Electric Off-highway Equipment Market 2022-2028; Growth Forecast & Industry Shar

1. Electric Off-highway Equipment Market Analysis, Share, Trend Industry Report, 2028

2. Industry Insights • A research study conducted by Global Market Insights, Inc., the global electric off-highway equipment market size may surpass USD 4.5 billion by 2028. • Rising environmental concerns associated with GHG emissions and surging air pollution levels will support the development of the global electric off-highway equipment market landscape. This is because rising pollution levels lead to an increasing inclination towards eco-friendly, low noise, and easy to maintain equipment. Over the recent years, governments across several economies have taken necessary initiatives and imposed stringent regulations against fuel-based off-highway equipment due to increasing fuel prices and achieving zero-emission goals. • While the government imposed lockdowns in several economies, resulting in the scarcity of raw materials and supply chain bottlenecks globally, the electric off-highway equipment industry is back on the path of recovery backed by the high profitability, expanding dealerships, and a supportive policy framework. This being said, efforts by major industry players to scale up clean energy by deploying existing technologies and encouraging the adoption of new and disruptive technologies will aid the market expansion.

3. The electric excavators segment has been gaining significant momentum, driven by increasing demolition, river dredging, and road construction projects. Battery-powered excavators abide by the government regulations of meeting low-noise and zero-emission requirements. In addition, escalating new launches and the introduction of energy-enhancing technology such as smart turbocharging to improve machine drivability and responsiveness will increase the off-highway equipment market share. • For instance, in May 2022, JCB India, India’s leading construction and earthmoving equipment manufacturer, introduced JCB 19C-1E, the country's first fully electric excavator, at Excon, Bengaluru, under its Road to Zero initiative. The machine is equipped with several built-in features that improve performance and safety and is ideal for infrastructure development in indoor working and urban areas. • In May 2022, Xos Inc. announced its partnership with Allison Transmission, Inc., a leading manufacturer of fully-electric and electric hybrid and propulsion systems, to create heavy-duty next-gen Class 7 and 8 commercial electric vehicles that will transform the way fleets operate. The partnership aims to leverage leverages the former's proprietary technologies to deliver commercial fleets with zero-emission conveyances that are more cost-effective and easier to maintain.

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5. Regional Analysis • The North American region may attract lucrative growth opportunities owing to the rising concerns about environmental sustainability and the rollout of supportive government initiatives to aid the infrastructure development across the residential and commercial sectors. • In addition, the presence of major industry participants and their collaborative efforts to implement new growth tactics will have an optimistic impact on the North America off-highway equipment industry forecast. • Competitive Analysis • Hitachi Construction Machinery • AB Volvo • Caterpillar Inc. • SennebogenMaschinenfabrik GmbH • BEML Limited • Komatsu

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