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Electric Off-Highway Equipment Market Share

Report ID: GMI5261
Published Date: Apr 2022
Report Format: PDF

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Electric Off-Highway Equipment Market Share

Prominent players in the electric off-highway equipment market include

Hitachi Construction Machinery
AB Volvo
Caterpillar Inc.
Sennebogen Maschinenfabrik GmbH
BEML Limited
Komatsu Ltd.
Liebherr-International AG
SANY Group
Deutz Fahr
Deere & Company
BYD Company LTD
Epiroc
Volvo Construction Equipment
XCMG Group
JCB

Companies are emphasizing on partnerships and new product launches to accelerate their share through 2028. In January 2022, Moog Inc. launched a business venture to develop electric and zero-emission systems for construction equipment. Moog Construction aimed to replace the diesel-powered engine and hydraulics of construction equipment with electrification systems.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric off-highway equipment exceeded USD 1.5 billion in 2021 and is projected to observe over 15% CAGR during the forecast period of 2022-2028.

The electric excavator segment held more than 25% of the revenue share in 2021 as this product offers a strong digging efficiency and great maneuverability on rough terrains.

North America market valued at around USD 800 million in 2021 as the number of infrastructure projects are increasing across the region.

Hitachi Construction Machinery, Caterpillar Inc., AB Volvo, BEML Limited, Komatsu Ltd., SANY Group, and Liebherr-International AG, among many others, are the main players in this market.