Japan Off-highway Electric Vehicle Market Size & Outlook
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Japan off-highway electric vehicle market highlights
- The Japan off-highway electric vehicle market generated a revenue of USD 88.6 million in 2024 and is expected to reach USD 209.4 million by 2030.
- The Japan market is expected to grow at a CAGR of 15.1% from 2025 to 2030.
- In terms of segment, hev was the largest revenue generating propulsion in 2024.
- BEV is the most lucrative propulsion segment registering the fastest growth during the forecast period.
Off-highway electric vehicle market data book summary
| Market revenue in 2024 | USD 88.6 million |
| Market revenue in 2030 | USD 209.4 million |
| Growth rate | 15.1% (CAGR from 2025 to 2030) |
| Largest segment | Hev |
| Fastest growing segment | BEV |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | HEV, BEV |
| Key market players worldwide | Caterpillar Inc, Volvo AB ADR, Komatsu Ltd, Deere & Co, Sandvik AB, Hitachi Construction Machinery Co Ltd, Epiroc AB DR, Doosan Fuel Cell Ordinary Shares, CNH Industrial NV, JCB |
Other key industry trends
- In terms of revenue, Japan accounted for 3.4% of the global off-highway electric vehicle market in 2024.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China off-highway electric vehicle market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 28.5 million by 2030.
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Off-highway Electric Vehicle Market Scope
Off-highway Electric Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| JCB | View profile | 10001+ | Rocester, Hampshire, United Kingdom, Europe | https://www.jcb.com |
| Doosan Fuel Cell Ordinary Shares | View profile | 466 | 275 Jangchungdan-ro, 17th Floor, Doosan Tower, Jung-gu, Seoul, Korea, Republic of | http://www.doosanfuelcell.com |
| Volvo AB ADR | View profile | 104905 | Gropegardsgatan 2, Gothenburg, Sweden, 417 15 | https://www.volvogroup.com |
| CNH Industrial NV | View profile | 40496 | Cranes Farm Road, Basildon, Essex, London, United Kingdom, SS14 3AD | https://www.cnhindustrial.com |
| Epiroc AB DR | View profile | 18157 | Sickla Industrivag 19, Nacka, Stockholm, Sweden, SE-131 54 | https://www.epirocgroup.com |
| Hitachi Construction Machinery Co Ltd | View profile | 27697 | 16-1, Higashiueno 2-chome, Taito-ku, Tokyo, Japan, 110-0015 | https://www.hitachicm.com |
| Sandvik AB | View profile | 40614 | Kungsbron 1, Section G, Floor 6, Stockholm, Sweden, 111 22 | https://www.sandvik.com |
| Deere & Co | View profile | 83000 | One John Deere Place, Moline, IL, United States, 61265 | https://www.deere.com |
| Komatsu Ltd | View profile | 70608 | 3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan, 107-8414 | https://www.komatsu.jp |
| Caterpillar Inc | View profile | 121173 | 5205 N. O'Connor Boulevard, Suite 100, Irving, TX, United States, 75039 | https://www.caterpillar.com |
Japan off-highway electric vehicle market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to off-highway electric vehicle market will help companies and investors design strategic landscapes.
Hev was the largest segment with a revenue share of 58.92% in 2024. Horizon Databook has segmented the Japan off-highway electric vehicle market based on hev, bev covering the revenue growth of each sub-segment from 2018 to 2030.
The off-highway electric vehicle market in Japan is witnessing significant growth, driven by the country’s focus on technological innovation and environmental consciousness.
Furthermore, the nation's aim to transition all vehicles produced by Japanese automakers to xEVs by 2050 is a pivotal driver of market growth. This ambitious goal aligns with Japan's commitment to achieving world-leading environmental performance and a "Well-to-Wheel Zero Emission" approach.
This strategic vision aims to eliminate emissions across a vehicle's lifecycle, from fuel production to operation.
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Target buyers of Japan off-highway electric vehicle market databook
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Our clientele includes a mix of off-highway electric vehicle market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Japan off-highway electric vehicle market , including forecasts for subscribers. This country databook contains high-level insights into Japan off-highway electric vehicle market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Japan off-highway electric vehicle market size, by propulsion, 2018-2030 (US$M)
Japan Off-highway Electric Vehicle Market Outlook Share, 2024 & 2030 (US$M)
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