Industrial Electric Vehicle Market to Reach $87 Billion by 2028


Electric vehicles for construction, agriculture and mining will be a $87 billion market in 2028.

According to a new report from IDTechEx, the electric vehicle market is an industry about to change radically. For example, in mining, more than 90% of the world’s mines are open cast; They are often in remote places up to 4,000 meters above sea level, where shipping diesel can cost more than buying it. Consequently, there is now a move to have 350 kW 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 350 kWh batteries suffice.

Pure electric is a legal requirement indoors. Outdoors, fuel saving and better performance attract buyers to electric and hybrid industrial vehicles. Komatsu, John Deere, Caterpillar, and others manufacture large, mainly hybrid vehicles, while other manufacturers offer smaller, pure-electric versions.

The report from IDTechEx, Electric Vehicles for Construction, Agriculture and Mining 2018-2028, explains the current market situation and gives detailed forecasts, comparisons and assessments. It shows how mines will electrify much more but only after the current bust period of the boom-and-bust that characterizes this industry.

It shows why the ubiquitous tractor in agriculture will, at last, be electric in volume quantities by 2028 and how new forms of vehicle design will be unveiled soon. Benchmarking from the 46 categories of electric vehicle that IDTechEx forecasts, the report explains what new technologies will arrive and why. Supercapacitors, new power components, greater modularization and integration will transform this industry.



Vendors mentioned in this article:

  • IDTechEx
  • Komatsu
  • John Deere
  • Caterpillar



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One thought on “Industrial Electric Vehicle Market to Reach $87 Billion by 2028

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