Middle East & Africa Off-highway Electric Vehicle Market Size & Outlook
Middle East & Africa off-highway electric vehicle market, 2018-2030 (US$M)
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MEA off-highway electric vehicle market highlights
- The MEA off-highway electric vehicle market generated a revenue of USD 109.9 million in 2023.
- The market is expected to grow at a CAGR of 13.4% 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.
MEA data book summary
| Market revenue in 2023 | USD 109.9 million |
| Market revenue in 2030 | USD 265.1 million |
| Growth rate | 13.4% (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, MEA region accounted for 4.8% 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 |
|---|
Middle East & Africa 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 51.14% in 2023. Horizon Databook has segmented the Middle East & Africa off-highway electric vehicle market based on bev, hev covering the revenue growth of each sub-segment from 2018 to 2030.
The MEA off-highway electric vehicle market is likely to be driven by the burgeoning demand for more efficient and cleaner vehicles across the mining and construction sectors. Initiatives promoting renewable energy sources and decreasing dependence on fossil fuels also drive the market.
In addition, in regions such as South Africa and the United Arab Emirates, governmental support for sustainable practices and reducing emissions augments the off-highway electric vehicle market.
With a focus on modernizing infrastructure and growing awareness about environmental conservation, the MEA region presents promising opportunities for the off-highway electric vehicle market's advancement.
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Target buyers of Middle East & Africa 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 Middle East & Africa off-highway electric vehicle market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Middle East & Africa off-highway electric vehicle market
Middle East & Africa Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
Middle East & Africa off-highway electric vehicle market
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