As per the current market research conducted by CMI Team, the global Electric Off-Highway Equipment Market size is expected to record a CAGR of 13.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 2.3 billion. By 2032, the valuation is anticipated to reach USD 6.5 billion.
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.
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.
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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