Electric Off-Highway Equipment Market Size, Share, Analysis, Trends, Growth, 2032

Electric Off-Highway Equipment Industry Prospective:

The global electric off-highway equipment market size was evaluated at $3 billion in 2023 and is slated to hit $7 billion by the end of 2032 with a CAGR of nearly 14% between 2024 and 2032.

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Electric Off-Highway Equipment Market: Overview

Electric off-highway device is bringing a paradigm shift in the construction & mining sectors through offering of numerous operational as well as environmental benefits to the end-users. Moreover, this shift towards electrification is driven by escalating necessity of minimizing carbon emissions along with alleviating operational expenses & reducing long-term costs.  

Key Insights

• As per the analysis shared by our research analyst, the global electric off-highway equipment market is projected to expand annually at the annual growth rate of around 14% over the forecast timespan (2024-2032)
• In terms of revenue, the global electric off-highway equipment market size was evaluated at nearly $3 billion in 2023 and is expected to reach $7 billion by 2032.
• The global electric off-highway equipment market is anticipated to grow rapidly over the forecast timeline owing to favorable government policies and need for enhancing efficacy of electric motors.
• In terms of equipment type, the excavator segment is slated to register the highest CAGR over the forecast period.
• Based on powertrain type, the battery electric vehicles segment is predicted to contribute majorly towards global market revenue in the ensuing years.
• On the basis of application, the construction segment is likely to maintain segmental domination in the forthcoming years.
• Region-wise, the European electric off-highway equipment industry is projected to register the fastest CAGR during the assessment timespan.

Electric Off-Highway Equipment Market: Growth Factors

Supportive government schemes to expedite the global market expansion over forecast period

Favorable government policies and need for enhancing efficacy of electric motors will drive the global electric off-highway equipment market trends. Breakthroughs in battery technologies leading to improved energy density & rapid charging is predicted to translate into huge demand for the product in the coming years.

Humungous need for automation and digitization will proliferate the expansion of the market globally. Growing focus on minimizing carbon emissions from various end-use sectors is likely to augment the market landscape globally in the years ahead. Rapid growth of charging infrastructure has led to a massive increase in the sale of the product, thereby creating a profitable growth map for the business.  

Electric Off-Highway Equipment Market: Restraints

Rising battery costs can put brakes on the global industry in the coming eight years

Huge battery prices and an increase in the fund allocation for upgrading charging infrastructure in remote regions can obstruct the expansion of the global electric off-highway equipment industry.  Longer charging times and restricted operating range can restrict the global industry.

Electric Off-Highway Equipment Market: Opportunities

A surge in the demand for smart technologies to open new growth avenues for the global market

Breakthroughs in the battery technologies and integrating of sources of renewable energy including wind power and solar power are expected to protrude the global electric off-highway equipment market. Furthermore, an increase in the use of smart tools such as AI and IoT will embellish the growth of the global market.

Electric Off-Highway Equipment Market: Challenges

Lesser access to expertise can challenge the global industry surge over the forecast period

Maintenance and training requirements and performance issues are expected to retard the growth of the global electric off-highway equipment industry. Moreover, lack of availability of skilled personnel and regulatory obstructions can inhibit the global industry. Furthermore, extreme temperatures have severely impacted battery performance and harsh climatic conditions can hinder the global industry expansion. 

Electric Off-Highway Equipment Market: Report Scope

Electric Off-Highway Equipment Market: Segmentation

The global electric off-highway equipment market is divided into equipment type, powertrain type, application, and region.     

In terms of equipment type, the electric off-highway equipment market across the globe is segmented into excavators, bulldozers, wheel loaders, and dump trucks segments. Apparently, the excavator segment, which garnered nearly 51% of the global market proceeds in 2023, is set to record fastest CAGR in the next couple of years owing to large-scale use of electric excavators in construction & mining equipment. Need for reducing GHG emissions will further increase the product demand in various end-use sectors. Low maintenance charges and fuel costs of the product can further aid the segmental surge.

Based on the powertrain type, the global electric off-highway equipment industry is divided into plug-in hybrid vehicles, battery electric vehicles, and hybrid electric vehicles segments. Apparently, the battery electric vehicles segment, which led the global industry share in 2023, is set to contribute lucratively towards the global market revenue in the coming years and this can be subject to growing focus on providing clean solutions, lower operating costs, and breakthroughs in battery technologies.

On the basis of application, the global electric off-highway equipment market is segregated into mining, farming, construction, and forestry segments. Moreover, the construction segment, which led the segmental surge in 2023, is likely to retain its segmental dominance even in the near future subject to humungous demand for construction devices along with need for infrastructural growth.

Electric Off-Highway Equipment Market: Regional Insights

Asia-Pacific is projected to maintain leading status in the global market over the projected timeframe

Asia-Pacific, which accounted for about two-thirds of the global electric off-highway equipment market size in 2023, is set to establish a leading position in the global market during the forecast timeline. Additionally, the regional market surge in the coming seven years can be due to swift urbanization and industrialization. Furthermore, a rise in the construction & mining activities in the countries such as India and China have augmented the use of the product in the region.   

European electric off-highway equipment industry is anticipated to register the highest CAGR in the expected timeline. The geometric expansion of the industry in Europe can be credited to strict emission norms implemented in the European countries. Moreover, huge focus on sustainability & minimizing climate change has led to demand for zero-emitting systems, thereby fostering the growth of the industry in Europe.  

Electric Off-Highway Equipment Market: Competitive Space

The global electric off-highway equipment market profiles key players such as:

• Hyundai Construction Equipment
• Liebherr International AG
• John Deere
• Caterpillar Inc.
• Komatsu Ltd.
• Volvo CE
• BEML Limited
• Hitachi Construction Machinery Co. Ltd.
• JCB
• SANY Heavy Industry Co. Ltd.
• Doosan Infracore
• XCMG Group Co. Ltd.
• OJSC BelAZ

The global electric off-highway equipment market is segmented as follows:

By Equipment Type

• Excavators
• Bulldozers
• Wheel Loaders
• Dump Trucks

 By Powertrain Type

• Plug-in Hybrid Vehicles
• Battery Electric Vehicles
• Hybrid Electric Vehicles

By Application

• Mining
• Farming
• Construction
• Forestry

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa