Electric Vehicles technology has been into the market for a while but it gained popularity when Tesla launched its first electric car “Roadster” in 2006, which can go up to 394 KM on a single charge. Electrification of Vehicles is not only limited to passenger vehicles, but also to heavy-duty vehicles such as truck, buses, construction vehicles, agricultural vehicles etc.
In the next five years, the Electric Vehicles for Construction, Agriculture and Mining market will register a 51.3% CAGR in terms of revenue, the global market size will reach US$ 2270 million by 2024, from US$ 190 million in 2019.
We worked on a technology landscape report on Electric Construction Vehicles covering patent as well as market insights. Few of the insights are mentioned below:
The Patent Filing in Electric Construction Vehicle exponentially increased from year 2009 onwards. It seems that Japan, China, South Korea and USA are the innovation hubs, as almost 88% of the patents are taking priority in these jurisdictions. Major players such as Kobe Steel Ltd. and Hitachi seem to be interested in Japan for their R&D in electric construction vehicle.
With increasing market share of Electric Vehicles in automobile market, major construction vehicle companies are becoming proactive in terms of acquisitions, collaborations or patent cross-licensing activities. Recently, Allison Transmission Holdings Inc., acquired Vantage Power and AxleTech’s electric vehicle (EV) systems.
Many universities are running research-oriented programs, either being funded by the big companies or in collaboration with other research institutes. For instance, EMPA collaborated with the Bern University of Applied Sciences BFH and the NTB Interstate University of Technology Buchs to develop an eDumper.
Apart from university collaborations, Electric Vehicle market saw many strategic partnerships of major construction vehicle companies. For instance, Hyundai and Cummins collaboratively introduced mini electric excavator in the market.
Caterpillar Ventures' investment in Fisker illustrates a mutually recognized importance that electrification solutions will represent to multiple business segments in the future. While Caterpillar and Fisker serve fundamentally different industries, advancements in electrification technologies pose increasing importance and offer the potential to positively impact customer value for the right products.
Our landscape report will give you the bird’s-eye view of filing trends in Electric Construction Vehicle such as priority year, priority countries, market countries, major players, major universities, and top inventors.
Additionally, the report provides the technology and assignee breakdown in Electric Construction Vehicles
This report is also useful for assessing changing market dynamics and for identifying unknown or new competitors, potential partners and emerging technology trends.