Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, Mining Equipment Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Electric Off-Highway Equipment Industry is anticipated to increase at a significant CAGR from 2023 to 2030.
Grand View Research’s Electric Off-Highway Equipment industry databook is a collection of market sizing information & forecasts, 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.
Electric Construction Equipment Market Insights
The global Electric Construction Equipment Market size was valued at USD 1,242.8 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.8% from 2023 to 2030. The electric construction equipment market is experiencing growth owing to stringent laws on noise and carbon emissions caused in closed construction and urban area. The increase in noise pollution in the cities has become a potential threat owing to ra mping up construction projects. The noise pollution from the equipment, such as loaders, excavators, and motor graders, have prompted municipal corporation in European cities such as Copenhagen, Oslo, Stockholm, and Helsinki to launch initiatives to launch pilot projects for zero-emission construction sites.
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. The changed battery can be charged individually without compromising the operating hours and reducing idle time. OEMs such as Volvo and Hyundai are also developing and testing heavy equipment machinery. Recently, Hyundai Construction Equipment has partnered with Hyundai Motor Group to create construction equipment driven by the hydrogen fuel cells. Hyundai Construction Equipment will design, manufacture, and assess the performance of excavators and forklifts. At the same time, Hyundai Motors and Hyundai Mobis will develop and produce hydrogen fuel cell systems, including power packs. 2023 has been chosen as the deadline for widespread production and distribution.
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Electric Mining Equipment Market Insights
The global Electric Mining Equipment Market size was valued at USD 94,498.3 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030. The mining industry has been dependent on diesel for its major operation, such as transportation vehicles, along with operating mining equipment for underground and surface mining. According to International Council on Mining and Metals (ICMM), diesel-powered engines emit 30 to 80 % of emissions in a mining site. With mining concentrated in hostile and harsh terrains with extreme temperatures, the emission emitted contributes to the higher temperature. Using diesel-powered equipment generates more pollutants while producing more noise and heat while incurring higher operational costs. These factors of conventional mining equipment are fueling the adoption of electric mining equipment in the mining industry.
The continuously growing global population has surged the requirement for increased industrial activities and infrastructure development projects. In countries with high mining concentration, several nations with the most mining equipment, including China, Russia, Indonesia, South Africa, Australia, the USA, Canada, and Chile, may provide considerable investment opportunities for supporting the uptake of electric mining equipment in their respective regions A range of variants that are either rechargeable batteries, cable-tethered, or use overhead trolley-lines make up most electrified mining equipment. The latter are more common in open-pit mines where using big surface trucks is necessary.
Go through the table of content of Electric Off-Highway Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study
Electric Off-Highway Equipment Industry Data Book Competitive Landscape
Key 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.
Key players operating in the Electric Off-Highway Equipment Industry are:
- AGCO Corp.
- CNH Industrial N.V.
- Deere & Company
- CLAAS KGaAmbH
- Escorts Ltd.
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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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