According to a new report, published by KBV research, The Global Off-highway Electric Vehicles Market size is expected to reach $32.93 billion by 2032, rising at a market growth of 21.3% CAGR during the forecast period.
Traditional off-highway vehicles are known for generating high noise levels, which can be problematic in urban environments and indoor applications like warehouses. Electric variants offer near-silent operation, making them ideal for noise-sensitive applications. Electric vehicles provide better energy conversion efficiency compared to internal combustion engines.
The Battery Electric Vehicle (BEV) segment is experiencing a CAGR of 20.8 % during the forecast period. The increasing emphasis on sustainability, stringent emissions regulations, and advancements in battery technology have driven the adoption of BEVs in off-highway applications such as construction, agriculture, and mining.
The Agriculture segment led the maximum revenue in the Global Off-highway Electric Vehicles Market by Application in 2024, thereby, achieving a market value of $12.90 Billion by 2032. The rising demand for sustainable and energy-efficient farming solutions has driven the adoption of electric tractors, harvesters, and other agricultural machinery. Farmers and agribusinesses increasingly invest in off-highway electric vehicles to reduce fuel costs, enhance operational efficiency, and comply with stringent environmental regulations.
The Li-ion segment is growing at a CAGR of 20.8 % during the forecast period. The rising demand for sustainable and energy-efficient farming solutions has driven the adoption of electric tractors, harvesters, and other agricultural machinery. Farmers and agribusinesses increasingly invest in off-highway electric vehicles to reduce fuel costs, enhance operational efficiency, and comply with stringent environmental regulations.
Full Report: https://www.kbvresearch.com/off-highway-electric-vehicles-market/
The Europe region dominated the Global Off-highway Electric Vehicles Market by Region in 2024, thereby, achieving a market value of $10.70 Billion by 2032. The North America region is anticipated to grow a CAGR of 21.1% during (2025 - 2032). Additionally, The Asia Pacific region would witness a CAGR of 21.9% during (2025 - 2032).
By Propulsion
By Application
By Battery Type
By Geography
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