The value of the global electric off-highway equipment market is expected to surpass $53.8 billion by 2032, according to a new report published by Research and Markets.

The research company’s report, entitled “Electric Off-Highway Equipment Market Forecast 2024-2032,” valued the market at $13.2 billion for calendar year 2023, and forecast that it will increase to $15.43 billion in 2024.

The report’s authors attributed the uptick to a global effort to reduce gas emissions, as buyers of off-highway EVs start to phase out traditional diesel-powered equipment in favor of electric-driven alternatives. The migration to electric power is primarily being seen in the construction, mining and agricultural markets—corporations active in all three areas are moving steadily towards deploying more environmentally friendly hardware.

The report highlighted several key global off-highway electric vehicle (OHEV) makers, including Caterpillar, Volvo Construction Equipment and Komatsu—the latter of which just unveiled a prototype for an all-electric underwater bulldozer at the Consumer Electronics Show 2025.

Source: Research and Markets