Technology Advancements Fuel the Electric Truck Market
Electric trucks to attribute to annual sales of more than 2.25 million units by 2025, finds Frost & Sullivan
CAPE TOWN, South Africa, March 5, 2018 /PRNewswire/ -- Frost & Sullivan's latest analysis of the electric truck market finds that by 2025 the global light/medium/heavy-duty hybrid and full electric truck segments are expected to achieve annual sales of more than 2.25 million units. China will lead the electrification of powertrains and contribute 60 percent of global sales. Key factors like a policy shift toward electric powertrains, incentive programs, strengthening emission regulations (especially at urban centers) and rapid technology advancements will augment high sales growth globally.
The report,Executive Analysis of Electric Truck Market, Forecast to 2025, provides a strategic overview of growth opportunities, developments, and forecasts in key regions like North America, Europe, and China. Original equipment manufacturer (OEM) product launch roadmaps, adoption rates, and future market trends are also assessed.
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"The case for electric trucks is becoming more compelling with new business models like leasing of trucks and battery packs or fuel cell stacks, the availability of incentives, as well as subsidies driving market change," said Chandramowli Kailasam, Mobility Team Leader at Frost & Sullivan. "Europe is expected to switch to hybrid or full electric technologies in an active drive towards EU's 20-20-20 target and to fulfil COP21 promises. In North America, however, awareness of hybrid- electric technologies is expected to be lower than natural gas powertrains as limitations in efficiency gains and recharging points impede adoption rates in the short term until 2020."
Strategic imperatives for growth in the electric truck market include:
- Developing 250kW+ ultra-fast charging and battery swapping systems to make refueling comparable to average diesel filling times;
- New players looking to enter the market by developing electric trucks with a range of more than 300 miles, autonomous driving functionality, and aerodynamically streamlined designs; and
- Investment into battery pack manufacturing and vertical integration of the electric drivetrain will be common phenomenon as OEMs try to retain their technology exclusivity.
"Full electric trucks in heavy-duty applications are still an ambitious proposition with significant strides required in battery capacity as well as price," observed Kailasam. "However, despite these challenges, electric trucks will find its place tailor made for application in areas like refuse collection, yard trucks, urban parcel and delivery services, and regional hauling. Plug-in hybrids and conventional hybrids will also form part of the mix."
Executive Analysis of Electric Truck Market, Forecast to 2025 is part of Frost & Sullivan's global Mobility Growth Partnership Service program.
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Executive Analysis of Electric Truck Market, Forecast to 2025
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