How big is the Electric Off Highway Equipment Machinery Market?

The Electric Off Highway Equipment Machinery Market size is expected to reach USD 13.5 billion in 2024 and grow at a CAGR of 16.72% to reach USD 29.25 billion by 2029. Read More

What is the current Electric Off Highway Equipment Machinery Market size?

In 2024, the Electric Off Highway Equipment Machinery Market size is expected to reach USD 13.5 billion. Read More

Who are the key players in Electric Off Highway Equipment Machinery Market?

Caterpillar Inc., Liebherr International AG, SANY Heavy Industry Co., Ltd., XCMG Group Co., Ltd. and Volvo CE are the major companies operating in the Electric Off Highway Equipment Machinery Market. Read More

Which is the fastest growing region in Electric Off Highway Equipment Machinery Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Electric Off Highway Equipment Machinery Market?

In 2024, the Europe accounts for the largest market share in Electric Off Highway Equipment Machinery Market. Read More

What years does this Electric Off Highway Equipment Machinery Market cover, and what was the market size in 2023?

In 2023, the Electric Off Highway Equipment Machinery Market size was estimated at USD 11.24 billion. The report covers the Electric Off Highway Equipment Machinery Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Off Highway Equipment Machinery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Electric Off Highway Equipment Machinery Market Share

Statistics for the 2023 & 2024 Electric Off Highway Equipment Machinery market share, created by Mordor Intelligence™ Industry Reports. Electric Off Highway Equipment Machinery share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Electric Off Highway Equipment Machinery Industry

The electric off-highway equipment market is fragmented and highly competitive due to the presence of various international and regional players operating in the ecosystem. Some of the major players include Hitachi Construction Machinery Co., Ltd., Volvo CE, Caterpillar Inc., OJSC BelAZ, BEML Limited, Komatsu Ltd., Liebherr International AG, SANY Heavy Industry Co., Ltd., and XCMG Group Co., Ltd., among others. These players are constantly ramping its R&D investment to launch advanced electric off-highway equipment products in the market. For instance,

In December 2023, Volvo CE announced its commercial launch of a 50-ton EC500 electric excavator in the Indian market to pioneer a transition to zero-emission mining and construction machinery. Further, the company stated that an electric wheel loader, the L120 model, is in the development stage and will be launched in the coming years.

In December 2023, Tata Hitachi displayed a series of technologically advanced futuristic electric machines that included the ZAXIS 55U-6EB (Electric Battery) and India’s first indigenously developed E Electric concept mini excavator at the EXCON 2023 exhibition. The introduction of an electric mini excavator aims to demonstrate the company's commitment to environmental sustainability.

The market is anticipated to witness a rapid enhancement in battery technology and electric drivetrain to power machinery that requires higher energy as these players try to gain a competitive edge in the industry.