The construction equipment industry will soon benefit from the innovative vehicle technologies currently being developed for the consumer driving market.
The LDV (light duty vehicles) market is changing rapidly due to innovations in autonomous and connected vehicle systems and advances in battery energy density and cost. Autonomous and connected vehicle technologies will push greater use of shared vehicles and increase use of LDVs.
The transition from liquid fuels to electricity will transform the retail fuel sector as well as utility roles in transportation energy supply. These technologies are starting out and will take decades to mature. But as they do, LDV travel and the pool of industries that support it will change dramatically.
The BEV (battery electric vehicle) markets declining costs have positioned it for success in the years to come. Long-range BEVs are currently competitive in price among economy brands after subsidies. This marks a threshold to move BEVs from a niche vehicle option to the next vehicle option for many.
Global forecasts for annual LDV sales and vehicles in use are driven by scenario forecasts on battery prices, oil prices and AMS (autonomous mobility system) penetration within the LDV fleet. Vehicles equipped with these innovations will help the jobsite save time and cut costs.