U.S. Off-highway Electric Vehicle Market Size & Outlook
U.S. off-highway electric vehicle market, 2018-2030 (US$M)
Related Markets
U.S. off-highway electric vehicle market highlights
- The U.S. off-highway electric vehicle market generated a revenue of USD 543.4 million in 2023 and is expected to reach USD 1,253.1 million by 2030.
- The U.S. 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.
Off-highway electric vehicle market data book summary
| Market revenue in 2023 | USD 543.4 million |
| Market revenue in 2030 | USD 1,253.1 million |
| Growth rate | 12.7% (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, U.S. accounted for 23.8% 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 North America, U.S. off-highway electric vehicle market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 1,253.1 million by 2030.
No credit card required*
Horizon in a snapshot
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
U.S. 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 57.42% in 2023. Horizon Databook has segmented the U.S. 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 the U.S. has been experiencing steady growth, fueled by increasing environmental awareness, technological advancements, and favorable government initiatives encouraging the adoption of cleaner power sources across industries.
For instance, in November 2021, the Infrastructure Investment and Jobs Act allocated USD 7.5 billion to enhance the national network of electric vehicle charging stations.
The expansion of the national network of electric vehicle charging stations in the U.S. is likely to significantly benefit the off-highway electric vehicle market.
Reasons to subscribe to U.S. off-highway electric vehicle market databook:
-
Access to comprehensive data: Horizon Databook provides over 1 million market statistics and 20,000+ reports, offering extensive coverage across various industries and regions.
-
Informed decision making: Subscribers gain insights into market trends, customer preferences, and competitor strategies, empowering informed business decisions.
-
Cost-Effective solution: It's recognized as the world's most cost-effective market research database, offering high ROI through its vast repository of data and reports.
-
Customizable reports: Tailored reports and analytics allow companies to drill down into specific markets, demographics, or product segments, adapting to unique business needs.
-
Strategic advantage: By staying updated with the latest market intelligence, companies can stay ahead of competitors, anticipate industry shifts, and capitalize on emerging opportunities.
Target buyers of U.S. off-highway electric vehicle market databook
-
Our clientele includes a mix of off-highway electric vehicle market companies, investment firms, advisory firms & academic institutions.
-
30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
-
Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
-
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 U.S. off-highway electric vehicle market , including forecasts for subscribers. This country databook contains high-level insights into U.S. off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Partial client list
U.S. off highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
U.S. Off-highway Electric Vehicle Market Outlook Share, 2023 & 2030 (US$M)
Related industry reports
Related regional statistics
Sign up - it's easy, and free!
Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our
free plan indefinitely.
Included in Horizon account
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
