PUBLISHER: BIS Research | PRODUCT CODE: 1735901
PUBLISHER: BIS Research | PRODUCT CODE: 1735901
Europe Off-Highway Electric Vehicle Market: Focus on Application, Propulsion Type, Vehicle Type, and Country-Level Analysis - Analysis and Forecast, 2024-2034
Introduction to Europe Off-Highway Electric Vehicle Market
The Europe off-highway electric vehicle market is projected to grow from $1,393.3 million in 2024 to $13,782.0 million by 2034, showing a robust CAGR of 25.76% during the forecast period 2024-2034. The market for off-highway electric vehicles (EVs) is rising quickly in Europe due to the increasing use of electric equipment in the mining, construction, and agricultural industries. In keeping with changing environmental standards, businesses are increasingly using electric alternatives to cut emissions and long-term operating expenses.
The feasibility and attractiveness of electric off-highway vehicles are being greatly increased by technological developments, especially in the areas of battery efficiency, charging infrastructure, and vehicle performance. At the same time, the public and commercial sectors are being pushed towards cleaner, more sustainable industrial practices by the European Union's strict emissions laws and aggressive climate targets.
| KEY MARKET STATISTICS | |
|---|---|
| Forecast Period | 2024 - 2034 |
| 2024 Evaluation | $1,393.3 Million |
| 2034 Forecast | $13,782.0 Million |
| CAGR | 25.76% |
The switch to electric-powered equipment is also being accelerated by government incentives, green procurement laws, and company ESG pledges. Electric off-highway vehicles are expected to play a key role in the region's transition to sustainable industrial mobility as European firms step up their efforts to fulfil climate goals and decarbonise operations.
Market Introduction
The market for off-highway electric vehicles (OHEVs) in Europe is expanding significantly as mining, agriculture, and construction adopt greener and more sustainable technology. Businesses are switching from diesel-powered equipment to electric alternatives due to strict EU environmental rules, aggressive climate targets, and mounting pressure to lower carbon emissions. This shift is in line with the larger goals of the European Green Deal, which encourage energy-efficient businesses and low-emission mobility.
The benefits of electric off-highway vehicles are obvious and include zero tailpipe emissions, lower operating costs, and less noise. Electric machinery is becoming more and more feasible for demanding industrial applications thanks to technological breakthroughs like faster charging times, better battery performance, and longer vehicle lifespans. To get around restrictions on battery range and remote operation, hybrid and range-extended devices are also being produced.
Manufacturers and end users are being encouraged to invest in electric solutions by national government incentives and environmental initiatives supported by the EU. While Eastern and Southern Europe are slowly catching up, Western European nations-such as Germany, France, and the Nordics-are leading the way in this change.
The European OHEV market is positioned to play a significant role in changing the industrial mobility landscape of the region as the drive towards decarbonisation heats up, encouraging long-term efficiency, regulatory compliance, and environmental responsibility.
Market Segmentation
Segmentation 1: by Application
- Construction
- Mining
- Agriculture
- Others
Segmentation 2: by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
Segmentation 3: by Vehicle Type
- Excavators
- Trucks
- Loaders
- Others (Tractors, Snow Grooming, etc.)
Segmentation 4: by Country
- Germany
- Italy
- France
- U.K.
- Spain
- Rest-of-Europe
Europe Off-Highway Electric Vehicle (OHEV) Market Trends, Drivers and Challenges
Trends
- Advancements in battery technology enhancing energy density and charging speed
- Growing adoption of sector-specific electric solutions for construction, mining, and agriculture
- Emphasis on sustainability through renewable energy integration and circular design
- Increasing retrofitting of existing diesel fleets to electric systems
- Development of hybrid and range-extended models to overcome range limitations
Drivers
- Stringent EU emission regulations pushing the shift toward electric machinery
- Government incentives and subsidies supporting electric vehicle adoption
- Rising fuel costs making electric options more economically attractive
- Corporate sustainability and ESG commitments driving green procurement
- Technological innovations improving drivetrain efficiency and vehicle reliability
Challenges
- High upfront costs for electric vehicles and related infrastructure
- Limited charging infrastructure in remote and off-grid work environments
- Operational reliability concerns in harsh or rugged terrains
- Battery lifecycle, recycling, and environmental sustainability issues
- Need for workforce reskilling and specialized training for electric systems
How can this report add value to an organization?
