Summary

The electric off-highway equipment market is estimated to grow from USD 9.2 billion in 2022 to USD 24.8 billion by 2027 at a CAGR of 22.0% over the forecast period. All key countries have established programs/regulations to deal with GHG emissions in the transportation industry. Most countries follow Euro equivalent Standards, such as Stage IV or V. The PM limit of the Stage V standard is 97% lower than that of the Stage I Standard, and the hydrocarbon (HC) + Nitrogen Oxides (NOx) limit is 94% lower. China, Japan, South Korea, and India also follow the Euro Equivalent regulations. The Emission Control Technologies (ECT) such as Selective Catalytic Reduction (SCR), Gasoline Particulate Filter (GPF), Exhaust Gas Recirculation (EGR), Diesel Particulate Filter (DPF), various sensors including oxygen sensor, NOx sensors, and thermal management technologies - are used to control and reduce the emissions from the off-highway equipment. Some ECTs also lead to loss of power and other downfalls such as reduced fuel economy, reduced back pressure in prolonged use, more maintenance activities, etc. All these expenses, including the vehicle's increased capital, resulted in the customers' extended return on investment (ROI) duration. To overcome these difficulties and the associated costs, the manufacturers and customers opt for an alternative sustainable mode of mobility. This greatly aided the development of the hybrid and electric off-highway equipment and equipment, which are more efficient, emission-free, and noise-free than their IC engine counterparts. Moreover, the initial cost of electric off-highway equipment is around 140%-170% higher than conventional equipment because of the high cost of the batteries. However, with advancements in battery technology, the cost of the battery and overall equipment is expected to decrease. Due to the high cost of electric equipment, the demand is expected to be steady in the near future; the market would showcase a promising growth in the long run. In the near future, OEMs are expected to prefer hybrid or alternate fuel engines to balance the equipment's limits and cost. The underground mining activities produce harmful dust and gases and usually have a hot to very hot temperature. The diesel-powered mining vehicles and equipment are one of the major producers of the underground mines' heat, nitrogen dioxide, and other toxic gases. These emissions also increase the heat generated in underground mines, which demands a crucial ventilation system with huge capital maintenance expenses. According to the International Council on Mining and Metals (ICMM), 40% of an underground mine's energy outlay is spent on operating ventilation systems to remove pollutants and heat from mining tunnels. Such factors increase the overall operational cost of the mine while decreasing its production efficiency. The regulations also mandate that the air reaching each mine's working faces must travel with a velocity to cover at least 60 feet in a minute. These air velocities are controlled by various ventilation systems and balance the airflow with the correct ratio. The diesel engine vehicles not only produce emissions and heat but also produce high sounds within the narrow mining channels. For these reasons and to achieve sustainability goals, manufacturers and mine owners have started to prefer the electrification of these mining vehicles. Especially in designing a new mining site, incorporating an electric fleet of vehicles and equipment can drastically reduce capital and maintenance costs. Though the ventilation system cannot be eliminated, the electric mining vehicles reduce the system's load as it produces zero emissions and less heat. In such cases, the capacity of the ventilation systems can be reduced, thereby reducing the capital investment. Therefore, the miners find the electric mining vehicles more profitable and apt for their large underground mining operations. Moreover, many leading miners, including Anglo American (AAL.L), Rio Tinto (RIO.L), and BHP (BHPB.L), have already committed to net zero emissions by the year 2050, and these companies prefer the electric mining fleet to reach their sustainability goals. "The battery electric off-highway equipment would lead the market due to the stringent noise and emission regulations." The demand for sustainable equipment in the mining industry to decrease ventilation costs is expected to drive the electrification of mining equipment during the forecast period. However, the stringent noise and emission regulations within the city limits would drive the market for such battery electric and hybrid construction equipment. Though these electric equipment would face challenges such as higher cost than their ICE counterparts or longer charging time, the advancements in the battery technology would make the electric equipment popular