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Alastair Hayfield Administrator
Senior Research Director - UK
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Alastair has over 10 years’ experience leading research activities in scaled, high-growth industrial and technology markets. At Interact Analysis he is responsible for electric trucks and buses, autonomous trucks and off-highway electrification. 

 

 

“Right now is an incredibly exciting time for the global off-highway vehicle market. Despite a torrid 2020 due to COVID-19, unprecedented investment in new emission technologies is redefining the market and changing the way that machine builders, suppliers and machine operators think about the off-highway market.”

 

 

The off-highway vehicle market is right on the cusp of a major transition to hybrid and electric powertrains.

In 2019, around 5 million total unit shipments of off-highway vehicles were recorded and though growth slowed to 2.6% in 2020, the market is predicted to recover in 2021 to 6.5%.

The second edition of the off-highway vehicle market report outlines a 10 year forecast for a wide range of equipment types and geographies and provides a clear market overview and analysis of the impact of the COVID-19 pandemic. It discusses market electrification trends and illustrates trends and market growth forecasts for the construction sector, the material handling sector and our new area of analysis – agriculture vehicles.

Full Description

This report provides accurate and up to date market data with a bottom-up analysis to provide well modelled forecast up to 2028 along with identifying key issues and trends.

Further, a detailed supplier landscape analysis is presented to understand the competitors, suppliers and potential partners.

Objectives

This report aims to answer some of the key questions facing the off-highway vehicle industry sector:

  • What was the size of the global market for off-highway vehicles in 2018 & 2019? How will this change?
  • How will the off-highway vehicle portfolio change over the next ten years?
  • What is the status of electrification within the off-highway vehicle market? What factors will have a material impact on the uptake of electrification?
  • What is the penetration rate of different powertrain types within the off-highway vehicle market? And what is the growth potential for these technologies?
  • What is the strategy and roadmap of the leading off-highway vehicle suppliers with regard to their plans for electrification?
  • How the emission standard will impact the off-highway vehicle market?

 

Highlights:

  • The long term growth rate (CAGR) of the off-highway vehicle market from 2019-2029, is projected at 3.6% in unit shipment terms.
  • The Agriculture sector was the largest group of off-highway vehicles in 2019 but the material handling sector is predicted to surpass this in 2025 onwards due the nature of this fast-growing segment.
  • Construction equipment production fell in most countries due to the strict restrictions imposed by countries during the pandemic with the exception of China, who appeared to be back under control by May 2020 and as a consequence experienced growth across all areas including construction in 2020
  • Electrification in Europe and China has not been hampered by the pandemic with battery electric powertrains predicted to be the most dominant off-highway vehicle in compact machines.
  • Electrified powertrains are forecast to be 36.8% (shipments) by 2029, mainly in China, US, Germany and France.
  • APAC and in particular China, are predicted to account for the largest number of electrified off-highway vehicle shipment in 2020-2021.
  • Hydrogen fuel cell vehicles are projected to have limited uptake moving forward probably due to fact that they are more suited to the more heavy/ intensive off-highway vehicle where cost is less of a factor.

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Posted by Alastair Hayfield

Alastair has over 10 years’ experience leading research activities in scaled, high-growth industrial and technology markets. At Interact Analysis he is responsible for electric trucks and buses, autonomous trucks and off-highway electrification. Read More