The global off-highway hybrid commercial vehicles market is anticipated to grow at a significant CAGR of 23.2% during the forecast period (2022-2028). The desire to reduce equipment emissions and ventilation costs in underground mining, as well as the preference for low-noise and emission-free construction machinery in residential areas, and agriculture is driving the expansion of this market. Construction equipment is in high demand all over the globe.
Proxecto Engineering Services offers HAV Series S1 Product. The first hybrid tractor technology in India that runs on a variety of fuels and does not require battery packs. The identical tractors can be converted to totally electric vehicles if the infrastructure is in place. The only tractor in India with all-wheel electric drive, no clutch, no gear, and easy three-mode operations, Forward – Neutral – Reverse, to reduce our farmer’s human effort. In comparison to standard tractors, Proxecto Engineering Services claims to save up to 28% with S1 and up to 50% with S2. It’s a self-energizing technology because the engine’s sole purpose is to supply power to electric motors and other components.
Hybrid construction equipment, such as hybrid loaders and hybrid excavators, are included in this segment. One of the key drivers fueling the segment’s growth is an increase in government investments in improving public infrastructure across the globe. The battery technology and electric propulsion are well-suited to smaller devices owing to lower power consumption. Underground mining equipment that has been hybridized helps to reduce exhaust emissions and increase worker safety.
Several significant mining corporations have begun to address the issue of diesel displacement and electrification. Due to the necessity for a substantial quantity of exhaust ventilation equipment to maintain the working environment safe, the use of diesel-powered off-highway vehicles raises the operational cost. Therefore the market for off-highway hybrid commercial vehicles is going to propel in the forecasted period.
Some major players in the market include AB Volvo, Atlas Copco Group, Caterpillar Inc., Mitsubishi Nichiyu Forklift Co., and Toyota Motor Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
Caterpillar Inc. offers Cat Lift Trucks (Electric forklifts with lower emissions and running expenses, as well as the capacity to run two shifts on a single battery). Tier 4 Final diesel forklifts have lower pollutants and a 21.6 percent improvement in fuel efficiency. Designed to increase productivity and minimize downtime. Operator compartments are wide, allowing for low-effort operating. Fingertip controls, a sophisticated operator Presence Detection System (PDS), and informational displays are all industry firsts. Low-maintenance design with long service intervals.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape-
AB Volvo, Atlas Copco Group, Caterpillar Inc., Mitsubishi Nichiyu Forklift Co., TOYOTA MOTOR CORP., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
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Global Off-Highway Hybrid Commercial Vehicles Market Report by Segment
By Type
Tractor
Forklift
Harvester
Others
By Application
Agriculture
Construction
Mining
Others
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