in the long run. Americas is projected to be the second largest market for electric off-highway equipment The leading countries such as US, Canada, Mexico, Brazil, and Argentina are considered under the Americas region. The electric off-highway equipment demand in Americas is rapidly increasing because of the environmental protection measures adopted in these key countries. In addition, with the upcoming stringent emission norms for fuel economy in the region, companies are making efforts to manufacture electric and hybrid equipment for the domestic market. Recent electric equipment launches from the leading off-highway equipment manufacturers has promised the growth of electric off-highway equipment market in this region. Some of the leading companies that are present in this region are Caterpillar Inc. (US), Deere & Company (US), Soletrac Inc. (US), Dana Limited (US) and others. Moreover, the region has large deposits of coal, iron, zinc, copper, cement, lithium, and precious metals. The mining industry in this region is large and many leading players that hold a significant share of the mining equipment market are present in this region. The Americas electric off-highway equipment market is estimated to be the second largest market, globally. High demand for mini construction equipment, including mini excavators, loaders, and dozers, is driving the growth of the electric off-highway equipment market in Americas. The US is projected to dominate the Americas electric off-highway equipment market with a value of USD 6,793.0 Million by 2027. This is mainly because of increasing demand for electrification in construction, mining, and agriculture vehicles, because of its various advantages including emission free and noiseless operation. The presence of major electric off-highway equipment manufacturers in US and their increasing investments in electric off-highway equipment, subsystems, and battery developments are some other key reasons for the growth of electric off-highway equipment market in US. For instance, in 2021, The Caterpillar Inc. along with another venture, invested USD 16 Million as Series B funding for BrightVolt, Inc, a global leader in the design, development, and manufacturing of safe, high energy and low-cost solid-state lithium-ion batteries. This funding is aimed to be used for the development of larger form factor products aiming industrial electrification and e-mobility markets. Such developments of the leading companies with the aim to minimize drawbacks of the conventional battery types in electric loaders and excavators are further expected to drive the growth for the electric off-highway equipment in the US. In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market. • By Company Type: Electric off-highway equipment OEM – 40%, Tier 1 – 20%, Tier 2 – 40% • By Designation: C Level - 30%, Directors- 20%, and Others – 50% • By Region: Asia Pacific - 50%, Europe - 20%, North America –30% RoW – 10% The electric off-highway equipment market is dominated by a few globally established companies such as Hitachi Construction Machinery (Japan), Caterpillar Inc. (US), Komatsu Ltd. (Japan), JCB (UK), Volvo Construction Equipment (Volvo CE) (Sweden). Research Coverage: The study segments the electric off-highway equipment market and forecasts the market size based on equipment type (electric excavator, electric motor grader, electric dozer, electric loader, electric dump truck, electric load-haul-dump loader, electric lawnmower, electric sprayer, and electric tractor), battery capacity (<50 kWh, 50–200 kWh, 200–500 kWh, and >500 kWh), battery type (lithium-ion, lead-acid, and other batteries), power output (<50 hp, 50–150 hp, 150–300 hp, and >300 hp), application (construction, mining, agriculture, and gardening), propulsion (hybrid-electric and battery-electric), Electric tractor market, by propulsion type (hybrid electric & battery electric), Electric construction & mining equipment market, by propulsion type (hybrid electric & battery electric), and region (Asia-Pacific, Europe, and Americas) The study also includes an in-depth competitive analysis of the major electric off-highway equipment manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Key Benefits of Buying the Report: The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall electric off-highway equipment market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides them information on key market drivers, restraints, challenges, and opportunities.

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Table of Contents

