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Global Electric Off-highway and Industrial Equipment Market Growth (Status and Outlook) 2024-2030

Global Electric Off-highway and Industrial Equipment Market Growth (Status and Outlook) 2024-2030

Product Code:1232695

Published Date: Oct 23,2024

Pages: 171

Region: Global

Category: Machinery & Equipment

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"Electric Off-highway Equipment" refers to vehicles and machinery designed for use in off-road environments, such as construction sites, mining operations, agriculture, and forestry, that are powered by electric propulsion systems. The term encompasses a variety of heavy-duty equipment traditionally powered by internal combustion engines but has been electrified for improved efficiency, reduced emissions, and sometimes lower operational costs.

The global Electric Off-highway and Industrial Equipment market size is projected to grow from US$ 32600 million in 2024 to US$ 73150 million in 2030; it is expected to grow at a CAGR of 14.4% from 2024 to 2030.

LPI (LP Information)' newest research report, the “Electric Off-highway and Industrial Equipment Industry Forecast” looks at past sales and reviews total world Electric Off-highway and Industrial Equipment sales in 2022, providing a comprehensive analysis by region and market sector of projected Electric Off-highway and Industrial Equipment sales for 2023 through 2029. With Electric Off-highway and Industrial Equipment sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Electric Off-highway and Industrial Equipment industry.

This Insight Report provides a comprehensive analysis of the global Electric Off-highway and Industrial Equipment landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Electric Off-highway and Industrial Equipment portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Electric Off-highway and Industrial Equipment market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Electric Off-highway and Industrial Equipment and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Electric Off-highway and Industrial Equipment.

Electric Off-highway Equipment mainly includes Loaders, Excavators, Dump Trucks, Forklift & Tow Tractor, Tractor and Others. Electric Forklift & Tow Tractor segment accounts for 73% market share in terms of volume in 2022. For other equipment: electric bulldozers and electric concrete mixers, there are relatively few commercial companies in the world. Electric bulldozers are mainly Caterpillar, while electric concrete mixers are mainly CIFA (Zoomlion).

The downstream of Electric Off-highway and Industrial Equipment is mainly used in engineering construction, mining, water conservancy, agriculture and forestry, and warehousing and logistics. With the acceleration of the electrification trend of industrial and agricultural equipment, electric off-highway equipment is ushering in unprecedented development opportunities.

In the field of agriculture, Electric Off-highway equipment is gradually occupying an increasingly important position. Compared with traditional fuel engines, electric motors have shown extraordinary applicability in multiple agricultural sub-sectors such as farmland irrigation, agricultural machinery drive, mechanical processing, and poultry and livestock breeding with their significant advantages of strong power, smooth operation, high adaptability, low noise, and zero or extremely low emissions. With the continuous innovation of motor technology, especially the increasing maturity of low-speed and high-torque motor technology, and the significant improvement of battery energy storage technology, the performance of electric agricultural machinery has achieved a qualitative leap, not only with higher operating efficiency, but also with the ability to cover a wider range of operating scenarios, injecting new vitality into the green development of modern agriculture.

In other fields, Electric Off-highway equipment also demonstrates an indispensable role. Especially in key scenarios such as construction engineering, mining operations, and water conservancy facilities construction, electric loaders, excavators, dump trucks and other equipment are becoming more and more common. The widespread use of these electric equipment has not only significantly improved work efficiency and achieved a significant reduction in energy consumption, but also contributed to environmental protection by reducing pollutant emissions, and promoted the green transformation and development of the industrial field.

Electric agricultural machinery (tractors) is a new market, and the core companies are mainly YANMAR, KUBOTA Corporation, John Deere, Monarch Tractor and AgXeed. As governments around the world increase their support for environmental protection and new energy industries, the electric off-road agricultural equipment market will also usher in more development opportunities.

Globally, electric off-road and industrial equipment companies are mainly distributed in the United States, Europe (Germany, Sweden, Finland, Italy, France), China, Japan and other countries. The top core companies mainly include Toyota Material Handling, Kion, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Komatsu, Crown Equipment Corporation, Caterpillar, Anhui Heli, Hangcha, Doosan, Sandvik AB and Hitachi Construction Machinery, etc. The top 10 companies have a share of more than 55%.

This report presents a comprehensive overview, market shares, and growth opportunities of Electric Off-highway and Industrial Equipment market by product type, application, key players and key regions and countries.

Segmentation by Type:
    Loaders
    Excavators
    Dump Trucks
    Forklift & Tow Tractor
    Tractor
    Others

Segmentation by Application:
    Construction
    Mining
    Water Conservancy
    Warehouse and Logistics
    Agriculture and Forestry
    Others

This report also splits the market by region:
    Americas
        United States
        Canada
        Mexico
        Brazil
    APAC
        China
        Japan
        Korea
        Southeast Asia
        India
        Australia
    Europe
        Germany
        France
        UK
        Italy
        Russia
    Middle East & Africa
        Egypt
        South Africa
        Israel
        Turkey
        GCC Countries

Segmentation by Type:
    Loaders
    Excavators
    Dump Trucks
    Forklift & Tow Tractor
    Tractor
    Others

Segmentation by Application:
    Construction
    Mining
    Water Conservancy
    Warehouse and Logistics
    Agriculture and Forestry
    Others

This report also splits the market by region:
    Americas
        United States
        Canada
        Mexico
        Brazil
    APAC
        China
        Japan
        Korea
        Southeast Asia
        India
        Australia
    Europe
        Germany
        France
        UK
        Italy
        Russia
    Middle East & Africa
        Egypt
        South Africa
        Israel
        Turkey
        GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
    Toyota Material Handling
    Kion
    Jungheinrich
    Mitsubishi Logisnext
    Hyster-Yale
    Komatsu
    Crown Equipment Corporation
    Caterpillar
    Anhui Heli
    Hangcha
    Doosan
    Sandvik AB
    Hitachi Construction Machinery
    Shaanxi Tonly Heavy Industries
    Volvo Construction Equipment
    YANMAR
    KUBOTA Corporation
    CIFA (Zoomlion)
    Sunward Intelligent
    XCMG
    Liebherr
    Zhengzhou Yutong Heavy Industry
    John Deere
    BRETON
    SANY Group
    Shantui Construction Machinery
    Tianjin Know-how Technology
    Huzhou Hongwei New Energy Automobile
    Liugong Machinery
    Monarch Tractor