Electric Off-Highway Equipment Market Size By Type (Excavators, Loaders, Dump Trucks), By Propulsion (Electric, Hybrid Electric), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

Electric Off-Highway Equipment Market Size By Type (Excavators, Loaders, Dump Trucks), By Propulsion (Electric, Hybrid Electric), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The global electric off-highway equipment market is slated to expand at a substantial rate through 2028 owing to increasing government initiatives to promote the development of smart cities.

Recently, major players in the industry are investing in electric mobility and construction equipment to reduce carbon emissions, which has been favorable for electric off-highway equipment market growth. For instance, in October 2021, Volvo CE, the Swedish construction equipment firm, announced its plans to launch three novel electric compact construction equipment, namely, the EC18 Electric compact excavator, the ECR18 Electric compact excavator, and the L20 Electric compact wheel loader.

This move was part of Volvo CE’s plans to deploy a total of five electric machines, including the previously introduced L25 Electric wheel loader and the ECR25 Electric compact excavator, in addition to these three models. The firm's and the Volvo Group's initiatives to minimize emissions include the development of electric-powered equipment. In June 2021, the Science Based Targets initiative authorized the Volvo Group's climate targets. These targets include achieving net-zero greenhouse gas (GHG) emissions across the value chain at least by 2040 as well as electrifying at least 35% of its total vehicle fleet by 2030.

To cite another instance, in May 2022, Hitachi Energy, a global technology business, was chosen as a technology supplier in the Charge On Innovation Challenge. Hitachi Energy claimed that its proposal fulfilled the judges' stringent criterion for interoperable solutions.

The adaptable design allows the safe delivery of electricity to huge battery-powered off-road electric freight trucks while preserving or boosting productivity. The initiative, which was launched by mining companies BHP, Vale, and Rio Tinto, as well as a number of industry sponsors, brings together companies in the global mining sector to address one of the major obstacles in decarbonizing mining operations – haul truck electrification.

The electric off-highway equipment market has been segmented on the basis of type, propulsion, and region. Based on type, the industry has been divided into excavators, loaders, and dump trucks. The dump trucks sub-segment is expected to register robust growth through the forthcoming years. Increasing landscaping activities as well as rising investments towards the mining industry are slated to boost the demand for dump trucks.

From the regional perspective, the Middle East & Africa electric off-highway equipment market is set to expand substantially through 2028. The proliferation of construction equipment rental businesses and government initiatives in smart cities across MEA are likely to foster regional industry outlook in the future.