PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299745
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299745
Electric Off-Highway Equipment Market size was valued at USD 9,708.9 Million in 2022, expanding at a CAGR of 19.2% from 2023 to 2030.
Electric off-highway equipment is environment-friendly and requires low maintenance as compared to fuel-based counterparts. Additionally, construction companies shift their interest toward sustainable operation; as a result, it will create a positive environment for the electric off-highway equipment market. Moreover, it has various advantages such as high maneuverability, high overall efficiency, and accuracy during operations.
The electric off-highway equipment market is getting benefits from the rapidly increasing government initiatives for emission reduction. In addition, to contribute to the establishment of a sustainable environment various government organizations are focusing on reducing their carbon footprint. Moreover, increasing growth in technologies such as advanced dashboards and new cell technologies in batteries is poised to experience growth for the electric off-highway equipment market. However, the lack of charging infrastructure and the high initial cost of equipment are the major restraining factors for the electric off-highway equipment market.
Furthermore, rising consumer focus on clean transportation and sustainable field operation activities offers lucrative opportunities for the electric off-highway equipment market. The COVID-19 pandemic had affected the growth of the electric off-highway equipment market globally. Due to the postponement and cancelation of various construction projects manufacturers suffered financial losses and the supply chain was disrupted.
The global electric off-highway equipment market is segmented on the basis of powertrain, equipment, industry, and region.
The market is divided into two categories based on powertrain: pure electric and hybrid. The hybrid sector is expected to dominate the market. As compared to diesel and electric-powered equipment hybrid electric off-road equipment drive system permits the equipment to work with higher efficiency.
The market is divided into nine categories based on equipment: excavator, motor grader, dozer, loader, dump truck, LHD, lawnmower, sprayer, and tractor. The dump truck sector is likely to maintain its dominance during the forecast period. These dump trucks make a suitable environment for working in underground mining facilities despite zero-emission and less heat.
The market is divided into four categories based on industry: construction, mining, agriculture, and gardening. The construction sector is expected to possess the market share due to the presence of various OEMs, better manufacturing facilities, low production costs, and low labor costs.
Market players in the worldwide electric off-highway equipment market are focusing on introducing new product launches, collaborations, alliances, and partnership agreements. Additionally, companies have increased their R&D expenditure, to unify innovation with performance excellence. The rising demand for highly efficient, safe handling equipment, and high performance from the end-user market, is projected to make the industry competitive. Moreover, increasing investment in social, governance, and environmental criteria is promoting the market players of electric off-highway equipment. For instance, in July 2022, Greenland Technologies Holding Corporation informed the launch of HEVI Equipment, a new brand of industrial machinery. Additionally, it is a rebranding of Greenland's Machinery division that produces excavators, electric front loaders, and other off-highway equipment.
This proposed research study on electric off-highway equipment market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for electric off-highway equipment market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the electric off-highway equipment market.
Impact of COVID-19 on Electric Off-Highway Equipment Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on electric off-highway equipment market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the electric off-highway equipment market, we have also included competitive landscape and key innovator analysis for the electric off-highway equipment market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the electric off-highway equipment market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global electric off-highway equipment market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: