Global Off-Road Electric Vehicle Market Share Expected to Grow at a CAGR of 30% by 2030 – Custom Market Insights

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Electric Off-Road Vehicles Market Size and Share – Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook and Forecast 2022-2030

SANDY, UTAH, USA, July 28, 2022 / — According to Custom Market Insights, the electric off-road vehicle market size was estimated at USD 4.3 billion in 2021 and is expected to reach around USD 42.4 billion. USD by 2030, growing in CAGR of around 30% from 2022-2030. The report examines the driving and restraining factors of the Electric Off-Road Vehicles market along with the impact analysis throughout of the projection period. Additionally, the report observes the global opportunities prevailing in the global off-road electric vehicle market.

Electric Off-Road Vehicle Market: Overview

Off-road electric vehicles are seeing high adoption in various industries globally. Strict government regulations on reducing carbon emissions and various rebates and tax advantages offered for the deployment of electric vehicles on highways are driving the growth of the market. Increasing government investment in public infrastructure is also driving the growth of the market.

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Growth factors

The growing trend of electrification of equipment in the mining sector with the aim of enabling future automation using a connected fleet as well as remote vehicle operations is driving the demand for off-road electric vehicles. Cost implications are another critical aspect propelling the deployment of these vehicles. For example, in underground mines, the cost of ventilation systems can be reduced by around 30-50% by using battery-powered machines.

Recent development

January 2022: The Volvo Group presents an improved version of its electric truck, Volvo VNR ELECTRIC, in North America.

December 2021: XCMG launches XCT25_ EV, the company’s first dual-drive plug-in hybrid crane.

March 2021: Hyundai Doosan Infracore Co. Ltd. unveils a 100 ton excavator model.

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Some of the prominent players

Deere & Company
Komatsu Ltd.
Hitachi Construction Machinery Co., Ltd.
Volvo Construction Equipment AB

The global off-road electric vehicle market is segmented as follows:

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By geography

North America
United States
Great Britain
The rest of Europe
Asia Pacific
South Korea
Rest of Asia-Pacific
The Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of the Middle East and Africa
Latin America
Rest of Latin America

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Custom Market Insights provides a one-stop solution for data collection and investment advice. Our expert company analysis elicits essential factors that help in understanding the importance and impact of market dynamics. The professional experts apply the clients inside on aspects such as future estimate drop strategies, growth forecasts or opportunities, and consumer surveys.

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