Demand for Off-Highway EV Components to Surpass $17 Billion by 2030
LONDON—Demand for electrified off-highway power train componets will grow from $9 billion in 2023 to $17 billion by the end of this decade. According to a new report by Interact Analysis, 27 percent of vehicles such as backhoes, excavators, forklifts and scissor lifts are currently electric, dominated by small machines that are under 60 volts.
Battery packs currently account for the largest share of off-highway vehicle component sales, accounting for 38 percent of revenue, followed by motors (25 percent) and inverters (23 percent).