Off-highway Electric Vehicle Market To Reach USD 10.1 Billion By 2032 | DataHorizzon Research

The off-highway electric vehicle market size was valued at USD 3.1 Billion in 2023 and is expected to reach a market size of USD 10.1 Billion by 2032 at a CAGR of 14.4%.

Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) —

Consistency in improvements for battery technology is crucial for market development.

The continuous advancements in battery technology serve as a pivotal driver propelling the growth of the off-highway electric vehicle market. The evolution of high-capacity, rapid-charging, and durable batteries has transformed electric powertrains into a viable substitute for conventional diesel engines across off-highway applications. As per the U.S. Department of Energy, the cost of lithium-ion batteries has plummeted by a staggering 89% since 2008, dropping from USD 1,355 per kilowatt-hour (kWh) to USD 153/kWh in 2022. This significant reduction in battery costs has rendered electric off-highway vehicles increasingly cost-competitive with their diesel counterparts. Moreover, the rising energy density of batteries has empowered manufacturers to engineer electric off-highway vehicles with extended operating ranges, rendering them suitable for a broader spectrum of applications.

The mining sector emerges as a substantial growth avenue for the off-highway electric vehicle market. Mining enterprises are increasingly inclined to adopt electric vehicles to diminish their environmental impact and bolster operational efficacy. Electric mining vehicles, including haul trucks and excavators, boast numerous advantages over their diesel counterparts, including diminished fuel expenses, decreased maintenance needs, and enhanced worker well-being and safety.

According to the World Bank, the global mining industry consumed approximately 2.5 million terajoules of energy in 2020, constituting roughly 6% of the total global energy consumption. Integrating electric vehicles within the mining realm can markedly curtail this energy consumption and the associated greenhouse gas emissions, rendering it an appealing prospect for off-highway electric vehicle manufacturers.

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Segmentation Overview:

The off-highway electric vehicle market has been segmented into vehicle type, propulsion type, application, and region.

Excavators accounted for a significant market share in 2023.

  • Based on the market segmentation by vehicle type, excavators accounted for the largest sub-segment in 2023. The increasing adoption of electric excavators in the construction and mining industries, driven by the need to reduce emissions and improve operational efficiency, has contributed to the dominant position. Electric excavators offer several advantages over diesel counterparts, including lower fuel costs, reduced maintenance requirements, and improved worker health and safety.

The construction industry accounted for the largest sub-segment in 2023.

  • In 2023, construction accounted for the largest sub-segment in the off-highway electric vehicle market. The industry has been an early adopter of electric off-highway vehicles, driven by the increasing stringency of emission regulations and the need to reduce noise pollution on construction sites. 

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Off-highway Electric Vehicle Market Report Highlights:

  • The off-highway electric vehicle market growth is anticipated at a CAGR of 14.4% by 2032.
  • Stringent emission regulations and battery technology advances drives the off-highway electric vehicle market.
  • Asia-Pacific is the leading region for the off-highway electric vehicle industry, attributed to the rapid urbanization, growing infrastructure development, and supportive government policies.
  • Some prominent players in the off-highway electric vehicle market report include Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Deere & Company, Sandvik AB, Liebherr Group, Epiroc AB, J.C. Bamford Excavators Ltd. (JCB), Doosan Corporation, and Sany Group 

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