Electric trucks to reach annual sales of more than 2.25 million units by 2025
The global electric truck market, comprised of the light/medium/heavy-duty hybrid and full electric truck segments, is expected to reach more than 2.25 million units by 2025 according to research. Frost & Sullivan's latest analysis of the electric truck market finds that China will lead the electrification of powertrains and contribute 60% of global sales. Key factors, including a policy shift toward electric powertrains, incentive programs, strengthening emission regulations (particularly at urban centers), and rapid technology advancements, will augment the sales growth.
The report, “Executive Analysis of Electric Truck Market, Forecast to 2025,” provides a strategic overview of growth opportunities, developments, and forecasts in key regions such as North America, Europe, and China. OEM product launch roadmaps, adoption rates, and future market trends are also assessed.
"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 fulfill 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 250 kW+ ultra-fast charging and battery-swapping systems to make refueling comparable to average diesel filling times. Also key to fueling growth will be 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. In addition, investment in battery pack manufacturing and vertical integration of the electric drivetrain will be common phenomena 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 their 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."
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