Product/Innovation Strategy: This report provides a comprehensive product and innovation strategy for the Europe off-highway electric vehicle market, highlighting opportunities for market entry, technological advancements, and sustainable practices. It offers actionable insights that enable organizations to meet carbon reduction goals and capitalize on the increasing demand for off-highway electric vehicles across various sectors.
Growth/Marketing Strategy: This report outlines a robust growth and marketing strategy specifically tailored for the Europe off-highway electric vehicle market. It emphasizes a targeted approach to identifying niche market segments, establishing competitive advantages, and implementing innovative marketing initiatives to optimize market share and financial performance. By leveraging these strategic recommendations, organizations can strengthen their market presence, exploit emerging opportunities, and drive revenue growth effectively.
Competitive Strategy: This report formulates a strong competitive strategy designed for the Europe off-highway electric vehicle market. It assesses key market players, suggests differentiation tactics, and provides guidance for maintaining a competitive edge. By following these strategic directives, companies can effectively position themselves against competitors, ensuring long-term success and profitability in a rapidly evolving market.
Key Market Players and Competition Synopsis
The companies that are profiled in the Europe off-highway electric vehicle market have been selected based on input gathered from primary experts and analyzing company coverage, project portfolio, and market penetration.
Some of the prominent names in this market are:
- AB Volvo
- PristenBully (Kassbohrer Gelandefahrzeug AG )
- CNH Industrial N.V.
- Epiroc AB
- J C Bamford Excavators Ltd.
- Sandvik AB
- Liebherr Group
- Prinoth AG (HTI Group)
- CM DUPON - ICECAT
- xelom
Table of Contents
Executive Summary
Scope and Definition
1 Markets
- 1.1 Trends: Current and Future Impact Assessment
- 1.1.1 Trends Overview
- 1.1.2 Technology Development in Off-Highway Electric Vehicles
- 1.1.3 Integration of Autonomy in Mining Vehicles
- 1.2 Supply Chain Overview
- 1.2.1 Value Chain Analysis
- 1.2.2 Market Map
- 1.2.2.1 Excavators
- 1.2.2.2 Trucks
- 1.2.2.3 Loaders
- 1.2.2.4 Others
- 1.2.3 Pricing Forecast
- 1.3 R&D Review
- 1.3.1 Patent Filing Trend (by Country and Company)
- 1.3.2 Regulatory Landscape
- 1.4 Stakeholder Analysis
- 1.4.1 Use Case
- 1.4.2 End-User Buying Criteria
- 1.5 Market Dynamics Overview
- 1.5.1 Market Drivers
- 1.5.1.1 Increased Focus toward Emission and Noise Reduction
- 1.5.1.2 Compliance with Emission Regulations
- 1.5.2 Market Restraints
- 1.5.2.1 Energy Storage and Range Limitations
- 1.5.2.2 High Initial Costs and Economic Viability
- 1.5.3 Market Opportunities
- 1.5.3.1 Mobile Charging Solutions to Support OHEV Adoption
- 1.5.3.2 Renewable Energy Integration with OHEV Systems
- 1.5.1 Market Drivers
- 1.6 Comprehensive Analysis of Diesel vs. Electric Off-Highway Vehicles
- 1.7 Future Trends in the Electrification of Off-Highway Vehicle Market, 2023-2030
- 1.8 The Emerging Parallels Between On-Highway and Off-Highway Electrification
2 Region
- 2.1 Regional Summary
- 2.2 Europe
- 2.2.1 Regional Overview
- 2.2.2 Driving Factors for Market Growth
- 2.2.3 Factors Challenging the Market
- 2.2.4 Application
- 2.2.5 Product
- 2.2.6 Europe (by Country)
- 2.2.6.1 France
- 2.2.6.1.1 Application
- 2.2.6.1.2 Product
- 2.2.6.2 Germany
- 2.2.6.2.1 Application
- 2.2.6.2.2 Product
- 2.2.6.3 U.K.
