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PUBLISHER: KBV Research | PRODUCT CODE: 1709534
PUBLISHER: KBV Research | PRODUCT CODE: 1709534
North America Off-highway Electric Vehicles Market Size, Share & Trends Analysis Report By Propulsion (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Application, By Battery Type, By Country and Growth Forecast, 2025 - 2032
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The North America Off-highway Electric Vehicles Market would witness market growth of 21.1% CAGR during the forecast period (2025-2032).
The US market dominated the North America Off-highway Electric Vehicles Market by Country in 2024, and would continue to be a dominant market till 2032; thereby, achieving a market value of $7,632.1 Million by 2032. The Canada market is experiencing a CAGR of 24.4% during (2025 - 2032). Additionally, The Mexico market would exhibit a CAGR of 22.9% during (2025 - 2032).
This market is experiencing a transformative shift, driven by growing environmental concerns, stringent emissions regulations, and rapid technological advancements. These vehicles, designed for specialized applications in construction, agriculture, mining, and material handling industries, are increasing adoption due to their enhanced efficiency, reduced operational costs, and lower environmental impact.
Off-highway electric vehicles cater to a wide range of applications, spanning multiple industries that require heavy-duty machinery and specialized transportation. The construction sector is one of the leading adopters of off-highway electric vehicles. Electrifying equipment such as excavators, loaders, bulldozers, and cranes helps construction firms meet strict emissions regulations while reducing noise pollution-an essential factor in urban construction projects.
The market is experiencing rapid growth across North America, driven by increasing investment in mining, construction, and hybrid vehicle adoption. In Mexico, the mining industry remains a crucial economic sector, while Canada's rising investment in building construction boosts the demand for sustainable heavy machinery. Mexico's mining sector, valued at $3.3 billion in 2022, is vital to the country's economy. Precious metals extraction dominates the industry, while non-ferrous metals (40%), metallurgy (6%), and non-metallic ores (7%) contribute significantly. In addition, Canada's construction investment rose 1.7% to $19.8 billion in November 2023, with residential construction increasing by 2.2% ($13.7 billion) and non-residential investment rising by 0.4% ($6.0 billion). Additionally, the U.S. Energy Information Administration reported a rise in electric and hybrid vehicle sales in Q2 2024, driven primarily by a 30.7% increase in hybrid electric vehicle (HEV) sales. In conclusion, the market is growing due to increasing mining activities in Mexico, rising construction investments in Canada, and growing hybrid and electric vehicle adoption in the U.S.
Based on Propulsion, the market is segmented into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV). Based on Application, the market is segmented into Agriculture, Mining, and Construction. Based on Battery Type, the market is segmented into Li-ion and Lead-acid.Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Caterpillar, Inc.
- CNH Industrial N.V.
- Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.)
- J C Bamford Excavators Ltd.
- Komatsu Ltd.
- Volvo Construction Equipment AB (Volvo Group)
- Deere & Company
- Doosan Corporation
- Sandvik AB
- Epiroc AB
North America Off-highway Electric Vehicles Market Report Segmentation
By Propulsion
- Geospatial Mapping
- Disaster Management
- Energy & Resource Management
- Surveillance & Monitoring
By Application
- Agriculture
- Mining
- Construction
By Battery Type
- Li-ion
- Lead-acid
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Off-highway Electric Vehicles Market, by Propulsion
- 1.4.2 North America Off-highway Electric Vehicles Market, by Application
- 1.4.3 North America Off-highway Electric Vehicles Market, by Battery Type
- 1.4.4 North America Off-highway Electric Vehicles Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.3 Market Share Analysis, 2024
- 4.4 Top Winning Strategies
- 4.4.1 Key Leading Strategies: Percentage Distribution (2021-2025)
- 4.4.2 Key Strategic Move: (Product Launches and Product Expansions : 2021, Jun - 2025, Jan) Leading Players
