Electric Off-Highway Equipment Industry Forecasts 2023-2030
Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, Mining Equipment Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030
Electric Off-Highway Equipment Market Insight
The electric off-highway equipment market is poised to experience growth owing to factors such as urbanization, higher carbon, and electrification equipment driving the market growth. The electrification of agriculture equipment such as tractors, threshers, and ergonomic tools for increasing crop production while decreasing the overall cost drives market growth. The higher concentration of carbon emission by the construction industry is prompting the electrification of construction equipment vehicles such as excavators, motor graders, and loaders by replacing fossil fuel with batteries, which is further augmenting the market growth.
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Electric Off-Highway Equipment Industry Data Book covered 3 reports overview:
Electric Agriculture Equipment Market Analysis
Electric agriculture equipment market Size was USD 16,236.0 million in 2022 and anticipated to grow at CAGR of 6.1% from 2023-2030. Growing commercial farming coupled with a labour shortage is a major factor driving the market growth for electric agricultural equipment. Growing innovation in an attempt to electrify agricultural operations owing to rising carbon emission levels coupled with rising fuel prices is a major factor propelling the electric tractor market growth.
Electric Construction Equipment Market Analysis
electric construction equipment market size was USD 1,242.8 million in 2022 and Expected to expand with 14.8% CAGR from 2023-2030. The trend for fast-charging equipment, which has a longer operating duration and is powered by hydrogen fuel, solid-state battery, or lithium-ion battery, is gaining traction while supporting the market growth. Fast-charging batteries are known to withstand higher charging speeds prompting manufacturers to offer battery packs that can be swapped when the battery level is low.
Electric Mining Equipment Market Analysis
The electric mining equipment market size was USD 94,498.3 million in 2022 and is expected to boost at 11.5% CAGR from 2023-2030. Electric mining equipment help in reducing heat in underground mine by increasing ventilation and cooling in the underground mining environment.
The ongoing urbanization and industrialization are fueling the demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is expected to boost the demand for electric mining equipment, thereby leading to the growth of the market for this equipment worldwide. Companies operating in the mining equipment market are enhancing their product portfolio by including electric equipment in the lineup to meet the demand for various types of electric mining equipment, such as mineral processing equipment, crushers, surface mining tools, screening equipment, and mining drills breakers.
Electric Off-Highway Equipment Market Segmentation
Electric Off-Highway Equipment Industry, By Product type
- Electric Construction Equipment
- Electric Agriculture Equipment
- Electric Mining Equipment
Electric Off-Highway Equipment Industry, By Battery type
- Li-ion
- Lead Acid
Electric Off-Highway Equipment Industry, By Electric Vehicle type
- BEV
- HEV
Electric Off-Highway Equipment Industry, By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
Key Drivers
- Increasing mechanization in the agriculture industry
- Government support with loan waivers/credit finance
- Rise in demand for agricultural product s
- Increasing traction electric mining equipment
- The growing integration of technologies such as AI and IoT
- Technological advancements
Competitive Insight
These companies maintain an exhaustive product portfolio and are developing product lines up for electric tractors, mining equipment, and agricultural equipment. Additionally, the Companies are adopting several growth strategies, such as partnerships, mergers acquisitions, and product launches, to stay afloat in the competitive industry.
Some of the major players operating in the global electric off-highway equipment market include
- Komatsu Ltd,
- Caterpillar Inc
- MaterMacc S.p.A,
- AGCO Corp.,
- CLAAS KGaAmbH,
- Mahindra Mahindra Ltd.,
- SDF S.p.A.,
- J C Bamford Excavators Ltd
Order your copy of the Free Sample of “Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, Mining Equipment Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Recent Developments
- August 2022: Solectrac launched a new electric tractor e70N tractor The 70-horsepower, Solectrac recently delivered diesel-equivalent tractors to three farms in Northern California as part of a grant from the Funding Agriculture Replacement Measures for Emission Reductions Demonstration Program of the Bay Area Air Quality Management District (FARMER).
- June 2022: Komastu Ltd. announced its partnership with Cummins Inc to develop zero-emission haulage equipment. The haulage vehicle will be a hybrid vehicle running on power sources such as diesel, hydrogen fuel cells, and battery power.
Grand View Research’s Electric off-highway Equipment Industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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