Major electric off-highway equipment market players include AB Volvo, Caterpillar Inc., BEML Limited, Komatsu Ltd., Liebherr-International AG, SANY Group, and others.
Selbyville, Delaware, May 11, 2022 (GLOBE NEWSWIRE) --
The electric off-highway equipment market size is expected to record a valuation of USD 4.5 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the rising demand for zero-emission construction machines. Rapid growth in technologies, such as new cell technology in batteries and advanced dashboards, has increased the penetration of off-highway equipment.
The adverse impact of COVID-19 pandemic on the construction industry growth affected the expansion of the electric off-highway equipment market globally. Electric off-highway equipment manufacturers incurred financial losses amid pandemic due to the cancellation or postponement of various construction projects. The market is poised to grow considerably post pandemic on account of the increasing government investments in infrastructure developments and market players’ focus on new technology innovations.
The electric dump trucks segment is predicted to register a high growth during the forecast period. The dump truck segment revenue is also driven by technological improvements and the deployment of new features within the machines. The industry participants are focusing on gaining high valued orders from government organizations to increase their revenue streams.
The Asia Pacific electric off-highway equipment market is projected to grow rapidly owing to the rising construction actives in the region. China is a major contributor to construction equipment manufacturers due to the presence of multiple OEMs, low labor costs, low production costs, and better manufacturing facilities.
In the global electric off-highway equipment market, several manufacturers are introducing new electric off-highway equipment with enhanced characteristics. For instance, in February 2022, CNH Industrial N.V. brand, Case Construction Equipment showcased a mini excavator Case CX15 EV powered by a 16 kW electric motor.
Major participants operating in the electric off-highway equipment market are Hitachi Construction Machinery, AB Volvo, Caterpillar Inc., Sennebogen Maschinenfabrik GmbH, BEML Limited, Komatsu Ltd., Liebherr-International AG, SANY Group, Deutz Fahr, Deere & Company, BYD Company LTD, Epiroc, Volvo Construction Equipment, XCMG Group, and JCB.
Some key findings in the electric off-highway equipment market report include:
Increasing investments in Environmental, Social and Governance criteria (ESG) are promoting the manufacturing of electric off-highway equipment.
Stringent government regulations against diesel-powered off-highway construction equipment are creating robust growth opportunities for the market.
Integration of advanced technologies, such as telematics, ADAS, and smart battery management system, into the equipment is offering a positive market outlook.
APAC shows an exponential growth potential in the market, as China and India are gaining momentum in the adoption of electric vehicles and heavy equipment. The China government’s aid for infrastructural projects and rising demand for electric construction vehicles in Japan and South Korea are important market drivers in the region.
Presence of established industry players in Europe and high investments in smart building construction are propelling the sale of electric off-highway equipment in the region.
Table of Contents (ToC) of the report
Chapter 3 Electric Off-Highway Equipment Market Insights 3.1 Industry segmentation 3.2 Russia-Ukraine war impact 3.3 Impact of COVID-19 on Electric off-highway equipment industry landscape 3.4 Industry ecosystem analysis 3.5 Investment landscape 3.6 Technology & innovation landscape 3.6.1 Telematics 3.6.2 Virtual Reality and Platform Simulators 3.6.3 Lithium Batteries 3.6.4 Load Sensing System 3.6.5 Solid States Control 3.7 Regulatory landscape 3.8 Industry impact forces 3.8.1 Growth drivers 3.8.1.1 Increasing government investments in electric charging infrastructure 3.8.1.2 Shifting construction companeis focus towards eco-friendly busiess operations 3.8.1.3 Proliferation of rental electric cosntruction equipment companies in Latin America and Asia Pacific 3.8.1.4 New product launches by market players in Europe and Asia Pacific 3.8.1.5 Rising private & public investmetns in utility & infrastrucutre development activities in North America 3.8.1.6 Increasing populaiyt of smart citiies in MEA 3.8.2 Industry pitfalls & challenges 3.8.2.1 High initial costs of electric off-highway equipment 3.9 Growth potential analysis 3.10 Porter's analysis 3.11 PESTEL analysis
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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