Marktgröße für elektrische Off-Highway-Geräte – nach Typ (Bagger, Lader, Muldenkipper), nach Antrieb (elektrisch, hybridelektrisch) und Prognose, 2022–2028
Published on: 2024-07-08 | No of Pages : 240 | Industry : Construction
Publisher : MRA | Format : PDF&Excel
Marktgröße für elektrische Off-Highway-Geräte – nach Typ (Bagger, Lader, Muldenkipper), nach Antrieb (elektrisch, hybridelektrisch) und Prognose, 2022–2028
Electric Off-Highway Equipment Market - By Type (Excavators, Loaders, Dump Trucks), By Propulsion (Electric, Hybrid Electric) & Forecast, 2022-2028
Electric Off-Highway Equipment Market Size
Electric Off-Highway Equipment Market size surpassed USD 1.5 billion in 2021 and is anticipated to grow at over 15% CAGR between 2022 and 2028. The rising consumer awareness regarding air pollution and high demand for low noise equipment will drive the industry growth.
Electric off-highway equipment is eco-friendly and requires low maintenance compared to its fuel-based counterparts, accelerating the market demand. Shifting construction companies focus toward sustainable operations will create a favorable environment for the electric off-highway equipment.
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The electric off-highway equipment industry is benefiting from the increasing government initiatives for emission reduction. Various government organizations are focusing on reducing their carbon footprints to contribute to the establishment of a sustainable environment. For instance, the Europe commission has set a 2050 long-term strategy for greenhouse gas emission reduction. Through this strategy, by 2030 Europe will reduce 45% of its net emissions to achieve carbon neutrality.
The major factor boosting the adoption of electric off-highway equipment is the low maintenance cost of these machines. The rising fuel prices are compelling customers to switch to electric off-highway equipment. Industry participants are establishing strategic partnership to introduce new electric off-highway equipment.
The high market price of electric off-highway equipment is one of the key factors restraining its growth. These machines use expensive rechargeable lithium-ion batteries to deliver energy. The costliest component in each battery cell is the cathode, one of the two electrodes that stores and releases charge. The integration of innovative technologies and the high cost of batteries significantly add to the overall cost of the equipment. Market players are investing in R&D activities & innovations in battery technology to reduce the overall battery integration & maintenance costs.
The outbreak of COVID-19 pandemic disrupted the electric off-highway equipment market demand in 2020 and 2021. A slowdown in the industry is attributed to the government-imposed lockdown in several countries that resulted in disruptions in the supply chain of raw materials and shortage of labor. However, from mid-2021, the industry is witnessing high demand owing to significant government investments in infrastructure projects to revive the pandemic-affected economy. Moreover, electric off-highway equipment manufacturers are focusing on expanding their dealer network to achieve higher profitability from this potential market.
| Report Attribute | Details |
|---|---|
| Base Year | 2021 |
| Electric Off-Highway Equipment Market Size in 2021 | 1.5 Billion (USD) |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR | 15% |
| 2028 Value Projection | 4.5 Billion (USD) |
| Historical Data for | 2018 to 2021 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 228 |
| Segments covered | Type, Propulsion |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
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Electric Off-Highway Equipment Market Analysis
The excavators held more than 25% of the market share in 2021. Electric excavators’ robust digging efficiency and maneuverability over rough terrains are creating a positive market revenue. The maintenance cost of these electric excavators is low as compared to the conventional excavators due to reduced counterparts.
Manufacturers are focusing on the development of advanced electric excavators. For instance, in March 2022, Volvo launched ECR25 electric excavator in Asia with operating weight up to 2.7 tons. This electric excavator equipped with an integrated on-board charger allows customers to charge the battery from zero to 80% in under six hours. The development of advanced features in electric excavator by OEMs will foster the market growth for electric off-highway equipment.
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Based on propulsion segment, the electric off-highway equipment market is expected to register a growth rate of nearly 25% through 2028. Companies are focusing on the development of technologically advanced off-highway equipment. The electric truck is equipped with autoswap capabilities and automation-ready technology. These dump trucks dissipate less heat and zero emission, making it suitable for working in underground mining facilities.
The industry leaders are highly emphasizing on improving the quality of their battery to enhance the equipment performance. Owing to this, battery manufacturers are investing in R&Ds as well as new plan construction to attract potential business clients. For instance, in April 2022, POSCO Chemical Co. commenced the construction of an EV & equipment battery material manufacturing plant in South Korea with the investment of USD 237.8 million. The plant is likely to be complete by mid-2024 and the production will start by early 2025, which will produce 30,000 tons of high nickel-cathode materials.
