U.S. Off-highway Electric Vehicle Market Size & Outlook
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U.S. off-highway electric vehicle market highlights
- The U.S. off-highway electric vehicle market generated a revenue of USD 622.9 million in 2024 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% from 2025 to 2030.
- In terms of segment, bev was the largest revenue generating propulsion in 2024.
- 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 2024 | USD 622.9 million |
| Market revenue in 2030 | USD 1,253.1 million |
| Growth rate | 12% (CAGR from 2025 to 2030) |
| Largest segment | Bev |
| Fastest growing segment | BEV |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | HEV, BEV |
| 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 23.6% of the global off-highway electric vehicle market in 2024.
- 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.
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Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| JCB | View profile | 10001+ | Rocester, Hampshire, United Kingdom, Europe | https://www.jcb.com |
| Doosan Fuel Cell Ordinary Shares | View profile | 466 | 275 Jangchungdan-ro, 17th Floor, Doosan Tower, Jung-gu, Seoul, Korea, Republic of | http://www.doosanfuelcell.com |
| Volvo AB ADR | View profile | 104905 | Gropegardsgatan 2, Gothenburg, Sweden, 417 15 | https://www.volvogroup.com |
| CNH Industrial NV | View profile | 40496 | Cranes Farm Road, Basildon, Essex, London, United Kingdom, SS14 3AD | https://www.cnhindustrial.com |
| Epiroc AB DR | View profile | 18157 | Sickla Industrivag 19, Nacka, Stockholm, Sweden, SE-131 54 | https://www.epirocgroup.com |
| Hitachi Construction Machinery Co Ltd | View profile | 27697 | 16-1, Higashiueno 2-chome, Taito-ku, Tokyo, Japan, 110-0015 | https://www.hitachicm.com |
| Sandvik AB | View profile | 40614 | Kungsbron 1, Section G, Floor 6, Stockholm, Sweden, 111 22 | https://www.sandvik.com |
| Deere & Co | View profile | 83000 | One John Deere Place, Moline, IL, United States, 61265 | https://www.deere.com |
| Komatsu Ltd | View profile | 70608 | 3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan, 107-8414 | https://www.komatsu.jp |
| Caterpillar Inc | View profile | 121173 | 5205 N. O'Connor Boulevard, Suite 100, Irving, TX, United States, 75039 | https://www.caterpillar.com |
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.
Bev was the largest segment with a revenue share of 57.18% in 2024. Horizon Databook has segmented the U.S. off-highway electric vehicle market based on hev, bev 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.
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Target buyers of U.S. 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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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.
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U.S. off-highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
U.S. Off-highway Electric Vehicle Market Outlook Share, 2024 & 2030 (US$M)
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