The truck industry is on the verge of change as it is now gearing up towards an all-electric future.
In June 2020, the California Air Resources Board adopted new standards, which mandate that 75% of new Class 4-8 ridged truck and 55% of new tractor truck sales must be zero-emission by 2035.
IDTechEx’s new report “Electric Truck Markets 2021-2041” has pointed out that the key to this will be the transition from internal combustion engines to battery electric trucks. This sector of the industry, although it represents only 9% of the global vehicle stock, contributes 39% of the transport sectors' greenhouse gas emissions, which equates to about 5% of all global fossil fuel-derived CO2 emission.
The new benchmark set by various countries has spurred many OEMs to develop greener solutions. Daimler has set a target for 2039 of tank-to-wheel CO2 neutrality for all new vehicles it sells in the US, European, and Japanese markets. To meet this aim, it is developing electric trucks (eTrucks) at a range of sizes, from a 7.5 tonne eCanter to a 40 tonne Freightliner eCascadia.
Likewise, MAN, Scania, Volvo, Renault, IVECO, DAF, Paccar and Navistar are all conducting eTruck trials, with several models in limited production. We have also recently reported that Hyundai is about to roll out the first mass-produced fuel cell electric heavy-duty truck, to customers in Switzerland, which will be powered by a 190kW hydrogen fuel cell system.
However, the sector is waiting for Tesla, which has promised an all-electric semi long-haul truck that will have a 500-mile range and will have a starting price of $150,000. The company has so far pushed back the launch date to 2021. The EV truck was expected to be on the market already in 2019.
Meanwhile, on the other side of the world, China leads the way in eTruck deployment. Government support for the country’s electric vehicle industry drove a well reported boom in electric buses. This experience has given China a significant advantage in volume production of heavy-duty electric vehicles.
The Electric Truck Markets 2021-2041 report is designed to help businesses across the automotive value chain plan for the future in this developing market. The forecasts describe a twenty-year outlook for truck sales, market penetration, battery demand and market value, with separate forecasts for both the medium and heavy-duty truck markets.