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The North America electric off-highway equipment market size valued at around USD 800 million in 2021, with over 5,000 units of new equipment sold. Increasing number of projects and developments in the infrastructure sector, spurring the market statistics. The presence of established players in this region, such as Caterpillar, Inc., AB Volvo, Deere & Company, J C Bamford Excavators Ltd., Hitachi Construction Machinery Co., Ltd., and Komatsu Ltd., is playing a vital role in driving the market trend.
The government authorities are focusing on investments for the development of infrastructure in the residential and commercial sectors. For instance, in March 2022, the U.S. Department of Agriculture (USDA) invested USD 166.5 million in the development of 108 infrastructure projects, propelling the sale of electric off-highway equipment in the region. USDA’s Natural Resources Conservation Service (NRCS) invested in new flood prevention and dam projects in 23 states in country. The department is also investing in repairing and maintaining existing watershed infrastructure in the country.
Electric Off-Highway Equipment Market Share
Prominent players in the electric off-highway equipment market include
- 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
- JCB
Companies are emphasizing on partnerships and new product launches to accelerate their share through 2028. In January 2022, Moog Inc. launched a business venture to develop electric and zero-emission systems for construction equipment. Moog Construction aimed to replace the diesel-powered engine and hydraulics of construction equipment with electrification systems.
This market research report on electric off-highway equipment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2028 for the following segments
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Market, By Type
- Excavators
- Loaders
- Dump Trucks
- Others
Market, By Propulsion
- Electric
- Hybrid Electric
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Brazil
- Mexico
- MEA
- UAE
- Saudi Arabia
- South Africa
Table of Content
Report Content
Chapter 1 Methodology and Scope
1.1 Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Scope, definition and forecast parameters
1.1.4.1 Definitions
1.1.4.2 Assumptions, methodology and forecast parameters
1.2 Region wise impact analysis of COVID-19
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 MEA
1.3 Data Sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 Electric off-highway equipment industry 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Propulsion trends
2.1.4 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Russia-Ukraine war impact
3.3 Impact of COVID-19 on Electric off-highway equipment industry landscape
3.3.1 Global outlook
3.3.2 Regional impact
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 MEA
3.3.3 Industry value chain
3.3.3.1 Research & development
3.3.3.2 Manufacturing
3.3.3.3 Marketing
3.3.3.4 Supply
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Distribution network
3.3.4.3 Business growth
3.4 Industry ecosystem analysis
3.4.1 Component suppliers
3.4.2 Technology providers
3.4.3 Manufacturers
3.4.4 End use landscape
3.4.5 Profit margin analysis
3.4.6 Distribution channel analysis
3.4.7 Vendor matrix
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
3.7.1 ISO standards
3.7.2 North America
3.7.3 Europe
3.7.4 Asia Pacific
3.7.5 Latin America
3.7.6 MEA
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
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Internal rivalry
3.11 PESTEL analysis
Chapter 4 Competitive Landscape
4.1 Introduction
4.2 Company market share analysis, by region
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Latin America
4.2.5 MEA
4.3 Competitive analysis of major market players
4.3.1 XCMG Co. Ltd.
4.3.2 Komatsu Ltd.
4.3.3 BYD Auto Co. Ltd.
4.3.4 Volvo CE
4.3.5 Caterpillar, Inc.
4.4 Vendor adoption matrix
Chapter 5 Electric Off-Highway Equipment Market, By Type
5.1 Key trends, by product
5.2 Electric
5.2.1 Market estimates and forecast, 2018 – 2028
5.3 Engine Powered
5.3.1 Market estimates and forecast, 2018 – 2028
Chapter 6 Electric Off-Highway Equipment Market, By Propulsion
6.1 Key trends, by propulsion
6.2 Electric
6.2.1 Market estimates and forecast, 2018 – 2028
6.3 Hybrid Electric
6.3.1 Market estimates and forecast, 2018 – 2028
Chapter 7 Electric Off-Highway Equipment Market, By Region
7.1 Key trends, by region
7.2 North America
7.2.1 Market estimates and forecast, by type, 2018 – 2028
7.2.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.2.3 U.S.
