The unprecedented impact of COVID-19 on the transportation industry will be felt at varying degrees of intensity throughout 2020 and even through 2022, for certain sectors. Find out what it can mean for any of our six vehicle categories in the latest update of PTR’s Commercial & Off-highway Vehicle (COHV) market analysis.
2019 Commercial and Off-Highway Vehicles Market Overview
- In terms of units, the overall production of conventional, hybrid and electric commercial and off-highway vehicles was dominated by Light Commercial Vehicles market segment, having 22M units in total for Internal Combustion Engine (ICE), Plug-In Hybrids (PHEV), and Battery Electric Vehicles (BEV) segments.
- The smallest market segment was buses (ICE, Hybrid Buses, Electric Buses) with 720K units.
- Trucks were the second largest segment at 3 Million units across the three segments.
- Agricultural and Construction Vehicle production was at 2.5Million and 1Million units respectively.
- Forklifts production stood at 1.5 Million units globally.
Projected Growth of Electrified Commercial and Off-Highway Vehicles
- Trucks, Buses and LCVs continue to be electrified with BEV production expected to increase annually by 50%, 25% and 41% respectively between 2019-2025.
- Agricultural and Construction vehicles have the highest BEV production growth among the six vehilce segments. However this is because these segments have a very low vehicle electrification rate at the moment.
- High percentage of forklifts produced are already electric (BEVs). Hence the projected production growth is rather low at 1% annually.