Market for Substitutive Electric Technologies Projected to Grow at a Compound Annual Growth Rate of More Than 30% by 2032

Market drivers include decarbonization, electrification, and a renewed focus on productivity in the road freight business

Oct 05, 2023

A new report from Guidehouse Insights examines the market for trailer electrification, its likely direction, and technology adoption over the coming decade.

The impact of decarbonization on transportation has been marked and is becoming more so. Within the light duty segment, hybrid vehicles and EVs are, in some markets, now outnumbering their internal combustion engine counterparts. According to a new report from Guidehouse Insights, interest is also growing in the heavy commercial vehicle segment, and within a decade both Europe and North America will see significant adoption of electric trucks and buses.

Guidehouse Insights projects that the market for substitutive electric technologies across all semitrailers worldwide will reach 120,200 units annually by 2032—or 12.4% of the global semitrailer population—and grow at a compound annual growth rate (CAGR) of 30.6% over the analysis period.

“Trailers are a fundamental component of the global road transportation fleet, but whereas truck design has evolved and developed over time, the basic semitrailer today looks remarkably like that of 30 years ago,” says Oliver Dixon, senior research analyst with Guidehouse Insights. “Aerodynamic considerations have changed the trailer silhouette to some degree, and the need to lighten the vehicle has resulted in the use of different construction materials, but overall, trailers have tended to be left out in terms of development.”

This is now changing. Driven by the need to decarbonize, the advent of electrification, and a renewed focus on productivity in the road freight business, model trailers are now occupying a place in the spotlight, according to the report.

The report, Trailer Electrification, considers developments in trailer electrification over the next 10 years (2023-2032). It provides analysis for the adoption of four different (though not mutually exclusive) variants of electrification: shore power plus battery, mild solar, full solar, and electric axles (e-axles). Guidehouse Insights’ findings point to a significant uptake of electric technologies in both the European and North American markets, which are, along with China, the world’s largest markets for semitrailers. Growth in other geographic areas will be more muted, with adoption expected to pick up toward the end of the analysis period. 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, Trailer Electrification, 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.