7.2.3.1 Market estimates and forecast, by type, 2018 – 2028
7.2.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.2.4 Canada
7.2.4.1 Market estimates and forecast, by type, 2018 – 2028
7.2.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3 Europe
7.3.1 Market estimates and forecast, by type, 2018 – 2028
7.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3.3 UK
7.3.3.1 Market estimates and forecast, by type, 2018 – 2028
7.3.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3.4 Germany
7.3.4.1 Market estimates and forecast, by type, 2018 – 2028
7.3.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3.5 France
7.3.5.1 Market estimates and forecast, by type, 2018 – 2028
7.3.5.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3.6 Italy
7.3.6.1 Market estimates and forecast, by type, 2018 – 2028
7.3.6.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.3.7 Russia
7.3.7.1 Market estimates and forecast, by type, 2018 – 2028
7.3.7.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.4 Asia Pacific
7.4.1 Market estimates and forecast, by type, 2018 – 2028
7.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.4.3 China
7.4.3.1 Market estimates and forecast, by type, 2018 – 2028
7.4.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.4.4 India
7.4.4.1 Market estimates and forecast, by type, 2018 – 2028
7.4.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.4.5 Japan
7.4.5.1 Market estimates and forecast, by type, 2018 – 2028
7.4.5.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.4.6 South Korea
7.4.6.1 Market estimates and forecast, by type, 2018 – 2028
7.4.6.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.5 Latin America
7.5.1 Market estimates and forecast, by type, 2018 – 2028
7.5.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.5.3 Brazil
7.5.3.1 Market estimates and forecast, by type, 2018 – 2028
7.5.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.5.4 Mexico
7.5.4.1 Market estimates and forecast, by type, 2018 – 2028
7.5.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.6 MEA
7.6.1 Market estimates and forecast, by type, 2018 – 2028
7.6.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.6.3 UAE
7.6.3.1 Market estimates and forecast, by type, 2018 – 2028
7.6.3.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.6.4 Saudi Arabia
7.6.4.1 Market estimates and forecast, by type, 2018 – 2028
7.6.4.2 Market estimates and forecast, by Propulsion, 2018 – 2028
7.6.5 South Africa
7.6.5.1 Market estimates and forecast, by type, 2018 – 2028
7.6.5.2 Market estimates and forecast, by Propulsion, 2018 – 2028
Chapter 8 Company Profiles
8.1 BEML Limited
8.1.1 Business Overview
8.1.2 Financial Data
8.1.3 Type Landscape
8.1.4 Strategic Outlook
8.1.5 SWOT Analysis
8.2 BYD Company LTD
8.2.1 Business Overview
8.2.2 Financial Data
8.2.3 Type Landscape
8.2.4 Strategic Outlook
8.2.5 SWOT Analysis
8.3 Caterpillar Inc.,
8.3.1 Business Overview
8.3.2 Financial Data
8.3.3 Type Landscape
8.3.4 Strategic Outlook
8.3.5 SWOT Analysis
8.4 Deere & Company
8.4.1 Business Overview
8.4.2 Financial Data
8.4.3 Type Landscape
8.4.4 Strategic Outlook
8.4.5 SWOT Analysis
8.5 Epiroc AB
8.5.1 Business Overview
8.5.2 Financial Data
8.5.3 Type Landscape
8.5.4 Strategic Outlook
8.5.5 SWOT Analysis
8.6 Hitachi Construction Machinery
8.6.1 Business Overview
8.6.2 Financial Data
8.6.3 Type Landscape
8.6.4 Strategic Outlook
8.6.5 SWOT Analysis
8.7 J.C. Bamford Excavators Limited
8.7.1 Business Overview
8.7.2 Financial Data
8.7.3 Type Landscape
8.7.4 Strategic Outlook
8.7.5 SWOT Analysis
8.8 Komatsu Ltd,
8.8.1 Business Overview
8.8.2 Financial Data
8.8.3 Type Landscape
8.8.4 Strategic Outlook
8.8.5 SWOT Analysis
8.9 Liebherr-International AG
8.9.1 Business Overview
8.9.2 Financial Data
8.9.3 Type Landscape
8.9.4 Strategic Outlook
8.9.5 SWOT Analysis
8.10 SANY Group
8.10.1 Business Overview
8.10.2 Financial Data
8.10.3 Type Landscape
8.10.4 Strategic Outlook
8.10.5 SWOT Analysis
8.11 Sennebogen Maschinenfabrik GmbH
8.11.1 Business Overview
8.11.2 Financial Data
8.11.3 Type Landscape
8.11.4 Strategic Outlook
8.11.5 SWOT Analysis
8.12 Terex Corporation
8.12.1 Business Overview
8.12.2 Financial Data
8.12.3 Type Landscape
8.12.4 Strategic Outlook
8.12.5 SWOT Analysis
8.13 XCMG Group
8.13.1 Business Overview
8.13.2 Financial Data
8.13.3 Type Landscape
8.13.4 Strategic Outlook
8.13.5 SWOT Analysis
8.14 Volvo Construction Equipment
8.14.1 Business Overview
8.14.2 Financial Data
8.14.3 Type Landscape
8.14.4 Strategic Outlook
8.14.5 SWOT Analysis