U.S. Off-highway Electric Vehicle Market Size, Share & Trends Analysis Report By Propulsion (BEV, HEV), By Storage Type (Li-ion, Lead-Acid), By Application, And Segment Forecasts, 2024 - 2030

May 2024 | 80 pages | ID: UA70FB317D2AEN
Grand View Research, Inc.

Abstracts

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U.S. Off-highway Electric Vehicle Market Growth & Trends

The U.S. off-highway electric vehicle market size is anticipated to reach USD 1.25 billion by 2030 and is growing at a CAGR of 12.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is gaining momentum due to technological advancements, regulatory pressures, and a growing awareness of the environmental and operational benefits these vehicles offer.

The accelerated shift towards electrification in the off-highway vehicle sector is due to the recognition of the importance of transitioning to more sustainable and efficient modes of operation by stakeholders, manufacturers, policymakers, and end-users. In addition, governmental regulations are increasingly favoring low-emission, electric alternatives instead of traditional diesel-powered machinery.

Electric OHVs significantly reduce greenhouse gas emissions and air pollutants, contributing to cleaner air and a healthier environment. They operate much more quietly and can operate around the clock and in noise-sensitive areas.

U.S. Off-highway Electric Vehicle Market Report Highlights

• Based on propulsion, HEV accounted for the largest revenue market share of 57.4% in 2023. HEVs are energy efficient and operate much more quietly than traditional diesel-powered vehicles
• Based on storage type, lead-acid dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. The emphasis on cost-effectiveness, recyclability, and availability of these batteries provides support for the market growth
• In terms of application, mining accounted for the maximum revenue share in 2023. The need for electric vehicles in closed environmental spaces is increasing as they produce zero exhaust emissions, which creates a comfortable environment for workers
• In March 2023, Komatsu launched PC210LCE, an electric excavator that helps users reduce carbon footprint and provide sustainable solutions through electrification. The PC210LCE is a high-performance machine that features a lithium-ion battery, operates with less noise, and produces zero engine emissions

Contents

CHAPTER 1. METHODOLOGY AND SCOPE

1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
  1.3.1. Purchased Database
  1.3.2. GVR’s Internal Database
  1.3.3. Secondary Sources & Third-Party Perspectives
  1.3.4. Primary Research
1.4. Information Analysis
  1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing

CHAPTER 2. EXECUTIVE SUMMARY

2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot

CHAPTER 3. U.S. OFF-HIGHWAY ELECTRIC VEHICLE MARKET VARIABLES, TRENDS & SCOPE

3.1. Market Lineage Outlook
  3.1.1. Parent Market Outlook
  3.1.2. Related Market Outlook
3.2. Industry Value Chain Analysis
  3.2.1. Distribution Channel Analysis
  3.2.2. Raw Material Trends
  3.2.3. Technological Overview
3.3. Regulatory Framework
3.4. Market Dynamics
  3.4.1. Market Driver Analysis
  3.4.2. Market Restraint Analysis
  3.4.3. Industry Challenges
  3.4.4. Industry Opportunities
3.5. Industry Analysis Tools
  3.5.1. Porter’s Five Forces Analysis
  3.5.2. Macro-environmental Analysis

CHAPTER 4. U.S. OFF-HIGHWAY ELECTRIC VEHICLE MARKET: PROPULSION ESTIMATES & TREND ANALYSIS

4.1. Propulsion Analysis & Market Share, 2023 & 2030
4.2. U.S. Off-highway Electric Vehicle Market Estimates & Forecast, By Propulsion, 2018 to 2030 (USD Million)
4.3. BEV
  4.3.1. BEV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. HEV
  4.4.1. HEV Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

CHAPTER 5. U.S. OFF-HIGHWAY ELECTRIC VEHICLE MARKET: STORAGE TYPE ESTIMATES & TREND ANALYSIS

5.1. Storage Type Analysis & Market Share, 2023 & 2030
5.2. U.S. Off-highway Electric Vehicle Market Estimates & Forecast, By Storage Type, 2018 to 2030 (USD Million)
5.3. Li-ion
  5.3.1. Li-ion Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Lead-acid
  5.4.1. Lead-acid Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

CHAPTER 6. U.S. OFF-HIGHWAY ELECTRIC VEHICLE MARKET: APPLICATION ESTIMATES & TREND ANALYSIS

6.1. Application Analysis & Market Share, 2023 & 2030
6.2. U.S. Off-highway Electric Vehicle Market Estimates & Forecast, By Application, 2018 to 2030 (USD Million)
6.3. Agriculture
  6.3.1. Agriculture Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Construction
  6.4.1. Construction Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Mining
  6.5.1. Mining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