- 2.2.6.3.1 Application
- 2.2.6.3.2 Product
- 2.2.6.4 Spain
- 2.2.6.4.1 Application
- 2.2.6.4.2 Product
- 2.2.6.5 Italy
- 2.2.6.5.1 Application
- 2.2.6.5.2 Product
- 2.2.6.6 Rest-of-Europe
- 2.2.6.6.1 Application
- 2.2.6.6.2 Product
- 2.2.6.1 France
3 Markets - Competitive Benchmarking and Company Profiles
- 3.1 Next Frontiers
- 3.2 Geographic Assessment
- 3.2.1 AB Volvo
- 3.2.1.1 Overview
- 3.2.1.2 Top Products/Product Portfolio
- 3.2.1.3 Top Competitors
- 3.2.1.4 Target Customers/End Users
- 3.2.1.5 Key Personnel
- 3.2.1.6 Analyst View
- 3.2.1.7 Market Share, 2023
- 3.2.2 PristenBully (Kassbohrer Gelandefahrzeug AG)
- 3.2.2.1 Overview
- 3.2.2.2 Top Products/Product Portfolio
- 3.2.2.3 Top Competitors
- 3.2.2.4 Target Customers/End Users
- 3.2.2.5 Key Personnel
- 3.2.2.6 Analyst View
- 3.2.2.7 Market Share, 2023
- 3.2.3 CNH Industrial N.V.
- 3.2.3.1 Overview
- 3.2.3.2 Top Products/Product Portfolio
- 3.2.3.3 Top Competitors
- 3.2.3.4 Target Customers/End Users
- 3.2.3.5 Key Personnel
- 3.2.3.6 Analyst View
- 3.2.3.7 Market Share, 2023
- 3.2.4 Epiroc AB
- 3.2.4.1 Overview
- 3.2.4.2 Top Products/Product Portfolio
- 3.2.4.3 Top Competitors
- 3.2.4.4 Target Customers/End Users
- 3.2.4.5 Key Personnel
- 3.2.4.6 Analyst View
- 3.2.4.7 Market Share, 2023
- 3.2.5 J C Bamford Excavators Ltd.
- 3.2.5.1 Overview
- 3.2.5.2 Top Products/Product Portfolio
- 3.2.5.3 Top Competitors
- 3.2.5.4 Target Customers/End Users
- 3.2.5.5 Key Personnel
- 3.2.5.6 Analyst View
- 3.2.5.7 Market Share, 2023
- 3.2.6 Sandvik AB
- 3.2.6.1 Overview
- 3.2.6.2 Top Products/Product Portfolio
- 3.2.6.3 Top Competitors
- 3.2.6.4 Target Customers/End Users
- 3.2.6.5 Key Personnel
- 3.2.6.6 Analyst View
- 3.2.6.7 Market Share, 2023
- 3.2.7 Liebherr Group
- 3.2.7.1 Overview
- 3.2.7.2 Top Products/Product Portfolio
- 3.2.7.3 Top Competitors
- 3.2.7.4 Target Customers/End Users
- 3.2.7.5 Key Personnel
- 3.2.7.6 Analyst View
- 3.2.7.7 Market Share, 2023
- 3.2.8 Prinoth AG (HTI Group)
- 3.2.8.1 Overview
- 3.2.8.2 Top Products/Product Portfolio
- 3.2.8.3 Top Competitors
- 3.2.8.4 Target Customers/End Users
- 3.2.8.5 Key Personnel
- 3.2.8.6 Analyst View
- 3.2.8.7 Market Share, 2023
- 3.2.9 CM DUPON - ICECAT
- 3.2.9.1 Overview
- 3.2.9.2 Top Products/Product Portfolio
- 3.2.9.3 Top Competitors
- 3.2.9.4 Target Customers/End Users
- 3.2.9.5 Key Personnel
- 3.2.9.6 Analyst View
- 3.2.9.7 Market Share, 2023
- 3.2.10 xelom
- 3.2.10.1 Overview
- 3.2.10.2 Top Products/Product Portfolio
- 3.2.10.3 Top Competitors
- 3.2.10.4 Target Customers/End Users
- 3.2.10.5 Key Personnel
- 3.2.10.6 Analyst View
- 3.2.10.7 Market Share, 2023
- 3.2.1 AB Volvo
4 Research Methodology
- 4.1 Data Sources
- 4.1.1 Primary Data Sources
- 4.1.2 Secondary Data Sources
- 4.1.3 Data Triangulation
- 4.2 Market Estimation and Forecast
List of Figures
- Figure 1: Europe Off-Highway Electric Vehicle Market (by Scenario), $Million, 2024, 2027, and 2034
- Figure 2: Off-Highway Electric Vehicle Market (by Region), $Million, 2023, 2027, and 2034
- Figure 3: Europe Off-Highway Electric Vehicle Market (by Application), $Million, 2023, 2027, and 2034
- Figure 4: Europe Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023, 2027, and 2034
- Figure 5: Europe Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023, 2027, and 2034
- Figure 6: Key Events
- Figure 7: Failure Rate of Batteries, 2011-2023
- Figure 8: Number of Mining Fatalities, 2010-2023
- Figure 9: Supply Chain and Risks within the Supply Chain
- Figure 10: Value Chain of Off-Highway Electric Vehicle Market
