Off-Highway Vehicle Electrification Trends, Forecast to 2030

Market Share of Electrically Driven Off-Highway Vehicles (OHVs) will Reach Up to 30% by 2030

This study’s aim to benchmark the total market penetration of the potential off-highway electric powertrain market and study the existing machines running on electric and hybrid technology in global markets. OEM and engine Manufacturers are increasingly embracing the future Mega Trend of Zero Emissions by expanding their portfolio of powertrain options. Strengthening of emission regulations and the need for less fuel consumption have led to leading off-highway original equipment manufacturers and suppliers developing a range of hybrid technologies that will enable fuel savings of up to 50% as well as machinery with improved operability.

This study also identifies and analyzes key market trends affecting the growth of the market. It will provide a strategic overview of the market by analyzing key technology trends, market drivers, and restraints, along with a competitor analysis by analyzing competitive factors, competitor market shares, and product portfolios.

Hybrid and electric powertrains in construction equipment are becoming popular due to the significant cost savings that they are expected to have. With reduced fuel consumption, better overall energy efficiency, and reduced machine downtimes, they are expected to be well received in the off-highway equipment industry. This research provides a detailed forecast of market adoption of these alternative powertrains for each type of off-highway equipment used for specific construction applications.

The study also provides a market overview and technology trends impacting select off-highway commercial vehicle markets. An ongoing trend in the market is broadening the range of applications and driving down costs to enable further penetration of technologies. Hybrid and electric powertrains will establish a premium market segment globally and provide opportunities for original equipment manufacturers, suppliers, and service providers.

Research Scope
The study provides market forecasts and trends that are analyzed for the study period of 2016 to 2030, with the base year being 2018.

The geographic scope of the study is global (North America, Europe, Asia, ROW (Rest of World consists of key markets in South America, Africa, the Middle East).

Key Issues Addressed

• What is the existing market structure of hybrid and electric powertrain in off-highway equipment across the globe?
• Which equipment is expected to have high growth in the electrification space of OHV?
• What are the growth drivers, challenges, and opportunities in the global market?
• How does the competitive scenario evolve? What new products are offered, and what are the strategies towards electrification?
• What are the existing machines running on electric and hybrid technology?