- 4.5 Porter Five Forces Analysis
Chapter 5. North America Off-highway Electric Vehicles Market by Propulsion
- 5.1 North America Battery Electric Vehicle (BEV) Market by Region
- 5.2 North America Hybrid Electric Vehicle (HEV) Market by Region
Chapter 6. North America Off-highway Electric Vehicles Market by Application
- 6.1 North America Agriculture Market by Country
- 6.2 North America Mining Market by Country
- 6.3 North America Construction Market by Country
Chapter 7. North America Off-highway Electric Vehicles Market by Battery Type
- 7.1 North America Li-ion Market by Country
- 7.2 North America Lead-acid Market by Country
Chapter 8. North America Off-highway Electric Vehicles Market by Country
- 8.1 US Off-highway Electric Vehicles Market
- 8.1.1 US Off-highway Electric Vehicles Market by Propulsion
- 8.1.2 US Off-highway Electric Vehicles Market by Application
- 8.1.3 US Off-highway Electric Vehicles Market by Battery Type
- 8.2 Canada Off-highway Electric Vehicles Market
- 8.2.1 Canada Off-highway Electric Vehicles Market by Propulsion
- 8.2.2 Canada Off-highway Electric Vehicles Market by Application
- 8.2.3 Canada Off-highway Electric Vehicles Market by Battery Type
- 8.3 Mexico Off-highway Electric Vehicles Market
- 8.3.1 Mexico Off-highway Electric Vehicles Market by Propulsion
- 8.3.2 Mexico Off-highway Electric Vehicles Market by Application
- 8.3.3 Mexico Off-highway Electric Vehicles Market by Battery Type
- 8.4 Rest of North America Off-highway Electric Vehicles Market
- 8.4.1 Rest of North America Off-highway Electric Vehicles Market by Propulsion
- 8.4.2 Rest of North America Off-highway Electric Vehicles Market by Application
- 8.4.3 Rest of North America Off-highway Electric Vehicles Market by Battery Type
Chapter 9. Company Profiles
- 9.1 Caterpillar, Inc.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 Recent strategies and developments:
- 9.1.5.1 Partnerships, Collaborations, and Agreements:
- 9.1.5.2 Product Launches and Product Expansions:
- 9.1.6 SWOT Analysis
- 9.2 CNH Industrial N.V
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Regional & Segmental Analysis
- 9.2.4 Research & Development Expenses
- 9.2.5 SWOT Analysis
- 9.3 Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.)
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expenses
- 9.3.5 SWOT Analysis
- 9.4 J C Bamford Excavators Ltd.
- 9.4.1 Company Overview
- 9.4.2 SWOT Analysis
- 9.5 Komatsu Ltd.
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expenses
- 9.5.5 Recent strategies and developments:
- 9.5.5.1 Product Launches and Product Expansions:
- 9.5.6 SWOT Analysis
- 9.6 Volvo Construction Equipment AB (Volvo Group)
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 Recent strategies and developments:
- 9.6.5.1 Product Launches and Product Expansions:
- 9.7 Deere & Company
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expenses
- 9.7.5 Recent strategies and developments:
- 9.7.5.1 Product Launches and Product Expansions:
- 9.7.6 SWOT Analysis
- 9.8 Doosan Corporation
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expenses
- 9.8.5 SWOT Analysis
- 9.9 Sandvik AB
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expenses
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.6 SWOT Analysis
- 9.10. Epiroc AB
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expense
- 9.10.5 SWOT Analysis
LIST OF TABLES
- TABLE 1 North America Off-highway Electric Vehicles Market, 2021 - 2024, USD Million
- TABLE 2 North America Off-highway Electric Vehicles Market, 2025 - 2032, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Off-highway Electric Vehicles Market
- TABLE 4 Product Launches And Product Expansions- Off-highway Electric Vehicles Market
- TABLE 5 North America Off-highway Electric Vehicles Market by Propulsion, 2021 - 2024, USD Million
- TABLE 6 North America Off-highway Electric Vehicles Market by Propulsion, 2025 - 2032, USD Million
- TABLE 7 North America Battery Electric Vehicle (BEV) Market by Region, 2021 - 2024, USD Million
- TABLE 8 North America Battery Electric Vehicle (BEV) Market by Region, 2025 - 2032, USD Million
- TABLE 9 North America Hybrid Electric Vehicle (HEV) Market by Region, 2021 - 2024, USD Million
- TABLE 10 North America Hybrid Electric Vehicle (HEV) Market by Region, 2025 - 2032, USD Million
- TABLE 11 North America Off-highway Electric Vehicles Market by Application, 2021 - 2024, USD Million
