Product ID: SQMIG25C2111
Global Off-Highway Electric Vehicle Market Size, Share, Growth Analysis, By Propulsion Type(Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Application(Construction, Mining) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2111 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
65
Global Off-Highway Electric Vehicle Market Insights
Off-Highway Electric Vehicle Market size was valued at USD 9.02 billion in 2021 and is poised to grow from USD 10.71 billion in 2022 to USD 42.35 billion by 2030, growing at a CAGR of 18.75% in the forecast period (2023-2030).
Off-highway vehicles, also known as off-road vehicles, are not intended for use on highways. They are extensively used in the mining and construction industries, where conventional roads may not be available. Apart from transporting loads, these vehicles serve various purposes in these industries. Electric off-highway vehicles offer a remarkable advantage by reducing emissions of hazardous gasses, making them ideal for environmentally sensitive sites. The global off-highway electric vehicle market is anticipated to witness substantial growth in the forthcoming years. The off-highway electric vehicle market is gaining popularity as they can be charged as needed and utilized for multiple applications. The increasing adoption of electric vehicles is driven by the need to reduce pollution from diesel-powered vehicles, which emit harmful chemicals. The growing mining industry and advancements in electric vehicle technology further contribute to the market's expansion in the forecast period.
US Off-Highway Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Off-Highway Electric Vehicle Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
