Asia Pacific Off-highway Electric Vehicle Market Size & Outlook
Asia Pacific off-highway electric vehicle market, 2018-2030 (US$M)
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Asia Pacific off-highway electric vehicle market highlights
- The Asia Pacific off-highway electric vehicle market generated a revenue of USD 723.4 million in 2023.
- The market is expected to grow at a CAGR of 14.9% from 2024 to 2030.
- In terms of segment, hev was the largest revenue generating propulsion in 2023.
- BEV is the most lucrative propulsion segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 723.4 million |
| Market revenue in 2030 | USD 1,914.4 million |
| Growth rate | 14.9% (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 |
| Key market players worldwide | Caterpillar Inc, Volvo AB ADR, Komatsu Ltd, Deere & Co, Sandvik AB, Hitachi Construction Machinery Co Ltd, Epiroc AB DR, Doosan Fuel Cell Ordinary Shares, CNH Industrial NV, JCB |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 31.6% of the global off-highway electric vehicle market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,914.4 million by 2030.
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Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific 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 54.76% in 2023. Horizon Databook has segmented the Asia Pacific off-highway electric vehicle market based on bev, hev covering the revenue growth of each sub-segment from 2018 to 2030.
The off-highway electric vehicle market in the Asia Pacific region is experiencing robust growth driven by various factors. Rapid urbanization, coupled with increasing industrialization, propels the demand for electric vehicles across the construction, agriculture, and mining sectors.
Government initiatives promoting clean energy and stringent emission regulations further fuel market expansion. In countries such as China and India, large-scale infrastructure projects and a focus on sustainable development are bolstering the adoption of electric vehicles
With a strong emphasis on technological innovation and a growing awareness of environmental concerns, the Asia Pacific region presents a promising landscape for off-highway electric vehicle market growth.
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Target buyers of Asia Pacific 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 continent-level data and insights on the Asia Pacific off-highway electric vehicle market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific off highway electric vehicle market size, by country, 2018-2030 (US$M)
Asia Pacific Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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