North America Off-highway Electric Vehicle Market Size & Outlook
North America off-highway electric vehicle market, 2018-2030 (US$M)
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North America off-highway electric vehicle market highlights
- The North America off-highway electric vehicle market generated a revenue of USD 590.7 million in 2023.
- The market is expected to grow at a CAGR of 12.7% 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.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 590.7 million |
| Market revenue in 2030 | USD 1,361.6 million |
| Growth rate | 12.7% (CAGR from 2023 to 2030) |
| Largest segment | Hev |
| 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, North America region accounted for 25.8% 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 |
|---|
North America 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 58% in 2023. Horizon Databook has segmented the North America 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 North America is experiencing significant growth, driven by several key factors.
The increasing focus on sustainability and environmental consciousness has propelled the demand for Electric Vehicles (EVs) across various sectors, including construction, agriculture, and mining.
Government initiatives supporting cleaner energy alternatives, coupled with a heightened awareness about the need to reduce the carbon footprints of various industries, have spurred the adoption of electric-powered off-road vehicles.
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Target buyers of North America 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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Horizon Databook provides a detailed overview of continent-level data and insights on the North America off-highway electric vehicle market , including forecasts for subscribers. This continent databook contains high-level insights into North America off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America off highway electric vehicle market size, by country, 2018-2030 (US$M)
North America Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
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