The global sales of electric drive medium and heavy-duty vehicles, excluding in China, will increase by 17% through 2030, according to Navigant Research.
The annual market growth rate is expected to reach 9% during the forecast period.
Other key findings of the study include:
- The market for electric trucks and buses is nascent
- Rapid developments in the industry are setting a strong foundation for electrification to become the new norm
- China has an aggressive programme underway to electrify the largest bus market in the world
- Unavailability of large battery capacity and recharging infrastructure restraining the use of electric trucks outside fixed regional routes
- Liquid natural gas is one of the most prominent of the alternative fuel options for HD trucks as OEMs try to meet higher carbon emissions standards.
William Drier, a research analyst at Navigant Research, said: “Although the eMHDV market is gaining increased attention, the vehicles currently make up a small portion of global annual sales outside of China.
“The production of these vehicle technologies is driven by several factors, including fuel efficiency improvements, emissions reduction, energy costs, maintenance, and declining costs for alternative fuel and batteries.”
The report, Market Data: Electric Trucks and Buses, analyses the global market for electric drive trucks and buses, with a focus on four powertrains: hybrid, plug-in hybrid, battery electric, and fuel cell.