Global Electric Truck Market Report

In 2022, around 54,000 Electric Medium and Heavy-Duty trucks were sold in major regions like China, Europe and North America. Light Duty trucks were controlled around 50% of Electric Truck Sales in 2022.

Electric trucks are moving closer to price parity with diesel by 2030.

It is expected that BEV Truck have 45%, Fuel Cell 5%, and ICE Truck 50% of the market share by 2030 in Europe. It is predicted that China dominate the BEV Truck market by more than 50% by 2030. 24,075 units of Electric Trucks were sold in China in 2022. LDT and MDT segments could have the largest share in the BEV truck technology segment.

It is estimated that by 2030 150,000 Public and Non-public chargers will be available in Europe at every 60-70km. By 2030, the rate of adoption of Electric trucks will reach significantly at its peak. In some specific Segments, 50% of the trucks will be electrified. This Industry will be Profitable and Sustainable in the next 5 to 7 years. Most of the trucks come with lithium-iron-phosphate (LFP) battery chemistry.

TCO is one of the key factors in making buying decisions. The TCO depends on Energy cost, Toll, Price, Driver wages, and maintenance cost of the truck. The driving of an Electric Truck is smooth, with low noise, and low vibration, which results in high driver productivity.

Electric Trucks can access the city (like Paris) area where ICE trucks are normally not allowed to drive. Many cities banned the entry of Electric trucks to transport the goods inside the city area.

Application: The Light and Medium Duty trucks are in top gear due to their suitability for some applications like e-commerce, and postal service. Port applications and Vehicle transportation are highly suitable for Electric trucks where starting and End points are pre-defined. Recently Volvo Trucks has demonstrated the Long-Haul Electric Truck for Vehicle Transportation Application in Sweden.

Along with the rigid haulage, the Tipper segment is also attractive for Electric trucks. However, OEMs still need to test the vehicle under tough operating conditions like deep mining, heavy construction, and other special applications like fire brigade or defence. Nowadays, Long-haul Trucks or Tractor-trailers are also efficient in utilizing Electric Drivetrains. The Electrification of this segment has a positive impact on decarbonizing because the long-haul truck segment is the largest in Europe. One long-haul eTruck can save between 700 to 800T CO2 during the 10 years of its operation.

Competitor Landscape: Almost all major ICE truck manufacturers are offering Electric Truck options like Volvo, Daimler, Freightliner, Kenworth, Scania, DAF, MAN, Mack, and Peterbilt. Top Chinese OEMs of Electric trucks are Sany, XCMG, Geely, SAIC, Zhengzhou Yutong Group, Beiben, and Dongfeng. New players like Tevva, Quantron, and Einride have launched their trucks with different technology and in different segments.

Recently, PepsiCo ordered 100 Tesla Semi Electric Trucks. DHL, Walmart, and FedEx are also planning to adopt electric trucks for their operations. However, the internal business case looks positive for internal stakeholders. Volta Truck was the first startup to introduce Medium Duty Electric Truck in Europe. Einride has taken the next step by launching its first Electric Autonomous Truck. Volvo Autonomous Solution is developing an Autonomous Truck with Boliden. Daimler is working with WAYMO to launch an Autonomous truck. Volvo and Daimler both have partnerships with Cellcentric. UK-based Tevva offers an Electric Truck of 7.5T GVW and other major Truck manufacturers offer product ranges in the Medium and heavy-duty truck segment.

Read more: https://www.autobei.com/autoreports/electric-vehicle/electric-truck-market/