Uncovering the Economic Impact: Electric Off-Highway Equipment Industry Value Chain Analysis

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.

Access the Global Electric Off-Highway Equipment Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Electric Mining Equipment Market Growth & Trends

The global Electric Mining Equipment Market is expected to expand at a 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.

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

Electric Agriculture Equipment Market Growth & Trends

The global Electric Agriculture Equipment Market is growing at a CAGR of 6.1% during the forecast period, as per a new report by Grand View Research, Inc. Growing commercial farming coupled with a labour shortage is a major factor driving the market growth for electric agricultural equipment. The demand for increased crop yield and the hovering threat of food security is other factors supplementing the market growth for electric agricultural equipment in major agricultural economies. The integration of electric propulsion in agricultural mechanisms owing to increased crop yield, decreased production cost, reduction in post-harvest losses, and efficient time management are also favouring the market growth worldwide.

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. The increasing concentration of commercial farming in regions of Asia, such as China and India, is further expected to support the demand for E-agriculture tractors. E- tractors carry certain advantages against their conventional counterparts, such as lesser sounds, economic feasibility, lower maintenance, longer product life, and compact designs are helping electric agricultural tractors gain traction within the farming and food & beverage industry.

The incumbents are leveraging technologies such as Artificial Intelligence, fleet management, data analytics, and autonomous vehicle principles for cost-effective and sustainable farming operations. For instance, in November 2022, Monarch Tractors announced the development of autonomous E-tractors calming to save 53 metric tons of carbon dioxide and USD 18 thousand per tractor. While addressing the growing shortage of farm labour, Monarch Tractors enables a single tractor operator to manage eight fleets of the electric tractor. The tractors are equipped with sensors and cameras for precise farm mapping while ensuring vehicle safety through real-time pitch management.

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

Competitive Landscape

Key players operating in the Electric Off-Highway Equipment industry are:

• AGCO Corp.
• CNH Industrial N.V.
• Deere & Company
• CLAAS KGaAmbH
• Escorts Ltd.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

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.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
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Electric Off-Highway Equipment Industry Top Players Analysis: Escorts Ltd., YanmarCo., Ltd., and Liebherr

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.

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

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.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

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. 

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter

Electric Off-Highway Equipment Industry Consumer Behaviour Analysis and Technology Estimates

Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, Mining Equipment Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 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.

Access the Global Electric Off-Highway Equipment Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.

Electric Construction Equipment Market Report Highlights

The global Electric Construction Equipment Market size was valued at USD 1,242.8 million in 2022 and is projected to expand 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 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.

Electric Agriculture Equipment Market Report Highlights

The global Electric Agriculture Equipment Market size was valued at USD 16,236.0 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030.

• Growing commercial farming coupled with a labour shortage is a major factor driving the market growth for electric agricultural equipment.
• The demand for increased crop yield and the hovering threat of food security is other factors supplementing the market growth for electric agricultural equipment in major agricultural economies.
• The integration of electric propulsion in agricultural mechanisms owing to increased crop yield, decreased production cost, reduction in post-harvest losses, and efficient time management are also favouring the market growth worldwide.
• The growing traction towards farm mechanization is supporting the uptake of electric technology. Electrical agricultural equipment like tractors, threshers, and other cultivation equipment can aid in numerous farming chores. 

Order your copy of 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

Electric Mining Equipment Market Report Highlights

The global Electric Mining Equipment Market size was valued at USD 94,498.3 million in 2022 and is expected to expand 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.

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

Competitive Landscape

Companies are adopting several growth strategies, such as partnerships, mergers & acquisitions, and product launches, to stay afloat in the competitive industry. For instance, in June 2022, Komastu Ltd. announced its partnership with Cummins Inc to develop zero-emission haulage equipment.

Key players operating in the Electric Off-Highway Equipment Industry are:

• AGCO Corp.
• CNH Industrial N.V.
• Deere & Company
• CLAAS KGaAmbH
• Escorts Ltd.
• International Tractors Ltd.
• YanmarCo., Ltd.
• KubotaCorp.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

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.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter

Electric Off-Highway Equipment Industry is driven by Government Support with Loan Waivers/Credit Finance

The global electric off-highway equipment industry size will observe an upward growth trajectory on the back of agriculture equipment electrification and urbanization, according to the "Electric Off-Highway Equipment Industry Data Book, 2023 – 2030," published by Grand View Research. Original Equipment Manufacturers (OEMs) have witnessed an influx of funds into state-of-the-art technologies, including advanced analytics, connectivity, ADAS, cloud, telematics and machine vision. Advanced technologies have become sought-after across construction, agriculture and mining sectors to curb carbon emissions and bolster sustainability.

