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


Report Code: CMI27226

Published Date: July 2023

Pages: 220+

Category: Automotive

Report Snapshot

CAGR: 13.2%
2.3B
2022
2.72B
2023
6.5B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Caterpillar Inc.
  • Komatsu Ltd.
  • Volvo Construction Equipment
  • Hitachi Construction Machinery Co. Ltd.
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the global Electric Off-Highway Equipment Market 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.

Trend of alternative fuel vehicle (AFV) and hybrid electric vehicle (HEV) models by manufacturer, 2014-2022

AFV and HEV Model Offerings by Manufacturer, 1991-2022
Manufacturer 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total
Acura 2 1 3 3 3 3 1 1 17
Audi 6 7 7 4 1 7 15 28 37 112
Bentley Motors 4 3 1 1 1 10
BMW 6 6 5 7 9 9 10 22 28 102
Buick 1 3 2 1 1 8
BYD Motors 1 1 2
Cadillac 4 2 1 1 1 2 2 13
Chevrolet 24 30 27 24 31 21 17 12 16 202
Chrysler 3 5 5 4 3 3 1 1 1 26
Coda Automotive 0
Dodge 7 6 5 2 4 3 27
Ferrari 1 1 2 4
Fiat 1 1 1 1 1 5
Fisker Automotive 0
Ford 48 38 25 22 32 35 44 33 32 309
General Motors EV 0
GMC 19 19 13 20 23 16 15 11 12 148
Honda 8 5 2 2 4 6 6 7 5 45
HUMMER 0
Hyundai 1 2 3 8 7 9 9 13 19 71
Infiniti 4 4 4 5 3 20
Jaguar 6 5 4 5 6 1 4 3 34
Jeep 1 3 3 4 3 2 3 3 6 28
Karma 1 1 1 2 5
Kia 2 2 1 6 7 8 7 6 11 50
Land Rover 4 3 1 1 5 9 11 15 49
Lexus 5 7 7 5 8 9 9 9 9 68
Lincoln 2 1 1 1 1 1 2 2 2 13
Lucid 6 6
Mazda 1 1
McLaren 1 1 1 3
Mercedes-Benz 8 8 8 7 6 11 13 25 33 119
Mercury 0
Mini 1 1 2 2 2 8
Mitsubishi 1 1 1 1 1 1 1 1 1 9
Nissan 4 4 5 5 6 7 3 3 3 40
Plymouth 0
Polestar 2 2
Porsche 2 3 2 4 7 7 13 19 17 74
QUANTUM-PROCON 0 0
Ram 5 6 6 6 5 7 5 5 5 50
Rivian 2
Saab 0
Saturn 0
Scion 1 1
Smart 1 1 1 2 2 2 9
Solectria 0
Subaru 1 1 1 1 1 1 6
Tesla 1 1 4 15 10 17 16 9 13 86
Toyota 10 10 11 14 13 14 14 19 22 127
Vehicle Production Group 0
Volkswagen 2 3 2 1 1 1 2 4 16
Volvo 1 2 3 4 5 6 12 33
Wheego Electric Cars, Inc. 0
Total 195 191 155 183 203 220 227 261 325 1958
Source: According to Alternative Fuels Data Centre

The Electric Off-Highway Equipment Market comprises the global trade and manufacturing of electric-powered machinery used in construction, mining, agriculture, and material handling applications. These machines operate off-road and are powered by electric motors, reducing emissions and offering sustainable alternatives to traditional diesel-powered equipment.

The market operates in a dynamic and competitive environment with key players constantly innovating to meet customer demands for improved efficiency, reduced environmental impact, and advanced technology integration. Key trends in the Electric Off-Highway Equipment Market include a growing emphasis on sustainability, government incentives promoting electric adoption, and technological advancements enhancing machine performance and functionality.

Electric Off-Highway Equipment Market – Significant Growth Factors

The Electric Off-Highway Equipment Market presents significant growth opportunities due to several factors:

  • Environmental Regulations and Sustainability Initiatives: Increasing environmental concerns and stringent emissions regulations are driving the demand for electric off-highway equipment as a cleaner and greener alternative to reduce carbon footprints in various industries.
  • Cost Savings and Operational Efficiency: Electric machinery offers cost advantages over traditional diesel-powered equipment, with lower operational and maintenance costs due to reduced fuel consumption and fewer moving parts, leading to enhanced operational efficiency.
  • Technological Advancements in Battery Technology: Rapid developments in battery technology, such as higher energy density and faster charging capabilities, have improved the performance and range of electric off-highway equipment, expanding their practicality and viability.
  • Government Incentives and Support: Governments worldwide are offering incentives and subsidies to promote the adoption of electric off-highway equipment, fostering a favourable market environment, and encouraging manufacturers and end-users to embrace electric alternatives.
  • Expansion in Emerging Markets: The market has significant growth potential in emerging economies with increasing industrialization and infrastructure development, offering opportunities for electric equipment manufacturers to tap into these new markets.
  • Collaboration and Partnerships: Collaborations between equipment manufacturers and battery technology companies can drive innovation, leading to the development of cutting-edge electric off-highway equipment with improved performance and efficiency.
  • Technological Integration: The integration of advanced technologies, such as telematics, IoT, and autonomous features, presents opportunities for manufacturers to offer smart and connected electric machinery, catering to the demand for modern and efficient equipment.
  • Diversification of Product Portfolio: Expanding the range of electric off-highway equipment, including excavators, loaders, and material handlers, provides opportunities for manufacturers to meet the specific needs of diverse industries and applications, broadening their market presence.

Electric Off-Highway Equipment Market – Mergers and Acquisitions

The Electric Off-Highway Equipment Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Electric Off-Highway Equipment Market include:

  • Volvo Construction Equipment and Samsung SDI: In 2019, Volvo Construction Equipment formed a strategic partnership with Samsung SDI, a leading battery manufacturer. The collaboration aimed to enhance the development of advanced battery solutions for Volvo’s electric off-highway equipment, focusing on improving battery performance, safety, and efficiency.
  • Komatsu Ltd. and NVIDIA Corporation: In 2020, Komatsu, a prominent construction equipment manufacturer, partnered with NVIDIA Corporation, a leading AI computing company. This collaboration aimed to integrate NVIDIA’s AI technology into Komatsu’s electric off-highway machinery, enabling autonomous operation and predictive maintenance capabilities.
  • Deere & Company (John Deere) and Wirtgen Group: In 2017, John Deere acquired the Wirtgen Group, a leading manufacturer of road construction equipment. This acquisition allowed John Deere to diversify its product portfolio and expand into the road construction and rehabilitation segment with electric off-highway machinery.
  • Volvo Construction Equipment and JET Equipment & Tools: In 2021, Volvo Construction Equipment acquired JET Equipment & Tools, a leading Canadian distributor of construction equipment and tools. This acquisition expanded Volvo’s distribution network, enabling better market penetration for their electric off-highway equipment offerings in the North American region.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Electric Off-Highway Equipment Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Electric Off-Highway Equipment Market Electric Truck Market Electric Commercial Vehicle Market
CAGR 13.2% (Approx) CAGR 30% (Approx) CAGR 26% (Approx)
USD 6.5 Billion by 2032 USD 27.5 Billion by 2030 USD 280 Billion by 2030

Electric Off-Highway Equipment Market – Significant Threats

The Electric Off-Highway Equipment Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Competition from Traditional Diesel-Powered Machinery: A significant threat in the Electric Off-Highway Equipment Market is the competition from traditional diesel-powered machinery. The existing familiarity and established infrastructure of diesel-powered equipment may pose a challenge to the rapid adoption of electric off-highway machinery, particularly in industries where transitioning to electric solutions requires substantial investment and operational adjustments.
  • Infrastructure Limitations: One of the significant threats facing the Electric Off-Highway Equipment Market is the lack of sufficient charging infrastructure, particularly in remote or underdeveloped areas. The absence of convenient and accessible charging stations may hinder the widespread adoption of electric machinery, limiting their usage to regions with adequate charging facilities and potentially hindering market growth.
  • Initial Cost and Investment: The higher upfront cost of electric off-highway equipment compared to traditional diesel-powered machinery can be perceived as a barrier to entry for some potential buyers. The initial investment required for electric machinery may discourage businesses and industries from making the transition to electric alternatives, posing a challenge to market expansion.
  • Limited Range and Run Time: Electric off-highway equipment, especially in heavy-duty applications, may face limitations in range and run time. The need for frequent recharging or battery replacement can impact the continuous operation of these machines, potentially affecting productivity and efficiency in certain industries.
  • Competition with Hybrid Technologies: The presence of hybrid off-highway equipment, combining electric and traditional power sources, poses a threat to the exclusive adoption of all-electric machinery. Hybrid technologies offer a middle-ground solution, providing versatility and familiarity, which may delay the full transition to all-electric solutions in certain segments of the market, creating a competitive challenge for all-electric manufacturers.

