Electric Off-Highway Equipment Market: Global Analysis, Opportunities & Regional Forecast To 2028
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 industry 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.
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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.
Over the years, the Asia Pacific has emerged as a lucrative growth hub for the electric off-highway equipment market, on account of burgeoning efforts from regulatory authorities in the region to establish more stringent vehicle emission standards.
India, for instance, has made major strides in abating vehicular emissions, by implementing new emission standards like the BS-VI for new vehicles. In light of developments like these, the need to introduce sustainable technologies has become paramount, in order to curb the impact of industries like construction and transport on global climate change.
Likewise, in February 2022, Forsee Power unveiled a new high-power PULSE 0.5 battery to deliver electric motor boost as well as energy recuperation during operation. Suited for hybrid systems, the battery, with a 20kW power capacity and ability to reduce CO2 emissions, was a major step forward for the electric off-highway equipment market in several key sectors like construction and agriculture, improving not just general work conditions, but also paving the way for a more sustainable industrial outlook in the future.
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Some Point from Table of Contents:
Chapter 5 Electric Off-Highway Equipment Market, By Type
5.1 Key trends, by product
5.2 Electric
5.2.1 Market estimates and forecast, 2018 – 2028
5.3 Engine Powered
5.3.1 Market estimates and forecast, 2018 – 2028
Chapter 6 Electric Off-Highway Equipment Market, By Propulsion
6.1 Key trends, by propulsion
6.2 Electric
6.2.1 Market estimates and forecast, 2018 – 2028
6.3 Hybrid Electric
6.3.1 Market estimates and forecast, 2018 – 2028
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