Press release
Electric Off-Highway Equipment Market Key Futuristic Top Trends and Competitive Landscape by 2031
The global electric off-highway equipment market is expected to witness strong growth during the forecast period between 2021 and 2031.
Some of the commonly-deployed electric off-highway equipment include excavators, loaders, dump trucks, and landing helicopter desk.
Electric off-highway equipment is available in both pure electric and hybrid forms and both have contributed, in terms of revenue, to the growth of the overall market.
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COVID-19 pandemic negatively impacted the growth in the overall electric off-highway equipment market. With rising cases globally, governments were forced to impose stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, manufacturing units were forced to shut down temporarily or permanently.
This led to a reduction in demand for electric off-highway equipment and affected the growth in the overall market.
However, with most population sections double vaccinated and approval given to the use of a third booster dose, it is anticipated that production units will start operations at close to full capacity soon which would propel the demand for electric off-highway equipment and create revenue-generating opportunities for the global market players.
Electric Off-Highway Equipment Market - Trends and Opportunities
Rising demand for hybrid off-highway equipment in leading economies globally is the key growth driver for the electric off-highway equipment market.
Increasing need to reduce emissions of various hazardous pollutants could fuel the demand for electric off-highway equipment and help in the growth of the global market, in the coming years.
In addition to this, advancements to existing products could offer revenue-generating opportunities for leading electric off-highway equipment market players in the years ahead.
Strict government regulations against the deployment of fuel-powered off-highway machinery could stimulate the demand for electric off-highway equipment, in future.
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Electric Off-Highway Equipment Market - Competitive Landscape
The presence of several prominent market players has ensured that the competition in the global electric off-highway equipment market has been intense and it is expected that many of these players will hold a large share in the overall market, in the coming years.
A key growth strategy for leading players could be the launching of novel equipment, which could open a new revenue-generating opportunities for these players and help them gain a competitive edge over other players.
Well-established market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
Another key growth strategy for prominent market players in future could be different R&D undertakings to produce improved quality of products, which could help increase the total revenue.
A few leading players in the global market include Volvo Construction Equipment, JCB, Hitachi Construction Machinery, Caterpillar Inc., and BEML Limited.
Electric Off-Highway Equipment Market - Regional Assessment
The global electric off-highway equipment market is divided into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Europe is expected to offer maximum revenue-generating opportunities for the overall electric off-highway equipment market because of growing charging infrastructure in countries such as UK and Germany, contributing to market growth in the region.
Asia Pacific is anticipated to witness significant growth in the overall electric off-highway equipment market because of favorable government policies, supporting the adoption of electric vehicles in countries such as India and China.
Leading market players could establish R&D centers in these countries, owing to ease of availability of key resources such as land and labor, which could contribute to overall market growth in the region.
North America is expected to witness moderate growth in the global market, in the coming years.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness sluggish growth in the overall market, in the years ahead.
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