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.

Category-Wise Insights

By Type:

  • Excavators: Electric excavators are off-highway machinery equipped with electric powertrains, replacing traditional diesel engines with electric motors. The market trends reveal a growing demand for electric excavators due to reduced emissions, lower operating costs, and technological advancements, offering improved efficiency and performance.
  • Loaders: Electric loaders are off-highway equipment designed for material handling and loading tasks, powered by electric motors. The Electric Off-Highway Equipment Market trends show an increasing adoption of electric loaders, driven by the advantages of quieter operation, zero emissions, and lower maintenance costs, making them environmentally friendly and cost-effective alternatives.
  • Dump Trucks: Electric dump trucks are off-highway vehicles used for transporting bulk materials, operating on electric power. The market trends indicate a rising popularity of electric dump trucks, as they contribute to sustainability efforts by reducing emissions, offering energy-efficient solutions, and meeting stringent environmental regulations.
  • Others: The “Others” category includes various electric off-highway equipment types, such as dozers, graders, and material handlers. This segment experiences increasing demand in the Electric Off-Highway Equipment Market, fuelled by advancements in battery technology, greater emphasis on eco-friendly solutions, and continuous innovations in electrifying diverse machinery types.

By Propulsion

  • Electric Propulsion: Electric off-highway equipment operates solely on electric power, utilizing electric motors and batteries to drive the machinery. The market trend highlights a growing demand for electric propulsion due to its zero-emission and low-noise benefits, aligning with sustainability goals and stringent environmental regulations.
  • Hybrid Electric Propulsion: Hybrid electric off-highway equipment combines electric and conventional power sources, such as diesel engines. This propulsion type offers increased efficiency and reduced emissions compared to traditional diesel-powered machinery, driving its adoption as a transitional solution towards fully electric equipment.

Global Electric Off-Highway Equipment Market 2023–2032 (By Billion)

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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.

Global Electric Off-Highway Equipment Market 2023–2032 (By Propulsion)

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Competitive Landscape – Electric Off-Highway Equipment Market

The Electric Off-Highway Equipment Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, a major partnership in the Electric Off-Highway Equipment Market was between a leading electric machinery manufacturer and a renowned battery technology company. The collaboration aimed to develop advanced battery solutions to enhance the performance and range of electric off-highway equipment.

In recent years, several new players have entered the Electric Off-Highway Equipment Market, adopting innovative technologies and development strategies. Startups and emerging companies have focused on introducing advanced battery solutions, telematics, and autonomous functionalities to gain a competitive edge.

These new entrants are leveraging partnerships with established battery manufacturers and technology firms to accelerate their market penetration and offer cutting-edge electric machinery solutions. Established industry leaders such as Caterpillar Inc., Komatsu Ltd., and Volvo Construction Equipment continue to dominate the Electric Off-Highway Equipment Market.

These companies maintain their market dominance through significant investments in research and development, advancing electric propulsion technologies, and expanding their product portfolios to meet diverse industry demands. Their global presence, extensive distribution networks, and strong brand reputation solidify their positions as key players in the market, while their continuous innovation ensures continued growth and leadership.