1 INTRODUCTION 42 1.1 STUDY OBJECTIVES 42 1.2 MARKET DEFINITION 43 1.3 INCLUSIONS & EXCLUSIONS 43 TABLE 1 INCLUSIONS & EXCLUSIONS FOR ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET 43 1.4 STUDY SCOPE 44 1.4.1 MARKETS COVERED 44 FIGURE 1 MARKET SEGMENTATION: ELECTRIC CONSTRUCTION EQUIPMENT MARKET 44 1.4.2 YEARS CONSIDERED 45 1.5 CURRENCY CONSIDERED 45 1.6 PACKAGE SIZE 45 1.7 LIMITATIONS 45 1.8 STAKEHOLDERS 46 1.9 SUMMARY OF CHANGES 46 2 RESEARCH METHODOLOGY 48 2.1 RESEARCH DATA 48 FIGURE 2 RESEARCH DESIGN 49 FIGURE 3 RESEARCH METHODOLOGY MODEL 50 2.2 SECONDARY DATA 50 2.2.1 LIST OF KEY SECONDARY SOURCES TO ESTIMATE ELECTRIC OFF-HIGHWAY EQUIPMENT SALES 51 2.2.2 LIST OF KEY SECONDARY SOURCES TO ESTIMATE ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET SIZE 52 2.2.3 KEY DATA FROM SECONDARY SOURCES 52 2.3 PRIMARY DATA 53 FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS 53 2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS 53 2.3.1.1 Primary participants 54 2.4 MARKET SIZE ESTIMATION 54 FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 54 2.4.1 BOTTOM-UP APPROACH 55 FIGURE 6 BOTTOM-UP APPROACH: ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET 55 2.4.2 TOP-DOWN APPROACH 56 FIGURE 7 TOP-DOWN APPROACH: ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET 56 2.5 FACTOR ANALYSIS 57 2.6 MARKET BREAKDOWN AND DATA TRIANGULATION 58 FIGURE 8 DATA TRIANGULATION 58 2.7 ASSUMPTIONS 59 2.8 RESEARCH LIMITATIONS 61 3 EXECUTIVE SUMMARY 62 3.1 REPORT SUMMARY 62 FIGURE 9 ELECTRIC CONSTRUCTION EQUIPMENT MARKET OUTLOOK 62 FIGURE 10 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022 & 2027 (USD MILLION) 63 4 PREMIUM INSIGHTS 64 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC CONSTRUCTION EQUIPMENT MARKET 64 FIGURE 11 GROWING NEED TO MINIMIZE EMISSIONS AND VENTILATION COSTS IN UNDERGROUND MINING TO DRIVE MARKET 64 4.2 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE 65 FIGURE 12 DUMP TRUCK SEGMENT TO LEAD ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET FROM 2022 TO 2027 65 4.3 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION 65 FIGURE 13 ELECTRIC MINING EQUIPMENT WOULD SHOWCASE LARGEST DEMAND OVER FORECAST PERIOD 65 4.4 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE 66 FIGURE 14 LITHIUM-ION WOULD BE MOST PREFERRED BATTERY TYPE IN ELECTRIC OFF-HIGHWAY EQUIPMENT DURING FORECAST PERIOD 66 4.5 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY 66 FIGURE 15 <50 KWH SEGMENT ESTIMATED TO LEAD ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET IN 2022 66 4.6 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION 67 FIGURE 16 BATTERY-ELECTRIC EQUIPMENT WOULD BE PREFERRED OVER HYBRID-ELECTRIC EQUIPMENT DURING FORECAST PERIOD 67 4.7 ELECTRIC TRACTOR MARKET, BY PROPULSION 67 FIGURE 17 BATTERY-ELECTRIC TRACTORS WOULD BE PREFERRED OVER HYBRID-ELECTRIC TRACTORS OVER FORECAST PERIOD 67 4.8 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT 68 FIGURE 18 <50 HP SEGMENT ESTIMATED TO LEAD ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET IN 2022 68 4.9 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION 68 FIGURE 19 HYBRID-ELECTRIC SEGMENT PROJECTED TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 68 4.10 ELECTRIC AGRICULTURAL EQUIPMENT MARKET, BY EQUIPMENT TYPE 69 FIGURE 20 ELECTRIC LAWN MOWER SEGMENT TO LEAD ELECTRIC OFF-HIGHWAY MARKET DURING FORECAST PERIOD 69 4.11 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION 69 FIGURE 21 AMERICAS ESTIMATED TO ACCOUNT FOR LARGEST MARKET SHARE IN 2022 69 5 MARKET OVERVIEW 70 5.1 INTRODUCTION 70 5.2 MARKET DYNAMICS 71 FIGURE 22 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET: MARKET DYNAMICS 71 5.2.1 DRIVERS 71 5.2.1.1 Strict vehicular emission regulations 71 FIGURE 23 NON-ROAD MOBILE MACHINERY (NRMM) EMISSION REGULATION OUTLOOK, 2019–2030 72 TABLE 2 COMPARISON BETWEEN BHARAT STAGE IV AND BHARAT STAGE V REGULATIONS FOR PM LIMITS 72 TABLE 3 COMPARISON BETWEEN BHARAT STAGE IV AND BHARAT STAGE V REGULATIONS FOR PN LIMITS 73 TABLE 4 COMPARISON BETWEEN EURO STAGE IV, V, AND VI REGULATIONS FOR HEAVY-DUTY DIESEL ENGINES, IN G/KWH 73 5.2.1.2 High ventilation costs in underground mining 74 TABLE 5 AIR QUANTITY COMPARISON BETWEEN LIGNITE AND ANTHRACITE MINES 74 TABLE 6 COST COMPARISON BETWEEN DIESEL AND ELECTRIC MINING EQUIPMENT 75 5.2.1.3 Rising demand for low-noise construction activities in residential areas 75 TABLE 7 CONSTRUCTION EQUIPMENT NOISE EMISSION LEVELS FOR RESIDENTIAL AREAS, BY COUNTRY 75 TABLE 8 LOW NOISE ELECTRIC CONSTRUCTION EQUIPMENT BY KEY OEMS 76 5.2.2 RESTRAINTS 77 5.2.2.1 Higher initial cost than conventional ICE equipment 77 TABLE 9 COST COMPARISON: ELECTRIC VS DIESEL POWERED OFF-HIGHWAY EQUIPMENT, BY OEM 77 5.2.3 OPPORTUNITIES 78 5.2.3.1 Development of long-range and fast-charging battery technology 78 5.2.3.2 Intermediate demand for hybrid and alternate fuel equipment 79 5.2.4 CHALLENGES 79 5.2.4.1 Limited compatibility, interchangeability, and standardization of electric off-highway equipment for long-haul applications 79 TABLE 10 RANGE COMPARISON: OFF-HIGHWAY DIESEL TRUCK VS BATTERY ELECTRIC TRUCK 80 5.2.4.2 Need for efficient thermal management system for