Electric off-highway vehicles market to reach US$81bn by 2027

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Electric vehicles in the construction, mining and agricultural industries will be a US$81bn market by 2027, according to a new report from IDTechEx research.

The Electric Vehicles for Construction, Agriculture and Mining 2017-2027 report forecasts that while legal requirements exist for the emission-free vehicles indoors, their advantages outdoors will radically change their market share.

With significant fuel-savings and better performance, the independent market researchers expect electric versions of cranes, man lifters and mini excavators (like the Hitachi ZX35B pictured) to increase their production volumes to 165,000 annual sales within the next 10 years.

IDTechEx said, “This is an industry about to change radically. For example, in mining, over 90% of the world’s mines are open cast. They are often in remote places up to 4000m above sea level, where shipping diesel can cost more than buying it. Consequently, there is now a move to have 350kW giant haul trucks working the floor and separately the top of the mine with electric rail-veyors lifting the ore from bottom to top.

“In an all-electric solution new pollution laws can be met, image improved and money saved, the electricity coming from the mine’s own wind turbines and photovoltaics. Battery swapping and fast charging of those batteries means 350kWh batteries suffice – big but no larger than those in other EV sectors.”

As well as detailed forecasts, comparisons and assessments, the report shows how mines will electrify much more once the industry has come out of the bust period of the boom-and-bust that characterises the industry. It also shows how tractors will be electric in volume quantities by 2027 and how new forms of vehicle design will present themselves.

April 21, 2017

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Tom is editor of ivtinternational.com and iVT magazine. During his 20 year career in journalism Tom has worked for a diverse range of titles including Men's Health and Cosmopolitan. He also edits iVT's UKi Media & Events stablemate Traffic Technology International.

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