Global environmental concerns, rapidly growing transport infrastructure, and fluctuating fuel prices in the international market trigger the need to unearth feasible transport alternatives. Favorable government initiatives with stringent emission rules and surging production and sales of EVs foster the growth of the electric truck market globally.
An electric vehicle has been perceived as an imperative to sustain the ecosystem by curbing environmental deterioration. The global electric trucks market was evaluated at US$ 4,592.55 million in 2021 and is speculated to generate US$ 26,542.90 million by 2028 and record an annual growth rate of 29.4% during 2022–2028.
Among the electric vehicles (EVs) available, the truck segment reigns the heavy transport territory to travel longer distances. It consists of battery-powered vehicles transporting specialized payloads and cargo with miscellaneous utilitarian work.
Earlier, electric trucks propelling on lead-acid batteries served niche applications such as pushback tugs, milk floats, and industrial forklifts for several years. However, advanced energy-dense batteries introduced in recent decades widened the application base of electric trucks to serve extensive purposes.
Battery-powered vehicles are equipped with electric motors instead of IC engines. After deriving power from the grid, rechargeable batteries store power in an electric motor, which provides traction to the wheels.
Although lighter to drive, electric vehicles offer more acceleration power than conventional fuel-engine vehicles. The operating cost of electric trucks is considerably lower than the predecessors due to high efficiency, low component counts, no fuel burning in idle, and quick acceleration.
Apart from long-distance freight, the short-haul urban deliveries are also getting rapidly electrified, as clean and nuisance-free electric trucks go well with urban transport infrastructure within metropolitan localities.
No expenditure on fuel serves as the major advantage, as spending US$ 0.10 per kW is equivalent to driving a gasoline-powered vehicle costing less than US$ 1 per gallon. In2017, the market started noticing the advent of electric trucks, with some manufacturers introducing their first EV projects. Daimler introduced its E-FUSO electric lorry to compete against the much-hyped Tesla Semi.
In January 2018, Nikola announced the investment of US$ 1 billion in the production of its all-electric truck. Such developments made the other key players—e.g., Volvo, Mack, and Donfeng—join the EV manufacturing hub.
The reduced or negligible emissions and low cost per mile can be counted as the pros of EVs, while the range anxiety, choice of vehicle, insurance costs, limited charging infrastructure, and dangerously quiet propulsion due to lack of an internal combustion engine constitute the cons’frame.
Daimler AG, AB Volvo, PACCAR, Scania, and BYD are the leading electric truck manufacturers worldwide. They are autonomous vehicle technology developers with long-term supply contracts in their pipeline.
Author:
Utkarsh Hiwale started as an academic content writer and editor in educational institutes. He spent 3 years as a Sr.content writer. Currently, he worksas a business content writer at The Insight Partners. He majorly focuses on writing creative content for market research reports.
