The electric trucks market is estimated to include 69,597 units this year and is projected to grow to reach 1,413,694 units by 2030, according to new research by Reportlinker.com.
The study highlights the growth in demand for electric trucks over the past few years, it credits this to the governments of several countries taking initiatives to promote clean sources of energy by instituting stringent emission regulations and providing subsidies and tax benefits for early adoption of EVs.
It added that top OEMs including BYD, Daimler, AB Volvo, PACCAR, Scania, and other players such as Renault, Tata Motors, Tesla, Rivian and others have been working for development of electric trucks.
Additionally, the Electric Trucks Market by Propulsion, Type, Range, Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region – Global Forecast suggested as EV battery technology improves it is expected the range of EV trucks will continue to grow.
The report did stress that the sector still faces challenges including the high cost of electric trucks. It predicted that increasing R&D in the field of EV technology could lead to decreasing price of EV batteries, gradually reducing the expenditure.
Another challenge to the growth of the electric truck market is lack of standardisation of EV charging infrastructure and slow setup of EV charging stations in many countries. The limited range of electric trucks also cap their use in various countries, the research found.
Development of appropriate charging infrastructure will further improve the viability of electric trucks in the market for daily use across various sectors. The advancement of self-driving truck technology will also improve the demand for electric trucks once CAV technology has matured.
Read more: UK government funding for next-gen zero-emission trucks and hydrogen buses