batteries in extreme working conditions 80 TABLE 11 WORKING TEMPERATURE COMPARISON FOR OFF-HIGHWAY EQUIPMENT 80 5.3 PORTER’S FIVE FORCES ANALYSIS 81 TABLE 12 PORTER’S FIVE FORCES ANALYSIS 81 FIGURE 24 PORTER’S FIVE FORCES ANALYSIS 82 5.3.1 THREAT OF NEW ENTRANTS 82 5.3.2 THREAT OF SUBSTITUTES 83 5.3.3 BARGAINING POWER OF SUPPLIERS 83 5.3.4 BARGAINING POWER OF BUYERS 83 5.3.5 INTENSITY OF COMPETITIVE RIVALRY 83 5.4 TRADE ANALYSIS 84 5.4.1 IMPORT TRADE DATA 84 TABLE 13 MECHANICAL SHOVELS, EXCAVATORS, AND SHOVEL LOADERS - IMPORT TRADE DATA, BY KEY COUNTRIES, 2021 (USD) 84 TABLE 14 BULLDOZERS AND ANGLEDOZERS - IMPORT TRADE DATA, BY KEY COUNTRIES, 2021 (USD) 84 5.4.2 EXPORT TRADE DATA 85 TABLE 15 MECHANICAL SHOVELS, EXCAVATORS, AND SHOVEL LOADERS - EXPORT TRADE DATA, BY KEY COUNTRIES, 2021 (USD) 85 TABLE 16 BULLDOZERS AND ANGLEDOZERS - EXPORT TRADE DATA, BY KEY COUNTRIES, 2021 (USD) 85 5.5 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET: TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS 86 FIGURE 25 REVENUE SHIFT FOR ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET 86 5.6 CASE STUDIES 86 5.6.1 XINGWANXIANG GROUP’S ADAPTION OF ELECTRIC MINING EQUIPMENT IN MINUS 30 DEGREE TEMPERATURE 86 5.6.2 FIRST MODE’S SUSTAINABLE SOLUTION TO ANGLO AMERICAN’S CARBON NEUTRAL COMMITMENT 87 5.6.3 BERLINER STADTREINIGUNGSBETRIEBE (BSR) MANAGES CITY WASTE USING ELECTRIC MOBILITY 87 5.6.4 BRUCEJACK GETS ITS FULLY ELECTRIC FLEET 87 5.6.5 ELECTRIFICATION OF CONVENTIONAL DIESEL-POWERED EXCAVATOR 88 5.7 PATENT ANALYSIS 88 5.8 SUPPLY CHAIN ANALYSIS 92 FIGURE 26 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET: SUPPLY CHAIN ANALYSIS 92 5.9 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET ECOSYSTEM 93 FIGURE 27 ELECTRIC CONSTRUCTION EQUIPMENT MARKET: ECOSYSTEM 93 TABLE 17 ROLE OF COMPANIES IN ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET ECOSYSTEM 94 5.10 REGULATORY ANALYSIS 95 5.10.1 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET: QUALITY STANDARDS 95 TABLE 18 REGULATIONS/STANDARDS FOR ELECTRIC CONSTRUCTION EQUIPMENT 96 5.11 PRICING ANALYSIS 97 5.11.1 ASP ANALYSIS, BY APPLICATION & REGION, 2021 97 TABLE 19 ASP ANALYSIS, BY APPLICATION & REGION, 2021 97 5.11.2 ASP ANALYSIS, BY EQUIPMENT TYPE & REGION, 2021 98 TABLE 20 ASP ANALYSIS, BY EQUIPMENT TYPE & REGION, 2021 98 5.12 TECHNOLOGY ANALYSIS 98 5.12.1 OVERVIEW 98 5.12.1.1 Autonomous construction equipment 99 5.12.1.2 Monitoring and diagnosis via connected technologies 99 5.12.1.3 Safer braking in deep mining sites with regenerative braking 99 5.12.1.4 Agricultural Equipment Automation 99 5.13 KEY CONFERENCES AND EVENTS IN 2022–2023 100 5.14 KEY STAKEHOLDERS & BUYING CRITERIA 101 5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 101 FIGURE 28 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION 101 TABLE 21 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS (%) 102 5.14.2 BUYING CRITERIA 102 FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE ELECTRIC CONSTRUCTION EQUIPMENT APPLICATIONS 102 TABLE 22 KEY BUYING CRITERIA FOR TOP THREE ELECTRIC CONSTRUCTION EQUIPMENT APPLICATIONS 103 6 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE 104 6.1 INTRODUCTION 105 6.1.1 RESEARCH METHODOLOGY 105 6.1.2 ASSUMPTIONS 105 6.1.3 INDUSTRY INSIGHTS 105 FIGURE 30 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022 VS. 2027 (USD MILLION) 106 TABLE 23 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 106 TABLE 24 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 106 TABLE 25 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 107 TABLE 26 ELECTRIC CONSTRUCTION MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 107 6.2 ELECTRIC EXCAVATOR 108 6.2.1 ELECTRIC MINI EXCAVATORS HOLD MAXIMUM SHARE IN ELECTRIC EXCAVATOR SEGMENT 108 TABLE 27 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018–2021 (UNITS) 108 TABLE 28 ELECTRIC EXCAVATOR MARKET, BY REGION, 2022–2027 (UNITS) 108 TABLE 29 ELECTRIC EXCAVATOR MARKET, BY REGION, 2018–2021 (USD MILLION) 109 TABLE 30 ELECTRIC EXCAVATOR MARKET, BY REGION, 2022–2027 (USD MILLION) 109 6.3 ELECTRIC LOADER 109 6.3.1 INCREASING DEMAND FOR COMPACT ELECTRIC LOADERS AND SKID STEER LOADERS GLOBALLY 109 TABLE 31 ELECTRIC LOADER MARKET, BY REGION, 2018–2021 (UNITS) 110 TABLE 32 ELECTRIC LOADER MARKET, BY REGION, 2022–2027 (UNITS) 110 TABLE 33 ELECTRIC LOADER MARKET, BY REGION, 2018–2021 (USD MILLION) 110 TABLE 34 ELECTRIC LOADER MARKET, BY REGION, 2022–2027 (USD MILLION) 110 6.4 ELECTRIC MOTOR GRADER 111 6.4.1 ELECTRIFICATION OF MOTOR GRADERS STILL IN NASCENT STAGE 111 TABLE 35 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2018–2021 (UNITS) 111 TABLE 36 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2022–2027(UNITS) 111 TABLE 37 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2018–2021 (USD MILLION) 111 TABLE 38 ELECTRIC MOTOR GRADER MARKET, BY REGION, 2022–2027(USD