Electric Vehicles Today - Off-Highway Electric Vehicles Set for Major Market Growth

The off-highway electric vehicle (OHEV) market is set to expand significantly, with projections indicating growth from $5.48 billion in 2024 to $56.48 billion by 2034. This expansion is largely driven by the increasing adoption of electric technologies in the construction, agriculture, and mining sectors as they strive to reduce emissions and improve operational efficiencies. Key factors contributing to this growth include technological innovations in battery efficiency, charging infrastructure, and the performance of electric vehicles, all bolstered by stringent environmental regulations and a broader focus on sustainability. North America currently leads the market, benefiting from a strong industrial base and supportive government policies, while major companies like AB Volvo and Caterpillar are at the forefront of developing sustainable electric solutions. As the demand for emissions and noise reduction in industrial practices rises, the OHEV market continues to garner attention despite challenges such as high upfront costs and energy storage limitations.

In other trading, Tesla (NasdaqGS:TSLA) was a standout up 9.8% and closing at $284.95. In the meantime, Zhejiang Wanfeng Auto Wheel (SZSE:002085) softened, down 5.2% to end trading at CN¥16.33.

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For more on this topic, check out our Market Insights article, "Automakers Caught In The Tariff Crossfire," which explores the current challenges and opportunities in the electric vehicle sector amid tariff uncertainties. Don't miss it!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St
• "Off-Highway Electric Vehicle Market Analysis and Forecast, 2024-2034 | Stricter Environmental Regulations Propel Off-Highway EV Adoption" from Research and Markets on GlobeNewswire (published 28 April 2025)

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