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European Off-highway Equipment Industry Growth Opportunities
Sustainability targets and the requirement to reduce operational costs, maintenance costs, and equipment downtime have increased the need for synergies across the off-highway value chain in Europe.
New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "European Off-highway Equipment Industry Growth Opportunities" - https://www.reportlinker.com/p06383520/?utm_source=GNW
The requirement for electric charging and hydrogen fuel infrastructure increases and the need to digitize processes becomes more urgent, thus pushing toward collaborations between OEMs, suppliers, utility companies, and software solution providers.
The European off-highway equipment market was valued at $56.8 billion in 2021 with the construction and mining equipment market taking a larger share of 53.4%. Caterpillar, John Deere, CNH, and AGCO currently lead the off-highway market with combined revenue contributing to a share of 46.6%. Collaboration between industry stakeholders will produce datasets to further enhance convenience and processes.
Company-wide sustainability targets will increase investment in electric powertrains and renewable energy sources, which will drive the adoption of hybrid and electric machinery across all three off-highway applications.
Additionally, the expansion of rental companies and peer-to-peer (P2P) shared platforms will further increase the demand for fleet management and remote monitoring services.
Author: Krishna Achuthan
Read the full report: https://www.reportlinker.com/p06383520/?utm_source=GNW
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