Electric Components Market in Off-highway Vehicles, Global, 2024-2035

Description

Electrification Trends and Regulatory Frameworks in the Industry will Drive Transformational, Long-term Growth by 2035

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.

Product Code: PFI1-42

Transformation in the Electric Components Market

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

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 in

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

Best Practices Recognition

Best Practices Recognition

Frost Radar

Frost Radar

Next Steps

Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
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