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

By Type

  • Excavators
  • Loaders
  • Dump Trucks
  • Others

By Propulsion

  • Electric
  • Hybrid Electric

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • 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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Electric Off-Highway Equipment Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Electric Off-Highway Equipment Market : snapshot
  • Chapter 3. Global Electric Off-Highway Equipment Market – Industry Analysis
    • 3.1 Electric Off-Highway Equipment Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Environmental Regulations and Sustainability Initiatives
      • 3.2.2 Cost Savings and Operational Efficiency
      • 3.2.3 Technological Advancements in Battery Technology
      • 3.2.4 Government Incentives and Support
      • 3.2.5 Expansion in Emerging Markets
      • 3.2.6 Collaboration and Partnerships
      • 3.2.7 Technological Integration
      • 3.2.8 Diversification of Product Portfolio.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Propulsion
  • Chapter 4. Global Electric Off-Highway Equipment Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Electric Off-Highway Equipment Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Electric Off-Highway Equipment Market – Type Analysis
    • 5.1 Global Electric Off-Highway Equipment Market overview: By Type
      • 5.1.1 Global Electric Off-Highway Equipment Market share, By Type, 2022 and 2032
    • 5.2 Excavators
      • 5.2.1 Global Electric Off-Highway Equipment Market by Excavators, 2023 – 2032 (USD Billion)
    • 5.3 Loaders
      • 5.3.1 Global Electric Off-Highway Equipment Market by Loaders, 2023 – 2032 (USD Billion)
    • 5.4 Dump Trucks
      • 5.4.1 Global Electric Off-Highway Equipment Market by Dump Trucks, 2023 – 2032 (USD Billion)
    • 5.5 Others
      • 5.5.1 Global Electric Off-Highway Equipment Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Electric Off-Highway Equipment Market – Propulsion Analysis
    • 6.1 Global Electric Off-Highway Equipment Market overview: By Propulsion
      • 6.1.1 Global Electric Off-Highway Equipment Market share, By Propulsion, 2022 and 2032
    • 6.2 Electric
      • 6.2.1 Global Electric Off-Highway Equipment Market by Electric, 2023 – 2032 (USD Billion)
    • 6.3 Hybrid Electric
      • 6.3.1 Global Electric Off-Highway Equipment Market by Hybrid Electric, 2023 – 2032 (USD Billion)
  • Chapter 7. Electric Off-Highway Equipment Market – Regional Analysis
    • 7.1 Global Electric Off-Highway Equipment Market Regional Overview
    • 7.2 Global Electric Off-Highway Equipment Market Share, by Region, 2022 & 2032 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Electric Off-Highway Equipment Market, 2023 – 2032 (USD Billion)
        • 7.3.1.1 North America Electric Off-Highway Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 7.4 North America Electric Off-Highway Equipment Market, by Type, 2023 – 2032
      • 7.4.1 North America Electric Off-Highway Equipment Market, by Type, 2023 – 2032 (USD Billion)
    • 7.5 North America Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032
      • 7.5.1 North America Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Electric Off-Highway Equipment Market, 2023 – 2032 (USD Billion)
        • 7.6.1.1 Europe Electric Off-Highway Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 7.7 Europe Electric Off-Highway Equipment Market, by Type, 2023 – 2032
      • 7.7.1 Europe Electric Off-Highway Equipment Market, by Type, 2023 – 2032 (USD Billion)
    • 7.8 Europe Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032
      • 7.8.1 Europe Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Electric Off-Highway Equipment Market, 2023 – 2032 (USD Billion)
        • 7.9.1.1 Asia Pacific Electric Off-Highway Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 7.10 Asia Pacific Electric Off-Highway Equipment Market, by Type, 2023 – 2032
      • 7.10.1 Asia Pacific Electric Off-Highway Equipment Market, by Type, 2023 – 2032 (USD Billion)
    • 7.11 Asia Pacific Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032
      • 7.11.1 Asia Pacific Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Electric Off-Highway Equipment Market, 2023 – 2032 (USD Billion)
        • 7.12.1.1 Latin America Electric Off-Highway Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 7.13 Latin America Electric Off-Highway Equipment Market, by Type, 2023 – 2032
      • 7.13.1 Latin America Electric Off-Highway Equipment Market, by Type, 2023 – 2032 (USD Billion)
    • 7.14 Latin America Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032
      • 7.14.1 Latin America Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Electric Off-Highway Equipment Market, 2023 – 2032 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Electric Off-Highway Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 7.16 The Middle-East and Africa Electric Off-Highway Equipment Market, by Type, 2023 – 2032
      • 7.16.1 The Middle-East and Africa Electric Off-Highway Equipment Market, by Type, 2023 – 2032 (USD Billion)
    • 7.17 The Middle-East and Africa Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032
      • 7.17.1 The Middle-East and Africa Electric Off-Highway Equipment Market, by Propulsion, 2023 – 2032 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Caterpillar Inc.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Komatsu Ltd.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Volvo Construction Equipment
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Hitachi Construction Machinery Co. Ltd.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Liebherr Group
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Deere & Company (John Deere)
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Sandvik AB
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Doosan Infracore Co. Ltd.
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Wacker Neuson SE
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 SANY Group
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 20

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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

FAQs

The key factors driving the Market are Environmental Regulations and Sustainability Initiatives, Cost Savings and Operational Efficiency, Technological Advancements in Battery Technology, Government Incentives and Support, Expansion in Emerging Markets, Collaboration and Partnerships, Technological Integration And Diversification of Product Portfolio.

The “Type” category dominated the market in 2022.

The key players in the market are 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.

“North America” had the largest share in the Electric Off-Highway Equipment Market.

The global market is projected to grow at a CAGR of 13.2% during the forecast period, 2023-2032.

The Electric Off-Highway Equipment Market size was valued at USD 2.3 Billion in 2022.

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