Electric Off-Highway Equipment Market Growth Drivers, Business Strategies and Future Prospects 2029Posted by aartimurkute on September 22nd, 2022 Off-highway equipment is an umbrella term given to the types of equipment that spend most of their time off-road. It can include large machinery such as loaders and trucks to small machines such as drills. Traditionally, these machines were powered by diesel. Of late, growing environmental concerns and a focus on curtailing carbon emissions have brought fossil fuel usage under scrutiny from environmental bodies. To this end, electrification has emerged as a viable and clean alternate source of energy. Noise pollution is also significantly lesser in electric equipment which makes them useful in residential construction projects. The leading source of demand for such equipment originates from the construction and infrastructure sectors. Rapid urbanisation is burgeoning the number of active residential buildings and public infrastructure projects. The amalgamation of such factors is set to lead the global electric off-highway equipment market to sound maturity. For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/electric-off-highway-equipment-market Efforts to Reduce Noise Pollution in Residential Areas to Bode Well for Global Electric Off-highway Equipment Market In the recent past, government and regulatory bodies across the globe have been trying to limit noise pollution, especially in urban residential areas. Besides vehicle horns, one of the primary sources of noise pollution in residential areas is construction equipment powered by diesel. Diesel as a source of energy is extremely portable but the noise pollution caused by these types of equipment becomes a major cause of problems for residents living near the construction site. Nearby residents often report health issues such as poor concentration, irritation, fatigue, and hypertension. A growing focus on adopting electric equipment instead of diesel ones is creating headways for the global electric off-highway equipment market. Construction Sector to Sustain Long-term Expansion of Electric Off-highway Equipment Market Soaring demand for electric equipment in the construction sector is creating strong tailwinds for the global electric off-highway equipment market. Electric variants of loaders and excavators are posting notable demand figures in the recent past. One of the major favourable trends across the construction sector includes sound public infrastructure development activities undergoing across the globe. Electric variants of several small types of equipment are entering the market. The relative ease and plug-and-play nature of such types of equipment are enabling their paced adoption. In addition, advancements in battery and electric propulsion technologies are expected to aid explosive growth across the global electric off-highway equipment market.
The thriving construction industry, the concentration of major market entities, and rapid electrification are propelling North America to a dominant position in the market. The region is also witnessing significant agricultural activities which is another major use case of electric off-highway equipment. Growing focus on emissions reduction is also promoting the transition from diesel equipment to electric ones. On the other end of the globe, Asia Pacific is projected to emerge as the fastest-growing electric off-highway equipment market. Major economies such as China and India are contributing to this trend owing to rapid infrastructure development in the region. Prominent Market Participants Some of the leading players in the global electric off-highway equipment market include Komatsu Ltd. (Japan), Caterpillar (US), Hitachi Construction Machinery (Japan), Epiroc (Sweden), Volvo Construction Equipment (Volvo CE) (Sweden), and Sandvik (Sweden). For More Information Visit:https://www.fairfieldmarketresearch.com/report/electric-off-highway-equipment-market
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