electric off-highway equipment market

The electric off-highway equipment market is poised to experience growth owing to factors

Electric Off-Highway Equipment Industry | Forecast 2030

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.

The electric off-highway equipment market is poised to experience growth owing to factors such as urbanization, higher carbon, and electrification equipment driving the market growth. The electrification of agriculture equipment such as tractors, threshers, and ergonomic tools for increasing crop production while decreasing the overall cost drives market growth. The higher concentration of carbon emission by the construction industry is prompting the electrification of construction equipment vehicles such as excavators, motor graders, and loaders by replacing fossil fuel with batteries, which is further augmenting the market growth. Furthermore, incumbents in the mining industry are focusing on launching electric variants of equipment such as large dozers, mining trucks, crushers, and rotary drill rigs, contributing to the market growth.

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 Insights

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.

Additionally, the technical advantages of electric agricultural tractors, such as lighter weight, lesser components, and increased productivity due to less fuel consumption make them a more economical choice for farmers. This advantage has the potential to position electric tractors as a preferable choice among farmers

The incumbents are leveraging technologies such as Artificial Intelligence, fleet management, data analytics, and autonomous vehicle principles for cost-effective and sustainable farming operations. For instance, in November 2022, Monarch Tractors announced the development of autonomous E-tractors calming to save 53 metric tons of carbon dioxide and USD 18 thousand per tractor. While addressing the growing shortage of farm labour, Monarch Tractors enables a single tractor operator to manage eight fleets of the electric tractor. The tractors are equipped with sensors and cameras for precise farm mapping while ensuring vehicle safety through real-time pitch management.

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” Data Book, published by Grand View Research

Electric Construction Equipment Market Insights

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.