MILLION) 112 6.5 ELECTRIC DOZER 112 6.5.1 ELECTRIC DOZERS PREFERRED OWING TO NOISE-FREE AND EMISSION-FREE OPERATION 112 TABLE 39 ELECTRIC DOZER MARKET, BY REGION, 2018–2021 (UNITS) 112 TABLE 40 ELECTRIC DOZER MARKET, BY REGION, 2022–2027 (UNITS) 113 TABLE 41 ELECTRIC DOZER MARKET, BY REGION, 2018–2021 (USD MILLION) 113 TABLE 42 ELECTRIC DOZER MARKET, BY REGION, 2022–2027 (USD MILLION) 113 6.6 ELECTRIC DUMP TRUCK 114 6.6.1 ELECTRIC DUMP TRUCKS UTILIZED FOR CARRYING MATERIALS IN SURFACE AND UNDERGROUND MINING ACTIVITIES 114 TABLE 43 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018–2021 (UNITS) 114 TABLE 44 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2022–2027 (UNITS) 114 TABLE 45 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2018–2021 (USD MILLION) 114 TABLE 46 ELECTRIC DUMP TRUCK MARKET, BY REGION, 2022–2027 (USD MILLION) 115 6.7 ELECTRIC LOAD-HAUL-DUMP LOADER (LHD) 115 6.7.1 ELECTRIC LHD LOADER PROVIDES RUGGEDNESS, HIGH MANEUVERABILITY, AND PRODUCTIVITY 115 TABLE 47 ELECTRIC LHD MARKET, BY REGION, 2018–2021 (UNITS) 115 TABLE 48 ELECTRIC LHD MARKET, BY REGION, 2022–2027 (UNITS) 116 TABLE 49 ELECTRIC LHD MARKET, BY REGION, 2018–2021 (USD MILLION) 116 TABLE 50 ELECTRIC LHD MARKET, BY REGION, 2022–2027 (USD MILLION) 116 7 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY 117 7.1 INTRODUCTION 118 7.1.1 RESEARCH METHODOLOGY 118 7.1.2 ASSUMPTIONS 118 7.1.3 INDUSTRY INSIGHTS 118 FIGURE 31 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY, 2022 VS. 2027 (USD MILLION) 119 TABLE 51 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY, 2018–2021 (UNITS) 119 TABLE 52 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY, 2022–2027 (UNITS) 120 TABLE 53 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY, 2018–2021 (USD MILLION) 120 TABLE 54 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY CAPACITY, 2022–2027 (USD MILLION) 120 7.2 <50 KWH 121 7.2.1 <50 KWH SUITED FOR SMALL AND COMPACT EQUIPMENT 121 TABLE 55 <50 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 121 TABLE 56 <50 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 121 TABLE 57 <50 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 121 TABLE 58 <50 KWH: ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 122 7.3 50–200 KWH 122 7.3.1 50–200 KWH BATTERY CAPACITY SEGMENT LEADING DUE TO HIGHER DEMAND FOR SMALL AND MID-RANGE OFF-HIGHWAY EQUIPMENT 122 TABLE 59 50–200 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 122 TABLE 60 50–200 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 123 TABLE 61 50–200 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 123 TABLE 62 50–200 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 123 7.4 200–500 KWH 124 7.4.1 MOTOR GRADERS, DOZERS, MID-SIZED EXCAVATORS, AND LHD PRIMARILY AVAILABLE WITH BATTERY CAPACITY OF 200–500 KWH 124 TABLE 63 200–500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 124 TABLE 64 200–500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 124 TABLE 65 200–500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 124 TABLE 66 200–500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 125 7.5 >500 KWH 125 7.5.1 >500 KWH BATTERY CAPACITY EQUIPMENT YET TO BE FULLY COMMERCIALIZED DUE TO POWER-TO-WEIGHT RATIO ISSUES 125 TABLE 67 >500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 125 TABLE 68 >500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 126 TABLE 69 >500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 126 TABLE 70 >500 KWH: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 126 8 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE 127 8.1 INTRODUCTION 128 8.1.1 RESEARCH METHODOLOGY 128 8.1.2 ASSUMPTIONS 128 8.1.3 INDUSTRY INSIGHTS 128 FIGURE 32 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE, 2022 VS. 2027 (USD MILLION) 129 TABLE 71 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE, 2018–2021 (UNITS) 129 TABLE 72 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE, 2022–2027 (UNITS) 129 TABLE 73 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 130 TABLE 74 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 130 8.2 LITHIUM-ION 130 8.2.1 HIGH ENERGY DENSITY AND LONGER BATTERY BACKUP OVER OTHER BATTERIES DRIVE LITHIUM-ION BATTERY MARKET 130 TABLE 75 LITHIUM-ION: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021(UNITS) 131 TABLE 76 LITHIUM-ION: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 131 TABLE 77 LITHIUM-ION: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021(USD MILLION) 131 TABLE 78 LITHIUM-ION: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 131 8.3 LEAD-ACID 132 8.3.1 LOW MANUFACTURING COST DRIVES DEMAND FOR LEAD-ACID BATTERIES IN ELECTRIC CONSTRUCTION EQUIPMENT 132 TABLE 79 LEAD-ACID: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021(UNITS) 132 TABLE 80 LEAD-ACID: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 132 TABLE 81 