Canada Off-highway Electric Vehicle Market Size & Outlook
Canada off-highway electric vehicle market, 2018-2030 (US$M)
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Canada off-highway electric vehicle market highlights
- The Canada off-highway electric vehicle market generated a revenue of USD 47.4 million in 2023 and is expected to reach USD 108.5 million by 2030.
- The Canada market is expected to grow at a CAGR of 12.6% 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.
Off-highway electric vehicle market data book summary
| Market revenue in 2023 | USD 47.4 million |
| Market revenue in 2030 | USD 108.5 million |
| Growth rate | 12.6% (CAGR from 2023 to 2030) |
| Largest segment | Hev |
| Fastest growing segment | BEV |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Canada accounted for 2.1% of the global off-highway electric vehicle market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. off-highway electric vehicle market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 1,253.1 million by 2030.
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Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada 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 64.56% in 2023. Horizon Databook has segmented the Canada 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 Canada is expected to witness significant growth, influenced by developments such as Canada's Electric Vehicle Availability Standard, announced in December 2022.
This standard focuses on light-duty vehicles, aiming to reduce greenhouse gas emissions in Canada's transportation sector.
As part of this initiative, auto manufacturers and importers are required to meet escalating annual Zero-Emission Vehicle (ZEV) sales targets, starting at 20 percent for 2026 and reaching 100 percent by 2035.
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Target buyers of Canada 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 country-level data and insights on the Canada off-highway electric vehicle market , including forecasts for subscribers. This country databook contains high-level insights into Canada off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada off highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
Canada Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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