Electric Off-Highway Equipment Sector 2023: Market Insights and Projections
Author : scott Bang | Published On : 25 Oct 2023
Electric Off-Highway Equipment Industry Data Book | Forecast 2030
Electric Off-Highway Equipment Industry Data Book - Electric Agriculture Equipment, Construction Equipment, Mining Equipment Market
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 Agriculture Equipment Market Report Highlights
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. In order to execute a number of crop production processes, mechanization entails the careful application of inputs by utilizing agricultural equipment, such as power-driven machinery and hand tool, which guarantees a decrease in the labour-intensive tasks associated with various farm activities and refocuses the use of inputs to maximize the potential of available resources.
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.
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, published by Grand View Research
Electric Construction Equipment Market Report Highlights
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 ramping 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 city of Helsinki signed the green deal in 2020 to create zero-emission worksites, and the practice will be slowly applied to the whole town. The authorities said that as a result of the initiative, it has chosen to use minimal parameters for procuring all upcoming street infrastructure and outsourced infrastructure projects. By 2025, every city's construction sites are expected to be fossil fuel-free; by 2030, all emissions will be eliminated. Similarly, by 2040 London has also declared its intention to reduce emissions from construction sites to zero.
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.
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 Mining Equipment Market Report Highlights
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.
This offers many benefits, such as reduced noise due to the absence of engines and limited greenhouse gas emissions. Electric mining equipment help in reducing heat in underground mine by increasing ventilation and cooling in the underground mining environment. The ongoing urbanization and industrialization are fueling the demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is expected to boost the demand for electric mining equipment, thereby leading to the growth of the market for this equipment worldwide. Companies operating in the mining equipment market are enhancing their product portfolio by including electric equipment in the lineup to meet the demand for various types of electric mining equipment, such as mineral processing equipment, crushers, surface mining tools, screening equipment, and mining drills & breakers. A range of variants that are either rechargeable batteries, cable-tethered, or use overhead trolley lines make up the most electrified mining equipment. The latter are more common in open-pit mines where using big surface trucks is necessary.
Competitive Landscape
The market is competitive with the presence of major players Komatsu Ltd, Caterpillar Inc MaterMacc S.p.A, AGCO Corp., CLAAS KGaAmbH, Mahindra & Mahindra Ltd., SDF S.p.A., J C Bamford Excavators Ltd among others. These 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. For instance, in June 2022, Komastu Ltd. announced its partnership with Cummins Inc to develop zero-emission haulage equipment. The haulage vehicle will be a hybrid vehicle running on power sources such as diesel, hydrogen fuel cells, and battery power. Komastu Ltd. will be able to leverage Cummins Inc's expertise in E-batteries, electrolyzes, and fuel cell systems.
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