Product Code: 5261
The global electric off-highway equipment market is slated to expand at a substantial rate through 2028 owing to increasing government initiatives to promote the development of smart cities.
Recently, major players in the industry are investing in electric mobility and construction equipment to reduce carbon emissions, which has been favorable for electric off-highway equipment market growth. For instance, in October 2021, Volvo CE, the Swedish construction equipment firm, announced its plans to launch three novel electric compact construction equipment, namely, the EC18 Electric compact excavator, the ECR18 Electric compact excavator, and the L20 Electric compact wheel loader.
This move was part of Volvo CE's plans to deploy a total of five electric machines, including the previously introduced L25 Electric wheel loader and the ECR25 Electric compact excavator, in addition to these three models. The firm's and the Volvo Group's initiatives to minimize emissions include the development of electric-powered equipment. In June 2021, the Science Based Targets initiative authorized the Volvo Group's climate targets. These targets include achieving net-zero greenhouse gas (GHG) emissions across the value chain at least by 2040 as well as electrifying at least 35% of its total vehicle fleet by 2030.
To cite another instance, in May 2022, Hitachi Energy, a global technology business, was chosen as a technology supplier in the Charge On Innovation Challenge. Hitachi Energy claimed that its proposal fulfilled the judges' stringent criterion for interoperable solutions.
The adaptable design allows the safe delivery of electricity to huge battery-powered off-road electric freight trucks while preserving or boosting productivity. The initiative, which was launched by mining companies BHP, Vale, and Rio Tinto, as well as a number of industry sponsors, brings together companies in the global mining sector to address one of the major obstacles in decarbonizing mining operations - haul truck electrification.
The electric off-highway equipment market has been segmented on the basis of type, propulsion, and region. Based on type, the industry has been divided into excavators, loaders, and dump trucks. The dump trucks sub-segment is expected to register robust growth through the forthcoming years. Increasing landscaping activities as well as rising investments towards the mining industry are slated to boost the demand for dump trucks.
From the regional perspective, the Middle East & Africa electric off-highway equipment market is set to expand substantially through 2028. The proliferation of construction equipment rental businesses and government initiatives in smart cities across MEA are likely to foster regional industry outlook in the future.
Table of Contents
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 degree 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