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:

• What are the main areas of demand and growth?
• Who are the top industry participants, and what are their anticipated development and launch activities?
• What are some of the notable partnerships and highlights in the industry?
• What are the main factors and trends shaping the growth?

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:

• The rising adoption of electric technologies is not just a trend but a strategic imperative for business expansion and research, indicating a shift in how companies approach their operational strategies and market positioning.
• In summary, the electric components market in off-highway vehicles is poised for significant transformation driven by disruptive technologies, transformative mega trends, and industry convergence. Companies that adapt to these strategic imperatives will be better positioned to thrive in the evolving landscape from 2024 to 2035.

Competitive Environment

• Number of Competitors: 10 competitors (pure play) with revenue greater than $10 billion
• Competitive Factors: Technological advancements, evolving applications, price pressure, global presence, supply chain, specialization, and innovation
• Key End-user Industry Verticals: Manufacturing, construction, mining, and agriculture
• Distribution Structure: Electrical distributors, OEMs, retail sales, and direct sales
• Notable Acquisitions and Mergers: Komatsu acquired American Battery Solutions (2023), and John Deere acquired a majority stake in Kreisel Electric (2022)

Key Competitors: Global

OEMs

• CNHI
• Caterpillar
• Doosan Bobcat
• Hitachi
• JCB
• John Deere
• Komatsu
• Liebherr
• Liugong
• Volvo
• Sany
• Hyundai

Battery

• Kreisel (JohnDeere)
• American BatterySolutions (Komatsu)
• Xerotech
• Eleo
• Wamtechnik
• Proterra
• Saft
• Vanguard
• TurntideTechnologie
• Freudenberg
• BMZ Group
• Intercel

Inverters

• Bosch Rexroth
• Cascadia Motion
• TurntideTechnologies
• Dana
• KEB America
• Phoenix Drives
• ABB
• Curtiss-Wright
• UQM Techologies (Danfoss)

Motors

• Vanguard
• TurntideTechnologies
• Dana
• Cascadia Motion
• ABB
• Bosch Rexroth
• FPT Industrial
• ETA Green power
• Danfoss

Others

• Bonfiglioli
• Dana'
• Curtiss-Wright
• Webasto
• Modine
• Tame Power
• Moxion Power
• Littelfuse
• AGROMEC
• Benning
• Delta-Q
• AVL
• Xantrex

Key Topics Covered:

Global Economic Environment and Ecosystem

• Scope of Analysis
• Gross Domestic Product (GDP) Growth
• Competitive Environment
• Key Competitors: Global
• Global Construction Industry
• Global Mining Industry Outlook
• Global Agricultural Industry
• Growth Generator
• Growth Metrics
• Growth Drivers
• Growth Restraints
• Forecast Methodology
• Unit Sales Forecast: Electric/Hybrid Equipment
• Unit Sales Forecast: Electric/Hybrid Equipment Regional Breakdown
• Unit Sales Forecast: Electric/Hybrid Equipment by Product
• EIO Forecast: Electric/Hybrid Equipment
• EIO Forecast: Electric/Hybrid Equipment Regional Breakdown
• EIO Forecast: Electric/Hybrid Equipment by Product
• Revenue Snapshot: Electric Components by Equipment
• Revenue Forecast: Electric Components

Electrification Challenges

• Challenges for Electrification in the Off-highway Industry
• Potential Solutions to the Current Challenges
• Electrification in the Agricultural Industry
• Beachhead Strategy

Regulatory Impact

• Global Battery Regulations: Overview
• Major Electrification Regulations: United States
• Major Electrification Regulations: Europe
• Major Electrification Regulations: India
• Major Electrification Regulations: China
• Major Electrification Regulations: RoW
• Net Zero Targets: Global Snapshot
• ESG Challenges in EV Components
• ESG Case Study: Dana Green Bond Strategy

Components and Architecture

• Major Components of Electric Construction Equipment
• Thermal Management System (TMS)
• Distribution Unit
• DC-DC Converter
• Battery: Key to Electric Equipment Transition
• Battery Swapping Strategy: A Pragmatic Approach
• Battery Pack Pricing Trend
• Schematic Comparison of Excavator: Diesel versus Hybrid versus Electric
• ICE, Hybrid Electric, and Battery Electric Excavators: Efficiency Perspective
• Energy Storage and Motor Technology Comparison
• Electric Excavator: Powertrain Schematics
• Inverters and Power Cables
• Hydrogen-powered Equipment Analysis
• On-board Charger Analysis
• Mobile Charging Equipment
• Battery Charging Times
• Mining Equipment Electrification Strategy

Market Landscape

• Electric Products: Major OEMs
• Major Participants in Individual Components, Solution Providers, and Aftermarket
• Mergers, Acquisitions, and Partnerships

Growth Opportunity Universe

• Growth Opportunity 1: Electrification and Emission Reduction Solutions
• Growth Opportunity 2: Innovations in Electric Components to Drive Market Growth
• Growth Opportunity 3: Business Model Transformation

For more information about this report visit https://www.researchandmarkets.com/r/slpbkf

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241112436555/en/