[Latest] Global Electric Off-Highway Equipment Market

Austin, TX, USA, July 31, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Electric Off-Highway Equipment Market Size, Trends and Insights By Type (Excavators, Loaders, Dump Trucks, Others), By Propulsion (Electric, Hybrid Electric), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Electric Off-Highway Equipment Market size & share was valued at approximately USD 2.3 Billion in 2022 and is expected to reach USD 2.72 Billion in 2023 and is expected to reach a value of around USD 6.5 Billion by 2032, at a compound annual growth rate (CAGR) of about 13.2% during the forecast period 2023 to 2032.”

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Electric Off-Highway Equipment Market: Growth Factors and Dynamics

Urbanization and Infrastructure Development: The ongoing global trend of urbanization, coupled with a focus on infrastructure development, has stimulated the demand for electric off-highway equipment. These machines are well-suited for use in urban construction and development projects due to their quieter operation and reduced emissions, meeting the requirements of urban environments.

Environmental Concerns and Regulations: The increasing focus on reducing carbon emissions and promoting sustainable practices has driven the demand for electric off-highway equipment. Electric machinery offers lower emissions and noise levels, aligning with stringent environmental regulations and sustainability goals.

Cost Savings and Operational Efficiency: Electric off-highway equipment provides cost advantages over traditional diesel-powered machinery in the long run. They have lower operational and maintenance costs, as they require less frequent refuelling and have fewer moving parts, resulting in reduced downtime and increased productivity.

Government Incentives and Support: Many governments worldwide have implemented incentives and financial support to encourage the adoption of electric off-highway equipment. These initiatives include tax credits, subsidies, and grants, fostering the market’s growth and adoption in various industries.

Industry Shift Towards Electrification: Major industries, such as construction, mining, agriculture, and material handling, are increasingly embracing electrification to achieve sustainable and efficient operations. This trend has created a favourable market landscape for electric off-highway equipment, driving their adoption in diverse applications.

Technological Innovations and Integration: Electric off-highway equipment manufacturers continue to innovate by integrating smart technologies, telematics, and autonomous functionalities into their products. These innovations enhance equipment performance, monitoring, and maintenance, attracting customers seeking advanced solutions for their operations.

Advancements in Battery Technology: The rapid advancements in battery technology, such as higher energy density and faster charging capabilities, have significantly improved the performance and range of electric off-highway equipment. This has bolstered market growth by addressing previous limitations and enhancing overall efficiency.

Positive Public Perception and Corporate Social Responsibility: The growing awareness of environmental issues and corporate social responsibility has led many companies to prioritize sustainable practices. Embracing electric off-highway equipment aligns with its green initiatives, improving its public image and brand reputation, which further accelerates the market’s growth as more businesses seek eco-friendly alternatives.

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Electric Off-Highway Equipment Market: Partnership and Acquisitions

Caterpillar Inc. and Suny System: In 2021, Caterpillar joined forces with the State University of New York (Suny) System to advance electric construction equipment research and development. The partnership focused on exploring innovative technologies and enhancing the sustainability and performance of Caterpillar’s electric off-highway equipment.

CNH Industrial and Nikola Corporation: In 2020, CNH Industrial, the parent company of brands like CASE and New Holland, entered into a strategic partnership with Nikola Corporation, an electric truck manufacturer. This collaboration aimed to collaborate on the development of electric off-highway and on-road vehicles powered by hydrogen fuel cells.

John Deere and National Grid: In 2022, John Deere, a major agriculture and construction equipment manufacturer, collaborated with National Grid, an electricity and natural gas utility company. The partnership aimed to promote the electrification of John Deere’s off-highway equipment fleet, leveraging National Grid’s expertise in energy infrastructure and grid solutions.

Hitachi Construction Machinery and ABB: In 2018, Hitachi Construction Machinery acquired ABB’s electric powertrain solutions business. This acquisition enabled Hitachi to strengthen its capabilities in electric drivetrains and power electronics, enhancing the development of electric off-highway equipment.

Report Scope

Feature of the Report	Details
Market Size in 2023	USD 2.72 Billion
Projected Market Size in 2032	USD 6.5 Billion
Market Size in 2022	USD 2.3 Billion
CAGR Growth Rate	13.2% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Type, Propulsion and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Electric Off-Highway Equipment report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Electric Off-Highway Equipment report has been modified to include the COVID-19 impact study prior to delivery.)

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Electric Off-Highway Equipment Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Electric Off-Highway Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Supply Chain Disruptions: The Covid-19 pandemic led to disruptions in the global supply chain, affecting the production and distribution of electric off-highway equipment. Delays in the sourcing of components and restrictions on transportation impacted manufacturers’ ability to meet demand, hindering the market’s growth during the pandemic.

Reduced Construction and Mining Activities: With lockdowns and restrictions in place to contain the virus spread, construction and mining activities were temporarily halted or scaled down. This resulted in decreased demand for electric off-highway equipment in these sectors, affecting sales and revenue for manufacturers.

Resumed Construction and Infrastructure Projects: As the pandemic situation improved and restrictions eased, construction and infrastructure projects resumed, driving the demand for electric off-highway equipment. Government investments in economic recovery plans and green initiatives also boosted the adoption of electric machinery.