- Figure 11: Off-Highway Electric Vehicle Market, by Vehicle Type, ($US/Unit), 2023, 2027, and 2034
- Figure 12: Patent Analysis (by Country), 2021-December 2024
- Figure 13: Patent Analysis (by Company), January 2021-February 2025
- Figure 14: End User and Buying Criteria in the Off-Highway Electric Vehicle Market
- Figure 15: Impact Analysis of Market Navigating Factors, 2023-2034
- Figure 16: Estimated Annual Emission (by Vehicle Type)
- Figure 17: Announced Electric Vehicle Battery Manufacturing Capacity by Region and Manufacturing Capacity Needed in The Net Zero Scenario, 2025 and 2030
- Figure 18: Mining Energy Intensity, Ventilation, and Cooling (by Energy Type), MJ/Ton
- Figure 19: Performance Comparison when Loaded (by Vehicle Type)
- Figure 20: Total Cost of Ownership, Net Present Cost ($), 2023
- Figure 21: Total Cost of Ownership Savings, Percentage (%)
- Figure 22: On-Highway vs. Off-Highway Compound Annual Growth Rate, Percentage, 2024-2034
- Figure 23: Share of Battery Electric Vehicles of All Vehicle Sales
- Figure 24: France Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 25: Germany Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 26: U.K. Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 27: Spain Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 28: Italy Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 29: Rest-of-Europe Off-Highway Electric Vehicle Market, $Million, 2023-2034
- Figure 30: Strategic Initiatives, January 2022-February 2025
- Figure 31: Share of Strategic Initiatives, 2023
- Figure 32: Data Triangulation
- Figure 33: Top-Down and Bottom-Up Approach
- Figure 34: Assumptions and Limitations
List of Tables
- Table 1: Market Snapshot
- Table 2: Opportunities across Region
- Table 3: Competitive Landscape Snapshot
- Table 4: Future Outlook
- Table 5: Regulatory Landscape
- Table 6: Country-Wise Targets
- Table 7: Electrification Rate (by Vehicle Type), 2023 and 2030
- Table 8: Off-Highway Electric Vehicle Market (by Region), $Million, 2023-2034
- Table 9: Europe Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 10: Europe Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 11: Europe Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 12: France Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 13: France Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 14: France Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 15: Germany Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 16: Germany Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 17: Germany Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 18: U.K. Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 19: U.K. Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 20: U.K. Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 21: Spain Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 22: Spain Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 23: Spain Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 24: Italy Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 25: Italy Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 26: Italy Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 27: Rest-of-Europe Off-Highway Electric Vehicle Market (by Application), $Million, 2023-2034
- Table 28: Rest-of-Europe Off-Highway Electric Vehicle Market (by Propulsion Type), $Million, 2023-2034
- Table 30: Rest-of-Europe Off-Highway Electric Vehicle Market (by Vehicle Type), $Million, 2023-2034
- Table 31: Market Share
