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 42.3 million by 2030.
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Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global off-highway electric vehicle market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to off-highway electric vehicle market will help companies and investors design strategic landscapes.
Hev was the largest segment with a revenue share of 52.28% in 2023. Horizon Databook has segmented the Global off-highway electric vehicle market based on bev, hev covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Off-highway Electric Vehicle Propulsion Outlook (Revenue, USD Million, 2018-2030)
- BEV
- HEV
- Global Off-highway Electric Vehicle Storage Type Outlook (Revenue, USD Million, 2018-2030)
- Li-ion
- Lead-Acid
- Global Off-highway Electric Vehicle Application Outlook (Revenue, USD Million, 2018-2030)
- Agriculture
- Construction
- Mining
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Target buyers of Global off-highway electric vehicle market databook
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Our clientele includes a mix of off-highway electric vehicle market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of global-level data and insights on the Global off-highway electric vehicle market , including forecasts for subscribers. This global databook contains high-level insights into Global off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Partial client list
Global off highway electric vehicle market size, by region, 2018-2030 (US$M)
Top 10 countries: Off highway electric vehicle market size, 2023 (US$M)
Global off highway electric vehicle market share, by propulsion, 2023 & 2030 (%, US$M)
Off-highway electric vehicle market: Opportunity assessment by country
Global off-highway electric vehicle market, by region, 2023 (US$M)
| Propulsion | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Latin America | 7.9 | 10.1 | 35.4 | 49.2 | 58.5 | 67.0 | 76.4 | 87.5 | 99.4 | 112.2 | 126.2 | 142.2 | 160.2 | 12.1% |
| Europe | 114.2 | 134.2 | 440.5 | 577.4 | 689.4 | 796.1 | 919.2 | 1,062.4 | 1,219.5 | 1,390.5 | 1,581.7 | 1,799.6 | 2,044.7 | 11.9% |
| North America | 22.3 | 27.5 | 297.8 | 425.6 | 498.2 | 590.7 | 677.2 | 774.3 | 877.1 | 986.0 | 1,102.8 | 1,226.6 | 1,361.6 | 12.0% |
| MEA | 5.2 | 6.0 | 57.1 | 79.8 | 95.2 | 109.9 | 126.5 | 145.7 | 165.9 | 186.7 | 209.5 | 236.0 | 265.1 | 12.1% |
| Asia Pacific | 63.5 | 72.8 | 358.9 | 515.2 | 623.2 | 723.4 | 839.4 | 975.3 | 1,125.7 | 1,290.1 | 1,473.2 | 1,680.4 | 1,914.4 | 14.0% |
| Overall | 213.2 | 250.6 | 1,189.7 | 1,647.2 | 1,964.4 | 2,287.0 | 2,638.7 | 3,045.1 | 3,487.6 | 3,965.4 | 4,493.5 | 5,084.9 | 5,746.0 | 14.1% |
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