CHAPTER 7. U.S. OFF-HIGHWAY ELECTRIC VEHICLE MARKET - COMPETITIVE LANDSCAPE

7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Heat Map/Position Analysis, 2023
7.4. Strategy Mapping
  7.4.1. Expansion
  7.4.2. Mergers & Acquisition
  7.4.3. Partnerships & Collaborations
  7.4.4. New Product Launches
  7.4.5. Research And Development
7.5. Company Profiles
  7.5.1. AB Volvo
    7.5.1.1. Participant’s overview
    7.5.1.2. Financial performance
    7.5.1.3. Product benchmarking
    7.5.1.4. Recent developments
  7.5.2. Caterpillar Inc.
    7.5.2.1. Participant’s overview
    7.5.2.2. Financial performance
    7.5.2.3. Product benchmarking
    7.5.2.4. Recent developments
  7.5.3. CNH Industrial America LLC
    7.5.3.1. Participant’s overview
    7.5.3.2. Financial performance
    7.5.3.3. Product benchmarking
    7.5.3.4. Recent developments
  7.5.4. Deere & Company
    7.5.4.1. Participant’s overview
    7.5.4.2. Financial performance
    7.5.4.3. Product benchmarking
    7.5.4.4. Recent developments
  7.5.5. Doosan Bobcat
    7.5.5.1. Participant’s overview
    7.5.5.2. Financial performance
    7.5.5.3. Product benchmarking
    7.5.5.4. Recent developments
  7.5.6. J C Bamford Excavators Ltd.
    7.5.6.1. Participant’s overview
    7.5.6.2. Financial performance
    7.5.6.3. Product benchmarking
    7.5.6.4. Recent developments
  7.5.7. Kobelco Construction Machinery U.S.A. Inc.
    7.5.7.1. Participant’s overview
    7.5.7.2. Financial performance
    7.5.7.3. Product benchmarking
    7.5.7.4. Recent developments
  7.5.8. Komatsu Ltd.
    7.5.8.1. Participant’s overview
    7.5.8.2. Financial performance
    7.5.8.3. Product benchmarking
    7.5.8.4. Recent developments
  7.5.9. Mitsubishi Heavy Industries Ltd.
    7.5.9.1. Participant’s overview
    7.5.9.2. Financial performance
    7.5.9.3. Product benchmarking
    7.5.9.4. Recent developments
  7.5.10. Sany America Inc.
    7.5.10.1. Participant’s overview
    7.5.10.2. Financial performance
    7.5.10.3. Product benchmarking
    7.5.10.4. Recent developments
  7.5.11. Terex Corporation
    7.5.11.1. Participant’s overview
    7.5.11.2. Financial performance
    7.5.11.3. Product benchmarking
    7.5.11.4. Recent developments

List Of Tables

LIST OF TABLES


Table 1 List of Abbreviation
Table 2 U.S. Off-highway Electric Vehicle Market, 2018 - 2030 (USD Million)
Table 3 U.S. Off-highway Electric Vehicle Market by Propulsion, 2018 - 2030 (USD Million)
Table 4 U.S. Off-highway Electric Vehicle Market by Storage Type, 2018 - 2030 (USD Million)
Table 5 U.S. Off-highway Electric Vehicle Market by Application, 2018 - 2030 (USD Million)

List Of Figures

LIST OF FIGURES


Fig. 1 Market Research Process
Fig. 2 Data Triangulation Techniques
Fig. 3 Primary Research Pattern
Fig. 4 Market Research Approaches
Fig. 5 QFD Modeling for Market Share Assessment
Fig. 6 Information Procurement
Fig. 7 Market Formulation and Validation
Fig. 8 Data Validating & Publishing
Fig. 9 Market Segmentation & Scope
Fig. 10 U.S. Off-highway Electric Vehicle Market Snapshot
Fig. 11 Segment Snapshot (1/2)
Fig. 12 Segment Snapshot (1/2)
Fig. 13 Competitive Landscape Snapshot
Fig. 14 Parent Market Outlook
Fig. 15 U.S. Off-highway Electric Vehicle Market Value, 2023 (USD Million)
Fig. 16 U.S. Off-highway Electric Vehicle Market - Value Chain Analysis
Fig. 17 U.S. Off-highway Electric Vehicle Market - Price Trend Analysis 2018 - 2030 (USD Million)
Fig. 18 U.S. Off-highway Electric Vehicle Market - Market Dynamics
Fig. 19 U.S. Off-highway Electric Vehicle Market - PORTER’s Analysis
Fig. 20 U.S. Off-highway Electric Vehicle Market - PESTEL Analysis
Fig. 21 U.S. Off-highway Electric Vehicle Market Estimates & Forecasts, By Propulsion: Key Takeaways
Fig. 22 U.S. Off-highway Electric Vehicle Market Share, By Propulsion, 2023 & 2030
Fig. 23 BEV Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 24 HEV Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Fig. 25 U.S. Off-highway Electric Vehicle Market Estimates & Forecasts, By Storage Type: Key Takeaways
Fig. 26 U.S. Off-highway Electric Vehicle Market Share, By Storage Type, 2023 & 2030
Fig. 27 Li-ion Market Estimates & Forecasts, in Storage Type, 2018 - 2030 (USD Million)
Fig. 28 Lead-acid Market Estimates & Forecasts, in Storage Type, 2018 - 2030 (USD Million)
Fig. 29 U.S. Off-highway Electric Vehicle Market Estimates & Forecasts, By Application: Key Takeaways
Fig. 30 U.S. Off-highway Electric Vehicle Market Share, By Application, 2023 & 2030
Fig. 31 Agriculture Market Estimates & Forecasts, By Application, 2018 - 2030 (USD Million)
Fig. 32 Construction Market Estimates & Forecasts, By Application, 2018 - 2030 (USD Million)
Fig. 33 Mining Market Estimates & Forecasts, By Application, 2018 - 2030 (USD Million)
Fig. 34 Key Company Categorization
Fig. 35 Company Market Positioning
Fig. 36 Strategy Mapping