Latest posts by Jan Zhang (see all)
- Industrial Robots – Slowing But Still Growing – With Significant Changes in the Market to Come - December 16, 2019
- The Industrial Robot Market – 2019 - December 12, 2019
- Electrification of Off-Highway Vehicles: An Opportunity To Be Grasped – Executive Whitepaper - October 24, 2019
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.