Industrial EV market predicted to expand to $30bn by 2025

IDTechEx anticipates radical change in worldwide industry over the next 10 years. For example, over 90% of the world's mines are open cast, often located in remote, high-altitude areas where shipping diesel can cost more than buying it. With an all-electric solution, including giant haul trucks and rail-veyors for vertical movement, pollution can be reduced and money saved by the generation of electricity, using the mine's own wind turbines and photovoltaics. In addition, through electrification of vehicles, the high costs of ventilation of diesel emissions inside mines can be substantially reduced.

In the mining vehicle industry, where the costs of operation have increased in relation to the volatility of diesel prices, vehicle electrification is a high value proposition. However the mining industry is currently in a bust period after a boom period that ended in 2012 and now structural changes are planned in the coal industry. The cyclical nature of the mining industry means that large volumes of new equipment will not be acquired by mining industries before 2018, therefore delaying the adoption of electric mining vehicles.

In addition to detailing how mines will electrify more, the report shows why the ubiquitous tractor in agriculture will be electric in volume quantities by 2025. It explains how innovations in vehicle design are on their way, what technologies will arrive and why.