Off-highway Electric Vehicle Market size is expected to reach USD 42.70 billion by 2030
Off-highway Electric Vehicle Industry Overview The global off-highway electric vehicle market size was valued at USD 4.42 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 31.7% from 2022 to 2030. Stringent emission norms for off-highway vehicles have been implemented by various government establishments, such as regulations for Greenhouse Gas (GHG) emissions by the U.S. Environmental Protection Agency (EPA), China VI, and India BS-VI. This has encouraged equipment manufacturers to focus on alternative powertrain sources such as full and hybrid off-highway electric vehicles, thus driving market growth. Gather more insights about the market drivers, restrains and growth of the Global Off-highway Electric Vehicle Market The electrification of off-highway heavy-duty vehicles is increasing and OEMs are keen to discover how this new trend can complement their existing business models. With factors such as battery technolog...