LEAD-ACID: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021(USD MILLION) 133 TABLE 82 LEAD-ACID: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 133 8.4 OTHER BATTERIES 133 8.4.1 THERMAL MANAGEMENT CONCERNS WITH OTHER TYPES OF BATTERIES 133 TABLE 83 OTHER BATTERIES: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021(UNITS) 134 TABLE 84 OTHER BATTERIES: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 134 TABLE 85 OTHER BATTERIES: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 134 TABLE 86 OTHER BATTERIES: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 134 9 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT 136 9.1 INTRODUCTION 137 9.1.1 RESEARCH METHODOLOGY 137 9.1.2 ASSUMPTIONS 137 9.1.3 INDUSTRY INSIGHTS 138 FIGURE 33 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT, 2022 VS. 2027 (USD MILLION) 138 TABLE 87 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT, 2018–2021 (UNITS) 138 TABLE 88 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT, 2022–2027 (UNITS) 139 TABLE 89 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT, 2018–2021 (USD MILLION) 139 TABLE 90 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY POWER OUTPUT, 2022–2027 (USD MILLION) 139 9.2 <50 HP 140 9.2.1 RISING DEMAND FOR COMPACT ELECTRIC OFF-HIGHWAY EQUIPMENT TO DRIVE SEGMENT 140 TABLE 91 <50 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 140 TABLE 92 <50 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 140 TABLE 93 <50 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 140 TABLE 94 <50 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 141 9.3 50–150 HP 141 9.3.1 INCREASING LAUNCHES OF LOW TO MEDIUM-POWERED ELECTRIC OFF-HIGHWAY EQUIPMENT TO DRIVE SEGMENT 141 TABLE 95 50–150 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 141 TABLE 96 50–150 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 142 TABLE 97 50–150 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 142 TABLE 98 50–150 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 142 9.4 150–300 HP 143 9.4.1 AMERICAS: LEADING MARKET FOR 150–300 HP TRACTORS 143 TABLE 99 150–300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 143 TABLE 100 150–300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 143 TABLE 101 150–300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 143 TABLE 102 150–300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 144 9.5 >300 HP 144 9.5.1 ELECTRIC OFF-HIGHWAY EQUIPMENT WITH >300 HP SUITABLE FOR LARGE CONSTRUCTION AND MINING OPERATIONS 144 TABLE 103 >300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 144 TABLE 104 >300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 145 TABLE 105 >300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 145 TABLE 106 >300 HP: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 145 10 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION 146 10.1 INTRODUCTION 147 10.1.1 RESEARCH METHODOLOGY 147 10.1.2 ASSUMPTIONS 147 10.1.3 INDUSTRY INSIGHTS 148 FIGURE 34 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION, 2022 VS. 2027 (USD MILLION) 148 TABLE 107 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION, 2018–2021 (UNITS) 148 TABLE 108 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION, 2022–2027 (UNITS) 149 TABLE 109 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 149 TABLE 110 ELECTRIC OFF-HIGHWAY EQUIPMENT MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 149 10.2 CONSTRUCTION 150 10.2.1 EMISSION AND NOISE REGULATIONS IN URBAN OR CLOSED CONSTRUCTION AREAS TO DRIVE DEMAND FOR ELECTRIC CONSTRUCTION EQUIPMENT 150 TABLE 111 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 150 TABLE 112 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 150 TABLE 113 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 151 TABLE 114 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 151 10.3 MINING 151 10.3.1 REDUCTION IN VENTILATION COSTS IN UNDERGROUND MINING TO DRIVE MARKET 151 TABLE 115 ELECTRIC MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 152 TABLE 116 ELECTRIC MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 152 TABLE 117 ELECTRIC MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 152 TABLE 118 ELECTRIC MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 152 10.4 GARDENING 153 10.4.1 EASE OF INCORPORATING ELECTRIC DRIVE SYSTEM IN LAWNMOWERS TO DRIVE SEGMENT 153 TABLE 119 ELECTRIC GARDENING EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 153 TABLE 120 ELECTRIC GARDENING EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 154 TABLE 121 ELECTRIC GARDENING EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 154 TABLE 122 ELECTRIC GARDENING EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 154 10.5 AGRICULTURE 155 10.5.1 ELECTRIC AGRICULTURE EQUIPMENT IMPROVES FARMING EFFICIENCY AND PRODUCTIVITY BY ACCELERATING FARM MECHANIZATION 155 TABLE 123 