Heightened demand for electric equipment, including electric dump trucks, mining trucks, dozers, motor graders, excavators and loaders, has reinforced the industry growth. Amidst surging noise pollution, end-users have shown a notable inclination for low-noise equipment and zero-exhaust emissions. Customers are also likely to seek tools that are in line with environmental regulations, requiring lower maintenance and vibrations. To illustrate, in May 2022, Bobcat Company unleashed the expertise of the zero-emission, off-road construction equipment in California. The company asserts it will help keep up the state's climate goals, boost a low-carbon future and enhance air quality.

Order your copy of the Free Sample of " Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, and Mining Equipment Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030 " Data Book, published by Grand View Research

Soaring noise pollution has furthered the footprint of electric construction equipment, prompting OEMs to inject funds into the landscape. Since governments and other watchdogs have implemented rigorous emission standards, battery-powered construction equipment has garnered immense traction globally. According to a House of Commons Committee report 2022-2023, the built environment accounts for 25% of the U.K.'s total greenhouse gas emissions. Besides, the U.K.'s 6^th Carbon Budget warrants carbon emissions to be minimized by 78% by 2035.

Prominently, 62% of the total waste in the U.K. is attributed to the construction, demolition and excavation sector. Carbon regulations are likely to propel the use of electric equipment. For instance, the "Buy Clean California Act" lays Carbon Intensity Limits on specific construction materials for infrastructure projects and public buildings. The electric construction equipment market size stood at USD 1.24 billion in 2022 and will depict a robust CAGR of 14.8% from 2023 to 2030.

The foray of innovations and digitization into the mining sector has brought a paradigm shift in the electrification of off-highway equipment. Electric machines are touted to boost sustainability, working conditions, productivity and RoI. Concerted efforts to enhance environmental, social and governance (ESG) performance will leverage miners to foster their sustainability profile.

The growing applications of electric & hybrid-electric tools, digital twinning and advancements in maintenance and monitoring will provide opportunities, both locally and globally. The electric mining equipment market size was valued at USD 94.49 billion in 2022 and could observe around 11.5% CAGR over the forecast period. The environmental and economic upsides will gain momentum with AI's introduction in the mining industry. It will leverage digital miners to use sensor network technologies for real-time surveillance and reduce asset idle time.

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

Industry leaders are poised to emphasize the following dynamics to tap into the global market:

• Electric agriculture equipment will observe prominent growth with the rising penetration of commercial farming and farm mechanization.
• Off-road construction equipment could be the next frontier with soaring subsidies and incentives for a cost-effective and efficient solution.
• Europe could account for a notable share of the global market with buoyant investments in the electrification of off-road mining vehicles. For instance, in October 2022, Shell announced the formation of a nine-member consortium to expedite the electrification of off-road mining vehicles.

Incumbents envisage North America electric off-highway equipment industry share to be pronounced following the prevalence of comprehensive infrastructure plans. In March 2021, U.S. President Joe Biden revealed a USD 2.25 trillion plan to boost the nation's infrastructure and address climate change. In February 2023, President Biden's Bipartisan Infrastructure Law announced the pouring of more than USD 7 billion in EV battery components, critical minerals and materials and USD 10 billion in clean transportation.

A notable uptick in the farm economy in the U.S. will accentuate regional growth. Equipment manufacturers expect infrastructure modernization, including bridges, roads, waterways, ports, locks and broadband, to augment economic competitiveness. For instance, in November 2021, Gridtractor announced the rollout of fleet electrification services to propel zero-emission agriculture. The company will use on-farm electrical services with new technology (charging and monitoring) to streamline electric tractor operations.

The competitive landscape alludes to an increased emphasis on organic and inorganic strategies, including product offerings, technological advancements, innovation, geographical expansion, R&D activities, collaboration and mergers & acquisitions. To illustrate, in July 2022, Sandvik sealed a USD 32 million order for battery electric mining equipment. Meanwhile, in February 2023, Volvo Construction Equipment announced an infusion of SEK 80 million (USD 7.8 million) in battery pack production in South Korea. The company suggested 35% of machine sales would be electric by 2030. The current trend is poised to encourage equipment manufacturers to expand their footprint globally.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

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.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter