Electric Trucks Market to Reach 1,413,694 units by 2030

“Reducing Cost Of EV Batteries Will Make EV Trucks More Affordable And Will Propel The Electric Truck Market ”

The electric trucks market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030. Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV’s in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV’s and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM’s like BYD, Daimler AG, AB Volvo, PACCAR Inc, Scania AB, and other players like Renault, Tata Motors, Tesla Inc, Rivian and others have been working for development of electric trucks.

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A Major issue with electric trucks has been lower range due to limited battery capacity. With improving technology, as better EV batteries are being produced, the range of these EV trucks have been improving significantly. The reducing Battery cost will also reduce the overall cost of electric trucks, thereby improving the profitability by use of these trucks for commercial operations. This will further create demand for EV trucks in the future. Development of appropriate charging infrastructure has further improved the viability of electric trucks in the market for daily use across various sectors. The development of self-driving truck technology will also improve the demand for electric trucks once technology is matured. Most countries have come up with policy’s for shifting to electric vehicles such as trucks for commercial operations. For Instance, since 2019, US has made regulations to shift to using electric trucks for interstate logistics across some states in the country. Germany and China have also promoted the use of electric trucks and have become some of the top markets for this segment. Germany has setup electric lines on their highways for use of electric trucks without the need for destination charging. China has encouraged OEM’s in the country to produce electric trucks for its domestic use. The country had more than 20 times the sales of electric trucks domestically than US and Europe combined till the first half of 2020.

The major challenge for the growth of the electric truck market is its high cost. However, increasing R&D in the field of EV technology is leading to decreasing cost of EV Batteries, gradually reducing the cost difference. Another challenge to the growth of the electric truck market is lack of standardization of EV charging infrastructure and slow setup of EV charging stations in many countries. The limited ranges of electric trucks also limit their use in various countries. In India for instance, the limited number of electric trucks operate by battery switching due to less availability of EV fast charging stations. Lesser driving range and inadequate charging infrastructure are the key factors resulting in limited popularity of electric trucks in developing countries.

The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run. Volvo has announced plans to launch a complete range of heavy duty electric trucks in the region starting 2021 and through the upcoming years. It is currently running tests for Volvo FMX, Volvo FX, Volvo FM which would be used for regional transport and urban construction. Sales will start by the end of 2021 and production in large volumes will start by the first half of 2022. These trucks will come with a battery configuration of around 186 miles or 300 km. The company is targeting 50% electric sales in the region by 2030. Some top electric truck startups in the region include Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market.

The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others. Key strategies adopted by these companies to sustain their positions are new launches, expansions, collaborations, and joint ventures. These strategies have been analyzed to understand the positions of these companies in the market. For instance, in March 2021, The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. Also, in November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group.

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