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 155 TABLE 124 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 155 TABLE 125 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 155 TABLE 126 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 156 11 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION 157 11.1 INTRODUCTION 158 11.1.1 RESEARCH METHODOLOGY 158 11.1.2 ASSUMPTIONS 158 11.1.3 INDUSTRY INSIGHTS 159 FIGURE 35 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION, 2022 VS. 2027 (USD MILLION) 159 TABLE 127 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION, 2018–2021 (UNITS) 159 TABLE 128 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION, 2022–2027 (UNITS) 160 TABLE 129 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION, 2018–2021 (USD MILLION) 160 TABLE 130 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY PROPULSION, 2022–2027 (USD MILLION) 160 11.2 HYBRID-ELECTRIC 161 11.2.1 HYBRID-ELECTRIC EQUIPMENT EFFECTIVELY BRIDGES TECHNOLOGY GAP BETWEEN CONVENTIONAL AND BATTERY-ELECTRIC EQUIPMENT 161 TABLE 131 HYBRID-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 161 TABLE 132 HYBRID-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 161 TABLE 133 HYBRID-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 161 TABLE 134 HYBRID-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 162 11.3 BATTERY-ELECTRIC 162 11.3.1 STRINGENT EMISSION REGULATIONS DRIVE DEMAND FOR BATTERY-ELECTRIC EQUIPMENT 162 TABLE 135 BATTERY-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 162 TABLE 136 BATTERY-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 163 TABLE 137 BATTERY-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 163 TABLE 138 BATTERY-ELECTRIC: CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 163 12 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE 164 12.1 INTRODUCTION 165 12.1.1 RESEARCH METHODOLOGY 165 12.1.2 ASSUMPTIONS 165 12.1.3 INDUSTRY INSIGHTS 165 FIGURE 36 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022 VS. 2027 (USD MILLION) 166 TABLE 139 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 166 TABLE 140 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 166 TABLE 141 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 167 TABLE 142 ELECTRIC AGRICULTURE EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 167 12.2 ELECTRIC LAWN MOWER 167 12.2.1 HIGH FUEL EXPENSES AND WORKFORCE SHORTAGE IN GARDENING DRIVE DEVELOPMENT OF ELECTRIC LAWN MOWERS 167 TABLE 143 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2021 (UNITS) 168 TABLE 144 ELECTRIC LAWN MOWER MARKET, BY REGION, 2022–2027 (UNITS) 168 TABLE 145 ELECTRIC LAWN MOWER MARKET, BY REGION, 2018–2021 (USD MILLION) 168 TABLE 146 ELECTRIC LAWN MOWER MARKET, BY REGION, 2022–2027 (USD MILLION) 168 12.3 ELECTRIC SPRAYER 169 12.3.1 NEED TO ELIMINATE WITHERING OF CROPS TO DRIVE SEGMENT 169 TABLE 147 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2021 (UNITS) 169 TABLE 148 ELECTRIC SPRAYER MARKET, BY REGION, 2022–2027 (UNITS) 169 TABLE 149 ELECTRIC SPRAYER MARKET, BY REGION, 2018–2021 (USD MILLION) 169 TABLE 150 ELECTRIC SPRAYER MARKET, BY REGION, 2022–2027 (USD MILLION) 170 12.4 ELECTRIC TRACTOR 170 12.4.1 RISING DEMAND FOR FOOD GRAIN PRODUCTS FUELS TECHNOLOGICAL ADVANCEMENTS IN AGRICULTURE INDUSTRY 170 TABLE 151 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (UNITS) 170 TABLE 152 ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (UNITS) 171 TABLE 153 ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (USD MILLION) 171 TABLE 154 ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (USD MILLION) 171 13 ELECTRIC TRACTOR MARKET, BY PROPULSION 172 13.1 INTRODUCTION 173 13.1.1 RESEARCH METHODOLOGY 173 13.1.2 ASSUMPTIONS 174 13.1.3 INDUSTRY INSIGHTS 174 FIGURE 37 ELECTRIC TRACTOR MARKET, BY PROPULSION, 2022 VS. 2027 (USD MILLION) 174 TABLE 155 ELECTRIC TRACTOR MARKET, BY PROPULSION, 2018–2021 (UNITS) 174 TABLE 156 ELECTRIC TRACTOR MARKET, BY PROPULSION, 2022–2027 (UNITS) 175 TABLE 157 ELECTRIC TRACTOR MARKET, BY PROPULSION, 2018–2021 (USD MILLION) 175 TABLE 158 ELECTRIC TRACTOR MARKET, BY PROPULSION, 2022–2027 (USD MILLION) 175 13.2 HYBRID-ELECTRIC 175 13.2.1 INCREASING DEMAND FOR MEDIUM AND HEAVY-DUTY TRACTORS TO DRIVE SEGMENT 175 TABLE 159 HYBRID-ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (UNITS) 176 TABLE 160 HYBRID-ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (UNITS) 176 TABLE 161 HYBRID-ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (USD MILLION) 176 TABLE 162 HYBRID-ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (USD MILLION) 177 13.3 BATTERY-ELECTRIC 177 13.3.1 STRINGENT EMISSION NORMS EXPECTED TO DRIVE SEGMENT 177 TABLE 163 BATTERY-ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (UNITS) 177 TABLE 164 BATTERY-ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (UNITS) 178 TABLE 165 BATTERY-ELECTRIC TRACTOR MARKET, BY REGION, 