China Off-highway Electric Vehicle Market Size & Outlook
China off-highway electric vehicle market, 2018-2030 (US$M)
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China off-highway electric vehicle market highlights
- The China off-highway electric vehicle market generated a revenue of USD 524.0 million in 2023 and is expected to reach USD 1,402.3 million by 2030.
- The China market is expected to grow at a CAGR of 15.1% 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 524.0 million |
| Market revenue in 2030 | USD 1,402.3 million |
| Growth rate | 15.1% (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, China accounted for 22.9% 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 Asia Pacific, China off-highway electric vehicle market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 134.8 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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China 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 52.61% in 2023. Horizon Databook has segmented the China off-highway electric vehicle market based on bev, hev covering the revenue growth of each sub-segment from 2018 to 2030.
China's off-highway electric vehicle market is registering significant growth, driven by the nation's commitment to sustainable transport solutions.
For instance, China's Belt and Road Initiative (BRI), which was initiated in 2013, stands as a monumental infrastructure endeavor aiming to connect East Asia and Europe through substantial development projects.
Over the years, the BRI has extended its scope to encompass regions such as Africa, Oceania, and Latin America, expanding China's global economic and political footprint.
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Target buyers of China 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 China off-highway electric vehicle market , including forecasts for subscribers. This country databook contains high-level insights into China off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China off highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
China Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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