Interact Analysis have recently published a new market report providing insight and analysis into the electrified off-highway equipment powertrain pricing and architecture market
The below infographic demonstrates some of our key findings.
The infographic is also available to download in PDF here
– The global market for electrified components in off-highway applications was estimated to be worth $10 billion in 2020 and is forecast to be worth nearly $25 billion in 2030
– The overall market is forecast to grow at a compound annual growth rate (CAGR) of 8% with a total of $186 billion in revenue between 2019 and 2030.
– Battery packs represent the largest component category by revenues throughout the forecast period. However, unlike some other vehicle markets – e.g. passenger cars or trucks- the market is already well-established and so the growth opportunity is smaller and slower (the market is forecast to grow with a compound annual growth rate (CAGR) of only 5%),
– Hydrogen powered machines are forecast to account for relatively small sales volumes, the high price of both the fuel cell system and the tanks means that the revenue opportunity is expected to grow quickly and become sizeable over the forecast period.
– The market for electrified components in mini excavators is forecast to be worth over $1 billion by 2030
– APAC is forecast to become the dominant market for electrified powertrain components over the forecast horizon. It moves from just over 30% of market revenues to 50% of revenues by 2030. China drives much of this growth.
– The majority of 2WD tractors will have a sub-60V system architecture, reflecting the use of hybrid architectures to meet emission norms and also the voltage level needed for implement electrification.