India Off-highway Electric Vehicle Market Size & Outlook
India off-highway electric vehicle market, 2018-2030 (US$M)
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India off-highway electric vehicle market highlights
- The India off-highway electric vehicle market generated a revenue of USD 47.2 million in 2023 and is expected to reach USD 134.8 million by 2030.
- The India market is expected to grow at a CAGR of 16.2% 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 47.2 million |
| Market revenue in 2030 | USD 134.8 million |
| Growth rate | 16.2% (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, India 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 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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India 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 59.96% in 2023. Horizon Databook has segmented the India 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 India is experiencing notable growth, propelled significantly by the agricultural sector's pivotal role in the nation's economy.
Since agriculture is one of the primary sectors in India, the government's initiatives to incentivize the adoption of e-tractors are likely to emerge as a crucial driver for market expansion.
The government aims to make electric tractors more accessible by offering subsidies and financial support, especially to farmers in remote and economically disadvantaged regions.
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Target buyers of India 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 India off-highway electric vehicle market , including forecasts for subscribers. This country databook contains high-level insights into India off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India off highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
India Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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