Europe Off-highway Electric Vehicle Market Size & Outlook
Europe off-highway electric vehicle market, 2018-2030 (US$M)
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Europe off-highway electric vehicle market highlights
- The Europe off-highway electric vehicle market generated a revenue of USD 796.1 million in 2023.
- The market is expected to grow at a CAGR of 14.4% from 2024 to 2030.
- In terms of segment, bev 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, Germany is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 796.1 million |
| Market revenue in 2030 | USD 2,044.7 million |
| Growth rate | 14.4% (CAGR from 2023 to 2030) |
| Largest segment | Bev |
| 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, Europe region accounted for 34.8% 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 |
|---|
Europe 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.
Bev was the largest segment with a revenue share of 53.57% in 2023. Horizon Databook has segmented the Europe off-highway electric vehicle market based on bev, hev covering the revenue growth of each sub-segment from 2018 to 2030.
The European off-highway electric vehicle market is experiencing significant growth owing to a multitude of factors. Increasing concerns regarding adverse environmental impact of ICE vehicles have led to the establishment of stringent emission regulations, prompting a shift toward Electric Vehicles (EVs).
Government initiatives supporting clean energy solutions and offering incentives for EV adoption have significantly influenced market expansion.
Furthermore, technological advancements, battery innovation, and a burgeoning infrastructure of charging stations have enhanced the feasibility and attractiveness of off-highway electric vehicles.
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Target buyers of Europe 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 Europe off-highway electric vehicle market , including forecasts for subscribers. This continent databook contains high-level insights into Europe off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe off highway electric vehicle market size, by country, 2018-2030 (US$M)
Europe Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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