Accelerated Focus on Sustainability: The pandemic heightened awareness of sustainability and environmental concerns. Companies and industries increasingly prioritized sustainable practices, leading to a surge in demand for electric off-highway equipment as a cleaner and greener alternative to traditional diesel-powered machinery.

Government Incentives and Support: Governments implemented economic stimulus packages, including incentives and subsidies, to revitalize industries impacted by the pandemic. Such support further encouraged the adoption of electric off-highway equipment and helped manufacturers recover from the downturn.

Technological Advancements: Manufacturers continued to invest in research and development during the pandemic, leading to further improvements in electric off-highway equipment technology. Advanced features, increased efficiency, and better performance enhanced the appeal of these machines to potential buyers, contributing to the market’s recovery.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Electric Off-Highway Equipment Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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Key questions answered in this report:

What is the size of the Electric Off-Highway Equipment market and what is its expected growth rate?
What are the primary driving factors that push the Electric Off-Highway Equipment market forward?
What are the Electric Off-Highway Equipment Industry's top companies?
What are the different categories that the Electric Off-Highway Equipment Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Electric Off-Highway Equipment market sample report and company profiles?

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Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Electric Off-Highway Equipment Market:

Caterpillar Inc.
Komatsu Ltd.
Volvo Construction Equipment
Hitachi Construction Machinery Co. Ltd.
Liebherr Group
Deere & Company (John Deere)
Sandvik AB
Doosan Infracore Co. Ltd.
Wacker Neuson SE
SANY Group
Others

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Electric Off-Highway Equipment Market – Regional Analysis

The Electric Off-Highway Equipment Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In North America, the Electric Off-Highway Equipment Market is witnessing a significant trend towards sustainability and eco-friendliness. Governments’ stringent emissions regulations and industry stakeholders’ growing environmental awareness are driving the demand for electric and hybrid electric machinery in construction, mining, and agriculture. Additionally, technological advancements and partnerships with key players in the automotive and technology sectors are shaping the region’s electric off-highway equipment landscape. Some of the dominating market players in North America include Caterpillar Inc., Deere & Company (John Deere), and Komatsu Ltd.

Europe: In Europe, the Electric Off-Highway Equipment Market trend revolves around a proactive approach to meet the continent’s ambitious sustainability goals. The government’s strong support for electric mobility and infrastructure development has fostered the adoption of electric off-highway equipment in construction and material handling applications. Key players focus on research and development, particularly in battery technology and autonomous functionalities, contributes to the region’s dynamic market growth. Leading market players in Europe include Volvo Construction Equipment, Liebherr Group, and Hitachi Construction Machinery Co., Ltd.

Asia-Pacific: The Asia-Pacific region is experiencing robust growth in the Electric Off-Highway Equipment Market, driven by a surge in construction and infrastructure development. The government’s initiatives to reduce emissions and reliance on fossil fuels are encouraging the adoption of electric machinery in the construction and mining sectors. The region also witnesses a rise in local manufacturers’ participation, fuelling the market’s competitiveness. Key market players in the Asia-Pacific region include Komatsu Ltd., SANY Group, and Doosan Infracore Co., Ltd.

LAMEA (Latin America, Middle East, and Africa): The LAMEA region is witnessing a growing interest in electric off-highway equipment, primarily driven by mining and construction activities. Governments’ focus on sustainable development and the need for improved operational efficiency in challenging environments contribute to the market’s growth. Partnerships with global players and investments in local manufacturing facilities further propel the electric machinery market in this region. Some of the dominating market players in the LAMEA region include CNH Industrial, Sandvik AB, and Wacker Neuson SE.

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The Electric Off-Highway Equipment Market is segmented as follows:

By Type

Excavators
Loaders
Dump Trucks
Others

By Propulsion

Electric
Hybrid Electric

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By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Electric Off-Highway Equipment Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Electric Off-Highway Equipment Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Electric Off-Highway Equipment Market? What Was the Capacity, Production Value, Cost and PROFIT of the Electric Off-Highway Equipment Market?
What Is the Current Market Status of the Electric Off-Highway Equipment Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Electric Off-Highway Equipment Market by Considering Applications and Types?
What Are Projections of the Global Electric Off-Highway Equipment Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Electric Off-Highway Equipment Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Electric Off-Highway Equipment Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Electric Off-Highway Equipment Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Electric Off-Highway Equipment Industry?

Click Here to Access a Free Sample Report of the Global Electric Off-Highway Equipment Market @ https://www.custommarketinsights.com/report/electric-off-highway-equipment-market/

Reasons to Purchase Electric Off-Highway Equipment Market Report

Electric Off-Highway Equipment Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Electric Off-Highway Equipment Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Electric Off-Highway Equipment Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Electric Off-Highway Equipment Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Electric Off-Highway Equipment market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Electric Off-Highway Equipment Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/electric-off-highway-equipment-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Electric Off-Highway Equipment market analysis.

The competitive environment of current and potential participants in the Electric Off-Highway Equipment market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Electric Off-Highway Equipment market should find this report useful. The research will be useful to all market participants in the Electric Off-Highway Equipment industry.
Managers in the Electric Off-Highway Equipment sector are interested in publishing up-to-date and projected data about the worldwide Electric Off-Highway Equipment market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Electric Off-Highway Equipment products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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