The Rise of Off-Highway Electric Vehicle Market : A USD 168.7 billion Industry Dominated by | Epiroc AB, Komatsu Ltd.

The growing trend of recreational activities and adventure sports, the rise in demand for electric machinery in construction sector,

OREGON, DE, UNITED STATES, March 4, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Off-Highway Electric Vehicle Market," The off-highway electric vehicle market was valued at $15.7 billion in 2021, and is estimated to reach $168.7 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A08770

The factors such as increase in trend of recreational activities & adventure sports, rise in demand for electric machinery in construction sector, and surge in sales of electric vehicles supplement the growth of the off-highway electric vehicle market. However, high maintenance cost of off-highway electric vehicles and ban on ATV & UTV driving in wildlife area are the factors expected to hamper the growth of the market. In addition, technology development in off-highway electric vehicle and expansion of dealer network for effective product reach create market opportunities for the key players operating in the off-highway electric vehicle market.

The concept of off-highway electric vehicle is typically attributed to the off-road vehicle that use a propulsion technology which does not produce internal combustion engine exhaust or other carbon emissions when it operates. It is designed to operate on public roads as well as rough terrain. Moreover, off-highway electric vehicles have a wide range of applications in the area of good carriers, agricultural applications, and passenger commute. For instance, in June 2021, Caterpillar announced the launch of the R1700 XE LHD battery electric vehicle at MINExpo, an international trade show sponsored by the National Mining Association. It was capable of carrying 15-tonne payload. Furthermore, it was capable of being fully charged in less than 30 minutes using a single charger or in less than 20 minutes using two chargers.

In recent years, electric driven off-highway electric vehicles are gaining momentum, owing to its fuel-efficient operations along with effective noise reduction level. Use of off-highway electric vehicles are regulated by stringent government rules and regulations for improved safety. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emission and maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented BS6 emission standard to control outflow of air pollutants from vehicles.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/off-highway-electric-vehicle-market/purchase-options

𝐓𝐡𝐞 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐨𝐟𝐟-𝐡𝐢𝐠𝐡𝐰𝐚𝐲 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞

𝐀𝐁 𝐕𝐨𝐥𝐯𝐨, 𝐀𝐧𝐡𝐮𝐢 𝐇𝐞𝐥𝐢 𝐂𝐨., 𝐋𝐭𝐝., 𝐂𝐚𝐫𝐠𝐨𝐭𝐞𝐜 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐂𝐚𝐭𝐞𝐫𝐩𝐢𝐥𝐥𝐚𝐫, 𝐂𝐥𝐚𝐫𝐤, 𝐂𝐍𝐇 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐍.𝐕., 𝐃𝐄𝐄𝐑𝐄 & 𝐂𝐎𝐌𝐏𝐀𝐍𝐘, 𝐄𝐩𝐢𝐫𝐨𝐜 𝐀𝐁, 𝐇𝐢𝐭𝐚𝐜𝐡𝐢 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐜𝐡𝐢𝐧𝐞𝐫𝐲, 𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐂𝐨., 𝐋𝐭𝐝., 𝐉𝐂𝐁, 𝐊𝐨𝐦𝐚𝐭𝐬𝐮 𝐋𝐭𝐝., 𝐋𝐢𝐞𝐛𝐡𝐞𝐫𝐫-𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐆, 𝐍𝐚𝐫𝐫𝐨𝐰 𝐈𝐬𝐥𝐞 𝐢𝐧𝐜., 𝐒𝐚𝐧𝐝𝐯𝐢𝐤 𝐀𝐁, 𝐒𝐀𝐍𝐘 𝐆𝐫𝐨𝐮𝐩, 𝐚𝐧𝐝 𝐓𝐨𝐲𝐨𝐭𝐚 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧.

Based on vehicle type, the hybrid electric vehicle (HEV) segment held the largest share in 2021, contributing to over three-fifths of the global off-highway electric vehicle market, and is likely to maintain its leadership status during the forecast period. However, the battery electric vehicle (BEV) segment is expected to manifest the highest CAGR of 28.4% from 2022 to 2031.

Based on energy storage capacity, the 50–200 kWh segment held the largest share in 2021, accounting for nearly half of the global off-highway electric vehicle market, and would rule the roost through 2031. However, the >200 kWh segment is estimated to witness the fastest CAGR of 28.5% during the forecast period.

Based on battery type, the Lithium-Ion (Li-Ion) segment was the largest in 2021, grabbing nearly 90% of the global off-highway electric vehicle market, and is likely to maintain its leadership status during the forecast period. The same segment is expected to manifest the highest CAGR of 27.3% from 2022 to 2031. The report also includes the lead-acid segment.

Based on application, the construction segment was the largest in 2021, accounting for nearly two-fifths of the global off-highway electric vehicle market, and is likely to maintain its leadership status during the forecast period. However, the others segment is expected to manifest the highest CAGR of 29.7% from 2022 to 2031. The report also analyzes the agriculture and mining segments.

Based on region, the market in Asia-Pacific accounted for more than two-fifths of the global off-highway electric vehicle market in 2021, and is likely to maintain its leadership status during the forecast period. However, the off-highway electric vehicle market in Europe is expected to manifest the highest CAGR of 29.2% from 2022 to 2031. The report also discusses the North America and LAMEA regions.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A08770

KEY FINDINGS OF THE STUDY

By vehicle type, the battery electric vehicle (BEV) segment dominated the global off-highway electric vehicle market in terms of growth rate.

By energy storage capacity, the >200 kWh segment dominated the global Off-Highway Electric Vehicle market in terms of growth rate.

By battery type, the lithium-ion (Li-Ion) segment dominated the global off-highway electric vehicle market in terms of growth rate.

By application, the others segment dominated the global off-highway electric vehicle market in terms of growth rate.

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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