- TABLE 12 North America Off-highway Electric Vehicles Market by Application, 2025 - 2032, USD Million
- TABLE 13 North America Agriculture Market by Country, 2021 - 2024, USD Million
- TABLE 14 North America Agriculture Market by Country, 2025 - 2032, USD Million
- TABLE 15 North America Mining Market by Country, 2021 - 2024, USD Million
- TABLE 16 North America Mining Market by Country, 2025 - 2032, USD Million
- TABLE 17 North America Construction Market by Country, 2021 - 2024, USD Million
- TABLE 18 North America Construction Market by Country, 2025 - 2032, USD Million
- TABLE 19 North America Off-highway Electric Vehicles Market by Battery Type, 2021 - 2024, USD Million
- TABLE 20 North America Off-highway Electric Vehicles Market by Battery Type, 2025 - 2032, USD Million
- TABLE 21 North America Li-ion Market by Country, 2021 - 2024, USD Million
- TABLE 22 North America Li-ion Market by Country, 2025 - 2032, USD Million
- TABLE 23 North America Lead-acid Market by Country, 2021 - 2024, USD Million
- TABLE 24 North America Lead-acid Market by Country, 2025 - 2032, USD Million
- TABLE 25 North America Off-highway Electric Vehicles Market by Country, 2021 - 2024, USD Million
- TABLE 26 North America Off-highway Electric Vehicles Market by Country, 2025 - 2032, USD Million
- TABLE 27 US Off-highway Electric Vehicles Market, 2021 - 2024, USD Million
- TABLE 28 US Off-highway Electric Vehicles Market, 2025 - 2032, USD Million
- TABLE 29 US Off-highway Electric Vehicles Market by Propulsion, 2021 - 2024, USD Million
- TABLE 30 US Off-highway Electric Vehicles Market by Propulsion, 2025 - 2032, USD Million
- TABLE 31 US Off-highway Electric Vehicles Market by Application, 2021 - 2024, USD Million
- TABLE 32 US Off-highway Electric Vehicles Market by Application, 2025 - 2032, USD Million
- TABLE 33 US Off-highway Electric Vehicles Market by Battery Type, 2021 - 2024, USD Million
- TABLE 34 US Off-highway Electric Vehicles Market by Battery Type, 2025 - 2032, USD Million
- TABLE 35 Canada Off-highway Electric Vehicles Market, 2021 - 2024, USD Million
- TABLE 36 Canada Off-highway Electric Vehicles Market, 2025 - 2032, USD Million
- TABLE 37 Canada Off-highway Electric Vehicles Market by Propulsion, 2021 - 2024, USD Million
- TABLE 38 Canada Off-highway Electric Vehicles Market by Propulsion, 2025 - 2032, USD Million
- TABLE 39 Canada Off-highway Electric Vehicles Market by Application, 2021 - 2024, USD Million
- TABLE 40 Canada Off-highway Electric Vehicles Market by Application, 2025 - 2032, USD Million
- TABLE 41 Canada Off-highway Electric Vehicles Market by Battery Type, 2021 - 2024, USD Million
- TABLE 42 Canada Off-highway Electric Vehicles Market by Battery Type, 2025 - 2032, USD Million
- TABLE 43 Mexico Off-highway Electric Vehicles Market, 2021 - 2024, USD Million
- TABLE 44 Mexico Off-highway Electric Vehicles Market, 2025 - 2032, USD Million
- TABLE 45 Mexico Off-highway Electric Vehicles Market by Propulsion, 2021 - 2024, USD Million
- TABLE 46 Mexico Off-highway Electric Vehicles Market by Propulsion, 2025 - 2032, USD Million
- TABLE 47 Mexico Off-highway Electric Vehicles Market by Application, 2021 - 2024, USD Million
- TABLE 48 Mexico Off-highway Electric Vehicles Market by Application, 2025 - 2032, USD Million
- TABLE 49 Mexico Off-highway Electric Vehicles Market by Battery Type, 2021 - 2024, USD Million
- TABLE 50 Mexico Off-highway Electric Vehicles Market by Battery Type, 2025 - 2032, USD Million
- TABLE 51 Rest of North America Off-highway Electric Vehicles Market, 2021 - 2024, USD Million
- TABLE 52 Rest of North America Off-highway Electric Vehicles Market, 2025 - 2032, USD Million
- TABLE 53 Rest of North America Off-highway Electric Vehicles Market by Propulsion, 2021 - 2024, USD Million
- TABLE 54 Rest of North America Off-highway Electric Vehicles Market by Propulsion, 2025 - 2032, USD Million
- TABLE 55 Rest of North America Off-highway Electric Vehicles Market by Application, 2021 - 2024, USD Million
- TABLE 56 Rest of North America Off-highway Electric Vehicles Market by Application, 2025 - 2032, USD Million
- TABLE 57 Rest of North America Off-highway Electric Vehicles Market by Battery Type, 2021 - 2024, USD Million
- TABLE 58 Rest of North America Off-highway Electric Vehicles Market by Battery Type, 2025 - 2032, USD Million
- TABLE 59 key information - Caterpillar, Inc.
