Electric Off-Highway Equipment Industry Overview
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.
Electric Off-Highway Equipment Market Leaders
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Caterpillar Inc.
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Liebherr International AG
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SANY Heavy Industry Co., Ltd.
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XCMG Group Co., Ltd.
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Volvo CE
- *Disclaimer: Major Players sorted in no particular order
