Electric Off-highway Equipment/Machinery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Electric Off-highway Equipment/Machinery Market is segmented by Powertrain Type (Pure Electric and Hybrid), Equipment/Machinery (Loaders, Excavators, Dump Trucks, LHD, and Other Equipment), Industry Type (Construction and Mining, and Agricultural (Tractors)), and Geography.

Market Snapshot

electric off highway equipment machinery market
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4.7 %

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Market Overview

The electric off-highway equipment/machinery market is anticipated to register a CAGR of about 4.7% during the forecast period, 2020 – 2025.

  • Electrically propelled off-highway vehicles offer various advantages, such as high overall efficiency, high maneuverability, and accuracy during operations. Although electrification of off-highway vehicles has many advantages, its adoption in the industry is expected to be slow paced, due to various technological factors, such as limited storage capacity of the batteries.
  • Owing to the shortcomings of electrically propelled off-highway vehicles, the usage of hybrid off-highway vehicles is currently considered as a viable option, although the growth of the hybrid off-road vehicles market is restrained by high costs of development.
  • Electrification of powertrains of off-highway vehicles (such as construction and mining machinery) has been in focus, owing to the concerns of emissions and noises generated by conventional diesel-powered machinery.
  • Major players increased their R&D expenditure exponentially, in order to integrate innovation with excellence in performance. The demand for high performance, highly efficient, and safe handling equipment from the end market is expected to make the market more competitive over the forecast period.

Scope of the Report

The electric off-highway equipment/machinery market is segmented by powertrain type (pure electric and hybrid), equipment/machinery (loaders, excavators, dump trucks, LHD, and other equipment), industry type (construction and mining, and agricultural (tractors)), and geography (North America, Europe, Asia-Pacific, and Rest of the World).

Pure Electric
Dump Trucks
Other Equipment
Construction and Mining
Agricultural (Tractors)
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Rest of the World

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Key Market Trends

Hybrid Off-highway Equipment/Machinery is Leading the Market

With the introduction of stringent emission regulations by several governments across the world, the demand for hybrid off-highway equipment/machinery has been growing and further driving the manufacturers to launch environment-friendly machinery significantly since 2008.

Since 2017, off-highway equipment/machinery has been majorly adopting hybrid engine (i.e., diesel-electric) for the propulsion system. These diesel-electric hybrid drive systems allow to run with a slightly smaller engine at a lower rpm. This translates into fuel savings, fewer part movements, and longer engine life. The other advantage of using a hybrid engine, apart from sustainability, is the reduction in vehicle noise.

With the introduction of the 2014 EPA regulations of Tier 4 emission standards, off-highway machinery manufacturers have started investing heavily in R&D on electric and hybrid vehicles. However, the power required for the majority of off-highway machinery’s function is too high, therefore, the use of fully electric power sources is still limited.

Electric Off-highway Equipment and Machinery_segment

Asia-Pacific is Leading the Electric Off-highway Equipment/Machinery Market

The electric off-highway equipment/machinery market is led by Asia-Pacific, followed by North America and Europe. The Government of China is encouraging people to adopt electric vehicles. The country has already made plans to phase out diesel fuel, which runs the current generation of tractors and construction equipment. The country is planning to completely ban diesel and petrol vehicles, by 2040. The electrification of farm machineries is also gaining momentum in the country. For example, China developed its first self-driving electric tractor, labeled with EPOCH. The tractor was produced by Henan Intelligent Agricultural Machinery Innovation Center and was launched in Luoyang.

The US construction industry grew, during the first half of 2018, but slower than 2017. As the construction industry is growing at a slower pace, which is also impacting the demand for construction machinery in the country. With the United States implementing stringent emission regulation, according to the United States Environment Protection Agency, in 2017, the off-highway machineries contributed approximately 30% of the total greenhouse gas emission. Owing to which, the off-highway machinery manufacturers are opting electrical option and launching new electric off-highway machineries.

Electric Off-highway Equipment and Machinery_geography

Competitive Landscape

The electric off-highway equipment/machinery market is moderately consolidated, and it is dominated by few players, such as Caterpillar Inc., Deere & Company, Volve CE, and XCMG Group, among others. The major players have exponentially increased their R&D expenditures, in order to integrate innovation with excellence in performance. The demand for high performance, highly efficient, and safe handling equipment, from the end-user market, is expected to make the market more competitive over the forecast period.

Some of the important players that fall in the ‘Others’ category are AGCO, CLAAS, CNH Industrial NV, JCB, Kobelco, Yanmar, and Atlas Copco AB.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Powertrain

      1. 5.1.1 Pure Electric

      2. 5.1.2 Hybrid

    2. 5.2 Equipment/Machinery

      1. 5.2.1 Loaders

      2. 5.2.2 Excavators

      3. 5.2.3 Dump Trucks

      4. 5.2.4 LHD

      5. 5.2.5 Other Equipment

    3. 5.3 Industry

      1. 5.3.1 Construction and Mining

      2. 5.3.2 Agricultural (Tractors)

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.4.4 Rest of the World


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Hitachi Construction Machinery

      2. 6.2.2 AB Volvo

      3. 6.2.3 Caterpillar Inc.

      4. 6.2.4 Sennebogen Maschinenfabrik GmbH

      5. 6.2.5 OJSC BelAZ

      6. 6.2.6 BEML Limited

      7. 6.2.7 Komatsu Ltd

      8. 6.2.8 Liebherr-International AG

      9. 6.2.9 SANY Group

      10. 6.2.10 XCMG Group

      11. 6.2.11 Deutz Fahr

      12. 6.2.12 Deere & Company

      13. 6.2.13 Doosan Infracore


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Frequently Asked Questions

The Electric Off Highway Equipment Machinery Market market is studied from 2018 - 2026.

The Electric Off Highway Equipment Machinery Market is growing at a CAGR of >4.7% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Caterpillar, Deere & Company, AB Volvo, XCMG Group, Sany Heavy Industry Co. Ltd are the major companies operating in Electric Off Highway Equipment Machinery Market.

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