Navigating the Electric Avenue: a Global Outlook on the Transformative Landscape of Electric Trucks

In the contemporary realm of transportation, the tides of change are heralded by the swift electrification of vehicles. In this dynamic shift, electric trucks are emerging as frontrunners, leading the charge toward a sustainable and eco-conscious future. With a deep-seated commitment to reducing carbon dioxide emissions and mitigating environmental impact, the global fleet of electric trucks has become a pivotal player in the overarching goal of a greener tomorrow.

This article delves into the expansive landscape of electric trucks, encompassing their widespread global presence, the profound influence on curbing CO2 emissions, and factors influencing the electric truck industry's growth.

Trucks worldwide?

The rapid electrification of the transportation sector, especially the burgeoning electric truck market, necessitates a comprehensive analysis of the associated charging infrastructure. This article section provides an insightful examination of the state of electric trucks on a global scale.? The global electric truck market is projected to reach over 3.86 billion U.S. dollars in size by 2030, with a compound annual growth rate of around 22.75 percent between 2023 and 2030. In 2023, this market was worth around 749.14 million U.S. dollars.

Europe

The estimated market size for electric trucks in Europe stands at approximately USD 0.71 billion in 2023. Projections indicate a substantial growth trajectory, aiming to reach approximately USD 6.85 billion by 2028, with an impressive compound annual growth rate (CAGR) of 57.13% during the forecast period (2023-2028).

Looking ahead, electric trucks are anticipated to outshine diesel counterparts in the mid-term, becoming the preferred choice. This shift is attributed to their distinct advantages, including substantial torque, minimal noise pollution, reduced maintenance costs, among other factors.

Asia

China holds a prominent position as the global frontrunner in electric car and bus markets, but its leadership in the electric truck sector is equally remarkable. According to statistics from EV-volumes.com, China stood out in 2022 by selling 36,000 electric trucks, constituting a staggering 91% of the worldwide sales. Notably, no other country besides China has achieved sales exceeding 1,000 new electric trucks in a single year.

Australia

In 2022, Australia's truck fleet comprised approximately 500,000 rigid trucks and 100,000 articulated trucks. Of the freight transportation in the country, around two thirds are handled by rigid trucks within urban areas, while a similar proportion of the freight transported by articulated trucks is in regional or non-urban areas. Rigid trucks, although smaller and with a lower freight capacity, are identified as the primary candidates for transitioning towards electrification due to their specific suitability for urban settings.

The ambitious objective of this transition is to achieve a notable shift in the composition of the national truck fleet. The target is to have 30% of the total fleet represented by Electric Trucks by the year 2030, with a more ambitious aim of reaching 100% electrification by 2040. This strategic goal demonstrates a firm commitment towards a sustainable and eco-friendly future in the Australian trucking industry.

North & South America

In this concise overview, we delve into the electric vehicle (EV) landscape of North and South America. As for 2021, 1 percent of the 250 million vehicles in the United States are electric (EVs), according to the New York Times. But at the end of 2019, only 2,000 of those vehicles were electric trucks. The U.S. electric truck market generated revenue of $308.9 million in 2021 and is set to progress at a CAGR of 54.0% during 2021–2030. The South America Electric Vehicles Market size accounted for USD 7.78 billion in 2022 and grow at a CAGR of 6.98% to reach USD 11.66 billion by 2028.

Africa

Electric truck adoption in Africa is still in its early stages, but indications suggest that the continent is gradually catching up with global trends. Nevertheless, the electric vehicle market in Africa is projected to experience substantial growth, with an expected compound annual growth rate of 32.9% between 2020 and 2025, implying an increasing significance of electric trucks in the continent's transportation sector.

According to the International Energy Agency's data up to 2019, Africa had a mere 100 registered electric trucks. However, there are positive developments in certain African countries. For instance, South Africa presently employs around 350 electric trucks, and the government aims to have 5,000 electric vehicles on the roads by 2025. Kenya has also introduced a fleet of 25 electric lorries, and Morocco's Société Nationale des Transports et de la Logistique (SNTL) has launched a fleet of 16 electric trucks for its logistics operations. These initiatives signify a growing momentum toward the integration of electric trucks in Africa's transport landscape.

Factors influencing the electric truck industry's growth

Numerous elements play a crucial role in shaping the trajectory of the electric truck industry. Some of these factors encompass:

??Government efforts promoting electric mobility: Governments worldwide are actively encouraging vehicle manufacturers to reduce carbon emissions stemming from diesel fuel combustion and combat greenhouse gas emissions. Consequently, they are incentivizing the development of electric trucks.

??Logistics sector dynamics: With a burgeoning demand for logistics services, supply chains, and logistics companies are proactively transitioning their fleets to eco-friendly vehicles.

??Cost-effective maintenance: Electric trucks offer substantial cost savings compared to traditional counterparts. The absence of requirements for oil changes, spark plug replacements, or fuel filters significantly reduces component costs, making these vehicles more economical and low-maintenance.

??COVID-19 repercussions: The global surge in vehicle electrification trends has propelled electric vehicle sales between 2020 and 2021, partly influenced by the pandemic.

What is the CO2 footprint of electric trucks?

Electric trucks have gained significant attention as a promising solution to reduce carbon dioxide (CO2) emissions in the transportation sector. The transition from traditional internal combustion engine (ICE) trucks to electric trucks has the potential to substantially mitigate greenhouse gas emissions and contribute to a more sustainable and environmentally friendly future.

One of the key advantages of electric trucks is their potential to significantly reduce CO2 emissions compared to conventional diesel trucks. I will dive deeper into this topic in my upcoming articles.

Conclusion

In conclusion, my brief exploration of the electric truck landscape across the Americas, Australia, Europe, and Africa highlights a burgeoning yet complex industry. As we've just scratched the surface of this electrifying journey, there's a world of exciting developments ahead.

In the forthcoming articles, I'll delve deeper into the latest products from manufacturers, tackle infrastructure issues head-on, and unveil the wealth of incentives, including leasing and financial instruments, that can accelerate this transformation. We invite you to actively engage in the discussion by sharing your thoughts and insights in the comments — your perspective is invaluable.

At Extrawest, we are committed to advancing the realm of electric vehicle solutions. Leveraging our expertise and experience in the IT domain, we are poised to contribute significantly to the electrification of the trucking industry.

Stay tuned for more insights and developments as we continue to shape the trajectory of the electric vehicle industry!