Rising Environmental Concerns Boost the Adoption of Electric Trucks

The electric truck industry is projected to rise in the coming years, led by low operational and maintenance costs of these trucks, government initiatives in the form of regulations and incentives, and reduced battery costs.

Under the propulsion segment, the industry is divided into four categories; BEV or battery electric vehicles, HEV or hybrid electric vehicles, PHEV or plug-in hybrid electric vehicles, and FCEV or fuel-cell electric vehicles.

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Among these, the BEV category is projected to experience the fastest speed in the coming years. It is led by governments' support as financial incentives for purchasing and developing such vehicles and improving battery technology.
Besides this, research and development of battery technology by electric truck manufacturers with battery and motor technology partners for improving the battery life and energy density, along with reduced battery prices boosts the electric truck industry's growth.

The demand for heavy-duty trucks is projected to witness the fastest growth in the near future in the industry, in terms of value and volume. It is ascribed to the worldwide growing demand for freight and the booming economy of developing countries such as India and China.

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In developed countries, such as the U.S., and European nations, the electric HDTs industry is rising at a rapid rate, ascribed to rising long-haul HDTs demand which runs on alternate fuels. Moreover, trucking companies are consistently adding HDTs to cater to the growing freight demand and provide maximum gains to governments.

The low operational and maintenance cost of electric trucks provides support in achieving cost parity compare to the conventional counterpart. Due to government regulations, the industry is projected to rise at a rapid rate. The worldwide strict target emissions for reducing nitrogen oxides and carbon dioxide in the air, and an anticipated ban on diesel in urban regions, with cities such as Madrid, Paris, and Mexico City propels the industry.

The major companies operating in the industry are; Mitsubishi Fuso Truck and Bus Corporation, Alkè, Voltia a.s., and Zenith Motors LLC.

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