The electrification development trend of off-road vehicles in the next decade,Malaysia Excavator sprocket
It seems an obvious topic that electrification is on the rise, but it is certainly not a trend that can be ignored. From construction equipment to fluid power equipment to lawn equipment, almost every industry is moving towards electrification.
Although electrification still has many challenges—especially for vehicles and mobile devices—such as charging infrastructure and grid capacity, it is currently regarded as one of the key ways to reduce global emissions.
In recent years, due to various reasons, the development of electric vehicles of various sizes and types has picked up. One of the main reasons is the reduction of battery cost and the improvement of its design and chemical composition. Advances in other necessary components (such as motors, electric axles, etc.) are also beneficial to manufacturers’ ability to develop more electric vehicle options.
Rising fuel prices, more technical improvements, greater emission reduction and other benefits from the use of electric vehicles-less maintenance and higher efficiency-will help drive the electrification market in the next few years. With the development of electrification, the impact on other related industries and parts manufacturers will be the same, such as those engaged in fluid power and motion control.Malaysia Excavator sprocket
Passenger car electrification will grow by 2027
In recent years, the automobile market has vigorously promoted electrification, and it has developed to the present that even pickup trucks are electrified. Manufacturers such as General Motors (GM) have announced plans to increase sales of electric vehicles (EVS) in the coming years. General Motors has said that it plans to launch 30 new electric vehicle models worldwide by 2025.
GM is not alone. According to a recent electric vehicle market report of meticulous research, the electric vehicle market will achieve a compound annual growth rate (CAGR) of 33.6% by 2027. According to the data of 2020, the research company predicts that the market value will reach 2495.4 billion US dollars and 233.9 million vehicles by 2027, with a compound annual growth rate of 21.7%.
Meticulous Research listed the following reasons in its press release announcing the report as some key factors driving the growth of electric vehicles:
Government policies and regulations support;
Leading automobile OEM manufacturers increase investment;
The increasingly serious environmental problems;
The price of batteries has dropped;
Advances in charging system technology.
Other drivers include the increased adoption of electric vehicles in emerging economies and the growth of autonomous vehicle. However, the research company does point out that the lack of charging infrastructure in these markets will bring challenges, just as it is now in many parts of the world.Malaysia Excavator sprocket
Although the covid-19 epidemic has indeed affected the global supply chain, resulting in the interruption of production in the automotive market, including electric vehicles, meticulous research said that due to the strong recovery and demand in China, the electric vehicle field will have a relatively rapid recovery. The electric vehicle market in Europe and China is expected to recover strongly, but the United States is expected to lag behind. It remains to be seen whether this will change as the conflict between Russia and Ukraine has led to high fuel prices.Malaysia Excavator sprocket
Post time: Jun-09-2022