Jan has more than 10 years of experience in industrial automation and manufacturing research. Jan is leading Interact Analysis’ APAC operations and is also research director for our industrial automation and robotics research.
Driven by the need to lower greenhouse gas emissions and particulate matter, and the electrification trends taking place in passenger vehicles, buses and trucks, the global off-highway vehicle market is now also on the cusp of a major transition to hybrid and electric powertrains, impacting all parts of the supply chain.
The 2 infographics below highlight some of the key takeaways from our Off-highway Vehicle Market – 2019 report, which captures and discusses the development of the off-highway vehicle market, with a particular focus on powertrain electrification.
The Off-Highway Vehicle infographic is also available to download here
- India and China are forecast to be the two fastest growing regional markets, with CAGR between 2017 and 2028 being 7.9% and 7.6% respectively.
- Mini excavator is the largest vehicle segment of the global excavator market, and its share is forecast to continue increase from 36.6% in 2018 to 40% in 2028, in unit terms.
- China accounted for 39% of the global excavator market in 2018 in unit terms, followed by Europe with a share of 22%, and North America 15%.
- The global AWP market experienced very strong growth in 2018, with unit shipments growing 22.6% over 2017.
- North America accounted for 55% of the global AWP market in 2018 in unit terms. Followed by Europe with a share of 24%.
- The top 3 leading suppliers – JLG, Terex and Manitou – account for over 60% of the global market share in terms of unit shipments.
- From a unit shipment perspective, the top 8 forklift suppliers account for over 70% of the global market.
The Electrification in Off-Highway Vehicles infographic is also available to download here
- 2.3 million battery electric off-highway machines are forecast to be sold in 2028.
- The electrification penetration rate for global off-highway vehicles will increase from 38.7% in 2017 to 55% in 2028.
- Europe has the highest electrification penetration rate among all regions throughout the forecast period. Interact Analysis forecasts that over 70% of the off-highway vehicles analyzed in this report will go electrified in Europe in 2028.
- Compact construction equipment and material handling equipment (<37kw) will be a prime candidate to electrify, including forklift, scissor type Aerial work platforms (AWP) and mini excavators.
- Forklifts have the highest electrification rate among all vehicle types analyzed in the research. The penetration rate was around 60% in 2017 and is forecast to increase to nearly 75% in 2028.
- The penetration rate of scissor type AWP was about 85% in 2018, and the rate is forecast to increase to 96% towards the end of the forecast period.
- Mini excavator is forecast to have the highest penetration rate of 17% in 2028, whilst large excavator is forecast to have the lowest penetration rate of 8.6% in 2028.
The above analysis is taken from a new Interact Analysis report – “The Off-highway Vehicle Market – 2019”. This report examines the size and growth profiles of each of the major off-highway vehicle types by regions. It also quantifies the impact that electrification is having on the market and predicts how the trend will direct the market going forward, with a 10-year forecast to 2028.