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DUBLIN--(BUSINESS WIRE)--Nov 12, 2024--
The "Electric Components Market in Off-highway Vehicles, 2024-2035" report has been added to ResearchAndMarkets.com's offering.
The electric components industry within the off-highway segment has grown significantly in recent years, with a global market size of $7.05 billion in 2023. The report projects a 12.8% compound annual growth rate (CAGR), reaching $30.04 billion in revenue in 2035.
Factors driving the industry growth include BEV market growth (electric/hybrid), government incentives, technological advancements in battery/efficient drivetrain, sustainability/emission regulations, and cost-efficiency perspective for BEVs.
Global electric/hybrid equipment unit sales are forecast to register a high CAGR of 13.4% between 2023 and 2035. For the same period, India, China, North America, and Europe will likely record strong CAGRs of 28.7%, 20.1%, 19.2%, and 13.2%, respectively, because of increased competition and technological advancements.
The electric components market is predominantly segmented into batteries, DC-DC converters, inverters, motors, and battery chargers. The market is competitive, with many manufacturers wanting a piece of the action. Eaton, AVL, Dana, Cascadia Motion, Moog Construction, Kreisel (John Deere), ABB, Bosch Rexroth, FPT Industrial, Modine, and TE Connectivity have a presence in multiple markets and offer a range of products.
A trend that is characterizing the industry is toward more sustainable and efficient vehicles, with an increasing focus on reducing emissions and improving fuel efficiency. This trend is driving innovation, with manufacturers developing electrification and autonomous technologies.
Major innovations will likely be in the areas of system efficiency, battery and energy storage systems, thermal management systems, distribution units, battery swapping strategies, and charging infrastructure. Industry growth is forecast to be propelled by high-tech innovations, a sustainability push, and the need for electric equipment.
Key Questions This Study Will Answer:
The Impact of the Top 3 Strategic Imperatives on the Electric Components in Off-Highway Industry
Disruptive Technologies
The construction, mining, and agriculture sectors are undergoing significant changes due to the integration of disruptive technologies, particularly in electric equipment. This shift is driven by the need to comply with stringent emission standards and the growing global awareness of environmental issues.
The adoption of electric machinery not only enhances operational efficiency but also positions companies to leverage innovation potential, enabling them to tackle industry challenges effectively.
Transformative Mega Trends
The inevitability of zero-emission technologies is reshaping the landscape of the off-highway industry. Manufacturers and other stakeholders must collaborate to navigate this transformation and ensure long-term sustainability.
Embracing these mega trends is crucial for industry participants to remain competitive and relevant in a rapidly evolving market, fostering a culture of cooperation that can lead to innovative solutions.
Industry Convergence
There is a noticeable convergence towards electric and hybrid equipment among specific machines like excavators, loaders, and dozers. This trend is fueled by increased collaboration among industry players and a growing budget allocation for technology integration.
Analyst Perspective:
Competitive Environment
Key Competitors: Global
OEMs
Battery
Inverters
Motors
Others
Key Topics Covered:
Global Economic Environment and Ecosystem
Electrification Challenges
Regulatory Impact
Components and Architecture
Market Landscape
Growth Opportunity Universe
For more information about this report visit https://www.researchandmarkets.com/r/slpbkf
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KEYWORD:
INDUSTRY KEYWORD: EV/ELECTRIC VEHICLES AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2024.
PUB: 11/12/2024 09:52 AM/DISC: 11/12/2024 09:53 AM
http://www.businesswire.com/news/home/20241112436555/en