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Off-Highway Electrified Equipment Market

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Alastair Hayfield, senior research director of market research company Interact Analysis, discussed the challenges of off-highway vehicle electrification, the types of equipment leading electrification, the electrified component market, and the future situation in terms of pricing.

Unlike the road vehicle sector, the off-highway vehicle market has a wide range of equipment-from forklifts to heavy dump trucks. Off-highway vehicles have not formed a unified set of applications. Compared with road vehicles, the customer base of each model is relatively low. This means that it is much more difficult for off-highway OEMs and related component manufacturers to achieve the economies of scale obtained by their on-road counterparts, which is a key factor in considering the electrification of off-road vehicles.

Key considerations
Obstacles such as huge vehicle size and power requirements, charging infrastructure, wide range and intensity of work cycles, and charging downtime mean that the electrification of off-highway vehicles is developing slowly. Nevertheless, almost every original equipment manufacturer has produced some type of electric off-road vehicle, and the market for electric parts is expected to grow.

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However, the success of the off-highway vehicle electrified power system market depends not only on procurement costs and fuel consumption issues, because better performance, controllability and flexibility, reduced maintenance costs, and environmental advantages will also be key considerations.

Electrified off-highway components market to be worth $25bn in 2030

Our analysts have found that the global market for electrified components for off-highway vehicles in 2020 is approximately US$10 billion. We predict that by 2030, this number will increase to 25 billion U.S. dollars, with a compound annual growth rate of 8%. The total revenue from 2019 to 2019 will be 186 billion U.S. dollars in 2030.

The forklift market is by far the most mature market for electrification and currently accounts for most of the sales of electrified components, but this situation will change as new electrification technologies suitable for other applications such as excavators and tractors are put into production.

News Source : NBM&CW

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