- TABLE 60 Key Information - CNH Industrial N.V.
- TABLE 61 Key Information - Hitachi construction machinery co., ltd.
- TABLE 62 Key Information - J C Bamford Excavators Ltd.
- TABLE 63 Key Information - Komatsu Ltd.
- TABLE 64 Key Information - Volvo Construction Equipment AB
- TABLE 65 Key Information - Deere & Company
- TABLE 66 Key Information - Doosan Corporation
- TABLE 67 Key Information - Sandvik AB
- TABLE 68 Key Information - Epiroc AB
LIST OF FIGURES
- FIG 1 Methodology for the research
- FIG 2 North America Off-highway Electric Vehicles Market, 2021 - 2032, USD Million
- FIG 3 Key Factors Impacting Off-highway Electric Vehicles Market
- FIG 4 KBV Cardinal Matrix
- FIG 5 Market Share Analysis, 2024
- FIG 6 Key Leading Strategies: Percentage Distribution (2021-2025)
- FIG 7 Key Strategic Move: (Product Launches and Product Expansions : 2021, Jun - 2025, Jan) Leading Players
- FIG 8 Porter's Five Forces Analysis - Off-highway Electric Vehicles Market
- FIG 9 North America Off-highway Electric Vehicles Market share by Propulsion, 2024
- FIG 10 North America Off-highway Electric Vehicles Market share by Propulsion, 2032
- FIG 11 North America Off-highway Electric Vehicles Market by Propulsion, 2021 - 2032, USD Million
- FIG 12 North America Off-highway Electric Vehicles Market share by Application, 2024
- FIG 13 North America Off-highway Electric Vehicles Market share by Application, 2032
- FIG 14 North America Off-highway Electric Vehicles Market by Application, 2021 - 2032, USD Million
- FIG 15 North America Off-highway Electric Vehicles Market share by Battery Type, 2024
- FIG 16 North America Off-highway Electric Vehicles Market share by Battery Type, 2032
- FIG 17 North America Off-highway Electric Vehicles Market by Battery Type, 2021 - 2032, USD Million
- FIG 18 North America Off-highway Electric Vehicles Market share by Country, 2024
- FIG 19 North America Off-highway Electric Vehicles Market share by Country, 2032
- FIG 20 North America Off-highway Electric Vehicles Market by Country, 2021 - 2032, USD Million
- FIG 21 Recent strategies and developments: Caterpillar, Inc.
- FIG 22 SWOT Analysis: Caterpillar, Inc.
- FIG 23 SWOT Analysis: CNH Industrial N.V.
- FIG 24 SWOT Analysis: HITACHI CONSTRUCTION MACHINERY CO., LTD
- FIG 25 SWOT Analysis: J C Bamford Excavators Ltd.
- FIG 26 SWOT Analysis: Komatsu Ltd.
- FIG 27 SWOT Analysis: Deere & Company
- FIG 28 SWOT Analysis: Doosan Corporation
- FIG 29 SWOT Analysis: Sandvik AB
- FIG 30 Swot Analysis: Epiroc AB
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