2018–2021 (USD MILLION) 178 TABLE 166 BATTERY-ELECTRIC TRACTOR MARKET, BY REGION, 2022–2027 (USD MILLION) 178 14 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION 179 14.1 INTRODUCTION 180 14.1.1 RESEARCH METHODOLOGY 180 14.1.2 ASSUMPTIONS 181 14.1.3 INDUSTRY INSIGHTS 181 FIGURE 38 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION, 2022 VS. 2027 (USD MILLION) 181 TABLE 167 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION, 2018–2021 (UNITS) 181 TABLE 168 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION, 2022–2027 (UNITS) 182 TABLE 169 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION, 2018–2021 (USD MILLION) 182 TABLE 170 ELECTRIC CONSTRUCTION AND MINING EQUIPMENT MARKET, BY PROPULSION, 2022–2027 (USD MILLION) 182 14.2 HYBRID-ELECTRIC 183 14.2.1 HYBRID-ELECTRIC EQUIPMENT TO WITNESS HIGH DEMAND DUE TO FUEL EFFICIENCY 183 TABLE 171 HYBRID-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 183 TABLE 172 HYBRID-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 183 TABLE 173 HYBRID-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 184 TABLE 174 HYBRID-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 184 14.3 BATTERY-ELECTRIC 184 14.3.1 NOISE AND EMISSION REGULATIONS TO DRIVE SEGMENT DURING FORECAST PERIOD 184 TABLE 175 BATTERY-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 185 TABLE 176 BATTERY-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 185 TABLE 177 BATTERY-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 185 TABLE 178 BATTERY-ELECTRIC: CONSTRUCTION AND MINING EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 186 15 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION 187 15.1 INTRODUCTION 188 15.1.1 RESEARCH METHODOLOGY 188 15.1.2 ASSUMPTIONS 189 15.1.3 INDUSTRY INSIGHTS 189 FIGURE 39 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022 VS. 2027 (USD MILLION) 189 TABLE 179 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (UNITS) 190 TABLE 180 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (UNITS) 190 TABLE 181 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2018–2021 (USD MILLION) 190 TABLE 182 ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY REGION, 2022–2027 (USD MILLION) 190 15.2 ASIA PACIFIC 191 FIGURE 40 ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY COUNTRY, 2022 VS. 2027 (USD MILLION) 191 TABLE 183 ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY COUNTRY, 2018–2021 (UNITS) 191 TABLE 184 ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY COUNTRY, 2022–2027 (UNITS) 192 TABLE 185 ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 192 TABLE 186 ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 192 15.2.1 CHINA 193 15.2.1.1 Innovations and developments by leading Chinese players to drive market 193 TABLE 187 CHINA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 193 TABLE 188 CHINA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 194 TABLE 189 CHINA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 194 TABLE 190 CHINA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 195 15.2.2 INDIA 196 15.2.2.1 Demand for eco-friendly and cost-effective off-highway equipment to drive market 196 TABLE 191 INDIA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 196 TABLE 192 INDIA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 197 TABLE 193 INDIA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 197 TABLE 194 INDIA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 198 15.2.3 JAPAN 199 15.2.3.1 Demand for noise and emission-free compact construction equipment to aid market growth 199 TABLE 195 JAPAN: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 199 TABLE 196 JAPAN: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 200 TABLE 197 JAPAN: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 200 TABLE 198 JAPAN: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 201 15.2.4 SOUTH KOREA 202 15.2.4.1 Increasing demand for zero-emission equipment and farming automation to aid market growth 202 TABLE 199 SOUTH KOREA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 202 TABLE 200 SOUTH KOREA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 203 TABLE 201 SOUTH KOREA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 203 TABLE 202 SOUTH KOREA: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 204 15.2.5 REST OF ASIA PACIFIC 204 15.2.5.1 Increasing construction activities, presence of large mines, and rising awareness about equipment electrification to drive market 204 TABLE 203 REST OF ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (UNITS) 205 TABLE 204 REST OF ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (UNITS) 205 TABLE 205 REST OF ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2018–2021 (USD MILLION) 206 TABLE 206 REST OF ASIA PACIFIC: ELECTRIC CONSTRUCTION EQUIPMENT MARKET, BY EQUIPMENT TYPE, 2022–2027 (USD MILLION) 206