Annual Revenue for the Electric Heavy Commercial Vehicle Market Is Expected to Surpass $370 Billion by 2030
Electric trucks and the charging infrastructure are expected to experience major gains in revenue in the latter half of the forecast as policies become more stringent
A new report from Guidehouse Insights assesses the global markets for electric heavy commercial vehicles (e-HCVs) and supporting charging infrastructure, including technologies, market drivers and barriers, as well as market growth over the next decade.
While electrification of the HCV market is well underway in some countries such as China, other countries are working to catch up. Public transit fleets are implementing the transition toward electricity at a rapid pace, and major parcel delivery services are placing huge orders for purpose-built e-HCVs with new market players. Established truck suppliers are introducing electric rigid trucks and day cab tractors, and high capacity charging technology standards to support electric long-haul trucking are nearing debut. Click to tweet: According to a new report from @WeAreGHInsights, the e-HVC market is expected to experience significant growth by 2030, with revenue forecasted to surpass $370 billion annually.
“This growth is a result of demands from governments and corporate customers for zero emissions fleet solutions,” says Scott Shepard, principal research analyst with Guidehouse Insights. “E-HCVs are becoming more attractive as emissions and energy efficiency regulations in two-thirds of the global HCV market are pressing manufacturers for greener vehicles.”
Despite strong prospects for the e-HCV market, there are challenges ahead, mostly related to range and charging speed. These challenges have been ongoing for the e-HCV market and the broader e-mobility market in general, as upgrades to the existing grid distribution system become more crucial. Increases to power capacity at fleet depots and fast charging sites will play a critical role in the expansion of the market.
The report, Market Data: Electric Trucks and Buses, examines e-HCV markets globally and supporting charging infrastructure, as well as technologies, market drivers and barriers, and the growth prognosis over the next 10 years. Forecast vehicle technologies in this report include battery electric trucks and buses with gross vehicle weight ratings over 3.5 tons (T) segmented by major vehicle types as follows: vans, rigid trucks, tractors, transit and coach buses, and shuttles. Charging infrastructure technologies include all charge points deployed to specifically support e-HCVs. Forecasts on these technologies are provided from 2020-2030 by major global region. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Energy as a Service, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.