Drop in Battery Pack Price Below $100/kwh Compounded by Slew of eTruck Product Launches to Capitalise on Subsidies are Poised to Push Electrification in MD & HD Truck Segment to 11.1% by 2025 Translating to 250,000 Market Opportunity GHG emission regulations are ever strengthening in North America, Europe, and China.Climate change concerns among the public is especially propelling the automotive industry to reduce carbon footprint.
Countries are looking for options to improve air quality in their communities and to contribute to mitigation of global climate change through electrification. This study provides an overview of the key trends in medium commercial vehicle ranging between 6.1 tonnes and 16 tonnes, and heavy commercial vehicle ranging above 16 tonnes segments of global electric truck market from 2016 to 2025. The various factors attracting adoption of electric trucks and the top challenges are studied in brief. The study reveals that the Chinese truck market will dominate the electric truck market with aggressive plan of subsidy rollout coupled with deployment of charging infrastructure systems in large scale. China is leading the electrification and contributes to 50% of the global electric truck sales in today’s scenario, and the trend is expected to remain the same by 2025. North America, mainly Canada and the US, is expected to be the second largest market for electric trucks, having new disruptors emerging from the market. The incentive policies and stringent emission regulations in Europe, North America, and China will motivate the buyers, and the growing consumer demand for electric trucks will be satisfied by the product line-ups planned by OEMs. New entrants like Tesla and Nikola are expected to disrupt the North American market, while Chinese manufacturers are eyeing on export markets to uphold the market dominance in terms of electric truck sales volume. The electric powertrain adoption is poised to accelerate post 2020 due to the fall in battery prices. This study provides a summary on the available drivetrain technologies in the industry and future adoptions. By 2025, the penetration of electrification is expected to be 28.5% in medium-duty trucks and 6.5% in heavy-duty trucks in China. In North America, the penetration of electric powertrain is expected to be 8.3% and 12.3% in medium- and heavy-duty trucks, respectively. Several Western European countries are planning to adopt the ICE ban from 2025–2030, with expanding low-emission zones planning to ban diesel and gasoline engines. The new GHG emission regulations in Europe are pushing hard to achieve CO2 and fuel economy standards to satisfy EISA lead-time requirement. The electric powertrain adoption is expected to be 15% in medium-duty trucks and 5.2% in heavy-duty trucks in Europe. The world of batteries is changing very rapidly making it very hard to predict the most promising battery chemistry; however, some trends are already visible when limiting to lithium-ion based batteries. With battery prices dropping nearly 80% during 2010–2017, electric vehicles have become the favourite alternative powertrain for automakers both incumbent (such as Daimler, Volvo, and Scania) and startups (such as Tesla, Orange EV, and Nikola) ahead of hybrids. Fuel cell electric vehicles will be the future trend and will start acquiring the market from 2020 due to the intensity of energy in hydrogen and light weight, making the technology suitable for trucks. The rapid technology developments in electrification and huge market potential are inviting new technology participants and startups to invest in the CV space, whereas the transition is compelling the existing manufacturers to adopt the next-generation technology. With wide range of fiscal incentives and other benefits by government, emergence of eMobility value chain, and rising consumer awareness on usage benefits and cost savings, the market opportunity for electric medium- and heavy-duty trucks is predicted to be 250,000 units by 2025.
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The Australia and New Zealand (ANZ) connected trucks telematics market is moving ahead with a steady growth rate despite the impact from the Coronavirus (COVID-19) pandemic. The market is dominated by prominent telematics industry leaders, and also OEMs who are vying for an equal market share.
Telematics technology is expected to grow...
Commercial vehicle manufacturers have been affected by steep reductions in sales in 2020. Medium-duty truck sales have fallen by 19.2%, and heavy-duty trucks have dipped by 31.1% from 2019 levels. Nationwide lockdowns and temporary stoppages in commercial transport operations have left fleets floundering, both financially and operationally....
Executive Summary
The Global Heavy Duty CV Market was valued at USD 337.56 Billion in the year 2020. The global Heavy Duty CV market is observing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer...
The medium-duty and heavy-duty truck and bus markets in the US are expected to show strong recovery following the major dip in 2020 due to the dire impacts of the COVID-19 crisis on production and sales.However, the crisis is forecast to have a relatively lower impact on the electric truck and bus markets.
The electric bus segment...
234 pages •
By Global Industry Analysts
• Jan 2021
Project Details:
- StrategyR - A Trademark of Global Industry Analysts, Inc.
- Project Edition: 15
- Influencer Pool: 9196
- MarketGlass™ Platform - Our influencer driven interactive research platform draws from unique perspectives of participating executives from featured companies....
Abstract Off-Highway Trucks Procurement in the US This report is intended to assist buyers of new off-highway trucks, which are heavy-duty transport vehicles containing beds or containers that can be tilted to unload loose material and other contents. This report focuses on the two most common types of off-highway...
Bearing the load: Rebounding demand from the manufacturing and construction sectors will return the industry to growth Abstract Truck & Bus Manufacturing in the US Operators in the Truck and Bus Manufacturing industry have experienced volatile swings over the five years to 2019. Industry manufacturers...
The global electric commercial vehicle market size is projected to grow from 129 thousand units in 2020 to reach 2,026 thousand units by 2028, at a CAGR of 41.1%. The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry. Many countries...
Fleet management is an ambiguous term used in reference to a wide range of solutions for different vehicle-related applications. The definition of a fleet management solution is a vehicle-based system that incorporates data logging, satellite positioning and data communications to a backoffice application. The history of fleet management solutions...
177 pages •
By Global Industry Analysts
• Mar 2021
Project Details:
- StrategyR - A Trademark of Global Industry Analysts, Inc.
- Project Edition: 5
- Influencer Pool: 697
- MarketGlass™ Platform - Our influencer driven interactive research platform draws from unique perspectives of participating executives from featured companies....
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