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. Frost & Sullivan 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.
Frost & Sullivan forecasts that global electric/hybrid equipment unit sales will 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. Frost & Sullivan expects industry growth will be propelled by high-tech innovations, a sustainability push, and the need for electric equipment.
Scope of Analysis
This research analyzes the growth of the global electric components market.
Objectives:
- Analyze growth trends for the global electric components market in the construction, mining, and agricultural industries.
- Evaluate the technology trends and market dynamics for the electric components market.
- Examine market status and understand the expectations by 2035.
- Analyze the technological landscape and architecture in each electric component in the market.
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?
| Scope | |
|---|---|
| Geographic coverage | Global |
| Study period | 2023–2035 |
| Base year | 2023 |
| Forecast period | 2024–2035 |
| Monetary unit | US dollars |
| Application scope | Construction, Mining, and Agriculture |
| Equipment scope | Excavators and Loaders |
The Impact of the Top 3 Strategic Imperatives on the Electric Components in Off-Highway Industry
Disruptive Technologies
Why:
- 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.
Frost Perspective:
- 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
Why:
- 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.
Frost Perspective:
- 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
Why:
- 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.
Frost 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
| Competitive Environment | Details |
| 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 |
| Leading Competitors | Eaton, AVL, Dana, Cascadia Motion, Moog construction, Kreisel (John Deere), ABB, Bosch Rexroth, FPT Industrial, Modine, and TE Connectivity |
| Other Notable Competitors | Delta-Q, Benning, Agromech, Webasti, Xerotech, Eleo, Littelfuse, Moxion power, and Tame power |
| 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
Revenue Forecast: Electric Components
Off-Highway Equipment Market: Electric Components, Revenue Forecast by Product, Global, 2023–2035
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Electric Components in Off-Highway Industry
Scope of Analysis
Gross Domestic Product (GDP) Growth
Competitive Environment
Key Competitors: Global
Global Construction Industry
Global Mining Industry Outlook
Global Agricultural Industry
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 Regional Breakdown (continued)
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 Regional Breakdown (continued)
EIO Forecast: Electric/Hybrid Equipment by Product
Revenue Snapshot: Electric Components by Equipment
Revenue Forecast: Electric Components
Challenges for Electrification in the Off-highway Industry
Potential Solutions to the Current Challenges
Electrification in the Agricultural Industry
Beachhead Strategy
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
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
Electric Products: Major OEMs
Electric Products: Major OEMs (continued)
Electric Products: Major OEMs (continued)
Electric Products: Major OEMs (continued)
Electric Products: Major OEMs (continued)
Electric Products: Major OEMs (continued)
Electric Products: Major OEMs (continued)
Major Participants in Individual Components, Solution Providers, and Aftermarket
Major Participants in Individual Components, Solution Providers, and Aftermarket (continued)
Major Participants in Individual Components, Solution Providers, and Aftermarket (continued)
Major Participants in Individual Components, Solution Providers, and Aftermarket (continued)
Mergers, Acquisitions, and Partnerships
Growth Opportunity 1: Electrification and Emission Reduction Solutions
Growth Opportunity 1: Electrification and Emission Reduction Solutions (continued)
Growth Opportunity 2: Innovations in Electric Components to Drive Market Growth
Growth Opportunity 2: Innovations in Electric Components to Drive Market Growth (continued)
Growth Opportunity 3: Business Model Transformation
Growth Opportunity 3: Business Model Transformation (continued)
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures- Economic Environment: Annual GDP and Real GDP Growth, Global, 2023–2035
- Construction Market: Regional Construction Sector Revenue Contribution, Global, 2023
- Construction Market: Construction Sector Revenue Contribution by Segment, Global, 2023
- Construction Market: Revenue Forecast ($T), Global, 2023–2035
- Mining Industry; Outlook, Global, 2023–2035
- Agricultural Equipment Industry, Revenue, Global, 2023–2035
- Electric Components Market: Growth Metrics, Global, 2023
- Electric Components Market in Off-highway Industry: Growth Drivers, Global, 2024?2035
- Electric Components Market in Off-highway Industry: Growth Restraints, Global, 2024?2035
- Off-highway Equipment Market: Electric/Hybrid Equipment, Unit Sales Forecast, Global, 2023?2035
- Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Region, Global, 2023?2035
- Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Region, RoW, 2023?2035
- Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Product, Global, 2023?2035
- Off-highway Equipment Market: Electric/Hybrid Equipment, EIO Forecast, Global, 2023?2035
- Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Region, Global, 2023?2035
- Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Region, RoW, 2023?2035
- Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Product, Global, 2023?2035
- Off-Highway Equipment Market: Electric Components, Revenue Snapshot by Equipment, Global, 2023
- Off-Highway Equipment Market: Electric Components, Revenue Forecast by Product, Global, 2023–2035
- Volume-weighted Average Price: Lithium-ion Battery Pack and Cell Split, Global, 2015-2024
- Price Forecast: Lithium-ion battery, Global, 2024-2035
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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. Frost & Sullivan 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.
Frost & Sullivan forecasts that global electric/hybrid equipment unit sales will 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. Frost & Sullivan expects industry growth will be propelled by high-tech innovations, a sustainability push, and the need for electric equipment.
| Deliverable Type | Market Research |
|---|---|
| Author | Akilan Veerabatheren |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| List of Charts and Figures | Economic Environment: Annual GDP and Real GDP Growth, Global, 2023–2035~ Construction Market: Regional Construction Sector Revenue Contribution, Global, 2023~ Construction Market: Construction Sector Revenue Contribution by Segment, Global, 2023~ Construction Market: Revenue Forecast ($T), Global, 2023–2035~ Mining Industry; Outlook, Global, 2023–2035~ Agricultural Equipment Industry, Revenue, Global, 2023–2035~ Electric Components Market: Growth Metrics, Global, 2023~ Electric Components Market in Off-highway Industry: Growth Drivers, Global, 2024?2035~ Electric Components Market in Off-highway Industry: Growth Restraints, Global, 2024?2035~ Off-highway Equipment Market: Electric/Hybrid Equipment, Unit Sales Forecast, Global, 2023?2035~ Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Region, Global, 2023?2035~ Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Region, RoW, 2023?2035~ Off-highway Equipment Market: Electric Equipment, Unit Sales Forecast by Product, Global, 2023?2035~ Off-highway Equipment Market: Electric/Hybrid Equipment, EIO Forecast, Global, 2023?2035~ Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Region, Global, 2023?2035~ Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Region, RoW, 2023?2035~ Off-Highway Equipment Market: Electric Equipment, EIO Forecast by Product, Global, 2023?2035~ Off-Highway Equipment Market: Electric Components, Revenue Snapshot by Equipment, Global, 2023~ Off-Highway Equipment Market: Electric Components, Revenue Forecast by Product, Global, 2023–2035~ Volume-weighted Average Price: Lithium-ion Battery Pack and Cell Split, Global, 2015-2024~ Price Forecast: Lithium-ion battery, Global, 2024-2035~ |
| Podcast | No |
| WIP Number | PFI1-01-00-00-00 |
Electric Components Market in Off-highway Vehicles, Global, 2024 2035
Electric Components Market in Off-highway Vehicles, Global, 2024 2035
Electrification Trends and Regulatory Frameworks in the Industry will Drive Transformational, Long-term Growth by 2035
RELEASE DATE
30-Sep-2024
30-Sep-2024
REGION
Global
Global
Deliverable Type
Market Research
Market Research
Research Code: PFI1-01-00-00-00
SKU: AU_2024_1040
$4,950.00
In stock
SKU
AU_2024_1040