Dimensions…hmm. Probably quite a bit more than Sir Mix-A-Lot says. Ain’t no 24 here. Unless we’re talking feet of cargo-hauling capability.
We’ve got nothing against the like of the Rivian R1T electric truck or the upcoming Tesla truck, but that’s just not the focus of this discussion.
Instead, we’re talking electric semis and such.
In a recent research study, it was found that the “Electric truck market is expected to attain a market size of 1,508.1 thousand units by 2025.” Yes, that’s an odd unit of numerical measure there. But we won’t dwell on that.
Let’s move on to electric range. This is where the figures are more meaningful to us. The report states:
This implies that range is a big factor, with the highest growth predicted in the highest range segment of above 500 miles. That range is not easy to achieve in a big, heavy-hauler though without lots of battery. For example, Nikola Motors says that the 1 MWh battery pack in is expected to give Nikola Two a range of 400 miles (640 km) or 300 miles (480 km) in cold weather. Nikola adds that such a big battery will weigh half of the truck’s weight.
So, you get the idea here. To get lots of range in a semi it takes loads of batteries and adds a ton of weight. Or perhaps a new, super advanced battery that’s unlike anything we’ve ever seen.
Global Electric Truck Market, 2019-2025 – Growing Demand for Longer Electric Truck Range
The “Electric Truck Market by Propulsion, by Vehicle Type, by Range, by Application, by Geography – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2025” report has been added to ResearchAndMarkets.com’s offering.
Electric truck market is expected to attain a market size of 1,508.1 thousand units by 2025, low maintenance cost incurred in electric trucks, supportive government regulations including additional incentives along with declining price of batteries are the major factors driving the growth of the market.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, technological advancements achieved in battery development over the past decade helped to bring down the price of battery packs. This leads to the growth of the electric truck market.
Based on range, the electric truck market is categorized into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles. The market for electric trucks with a range of above 500 miles is projected to register the highest growth, with a growth rate of over 30% in terms of volume, during the forecast period, owing to the growing demand for long-haul trucks. Additionally, to accommodate this demand, the manufacturers are investing toward the development of electric trucks, especially the ones incorporated with the hydrogen fuel-cell technology, worldwide.
On the basis of vehicle type, electric truck market is categorised into light-duty truck (LDT), medium-duty truck (MDT), and heavy-duty truck (HDT). Sales volume for the trucks falling under the HDT category is expected to register the fastest growth, both in terms of volume and value, as compared to other categories, in the upcoming years. In developed economies, including the U.S. and European nations, the market for electric trucks in the HDT category is growing at a significant pace, owning to the increasing demand for long-haul HDTs running on alternate fuels by fleet owners. Additionally, the trucking companies continue to add HDTs to level with the rising freight demand and avail maximam gains under the government financial incentive schemes.
Geographically, the APAC electric truck market registered the largest share during the historical period, accounting for a sales volume of over 80% in 2017. Country wise, China continued to remain the market leader for these trucks in the world, owning to the favorable government subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase and largely depending on the government policies. Availability of less number of manufacturers, high upfront cost, and underdeveloped value chain have limited the growth of the electric truck market. However, the increasing investment by the manufacturers in these regions for the development of electric trucks is expected to boost the market growth during the forecast period.
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry.
The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.