In 2022, around 54,000 Electric Medium and Heavy-Duty trucks were sold
in major regions like China, Europe and North America. Light Duty trucks were controlled around 50% of Electric Truck Sales in 2022.
Electric trucks are moving closer to price parity with diesel by 2030.
It is expected that BEV Truck have 45%, Fuel Cell 5%, and ICE Truck 50% of the market share by 2030 in Europe. It is predicted that China dominate the BEV Truck market by more than 50% by 2030. 24,075 units of Electric Trucks were sold in China in 2022. LDT and MDT segments could have the largest share in the BEV truck technology segment.
It is estimated that by 2030 150,000 Public and Non-public chargers will be available in Europe at every 60-70km. By 2030, the rate of adoption of Electric trucks will reach significantly at its peak. In some specific Segments, 50% of the trucks will be electrified. This Industry will be Profitable and Sustainable in the next 5 to 7 years. Most of the trucks come with lithium-iron-phosphate (LFP) battery chemistry.
TCO is one of the key factors in making buying decisions. The TCO depends on Energy cost, Toll, Price, Driver wages, and maintenance cost of the truck. The driving of an Electric Truck is smooth, with low noise, and low vibration, which results in high driver productivity.
Electric Trucks can access the city (like Paris) area where ICE trucks are normally not allowed to drive. Many cities banned the entry of Electric trucks to transport the goods inside the city area.
Application: The Light and Medium Duty trucks are in top gear due to their suitability for some applications like e-commerce, and postal service. Port applications and Vehicle transportation are highly suitable for Electric trucks where starting and End points are pre-defined. Recently Volvo Trucks has demonstrated the Long-Haul Electric Truck for Vehicle Transportation Application in Sweden.
Along with the rigid haulage, the Tipper segment is also attractive for Electric trucks. However, OEMs still need to test the vehicle under tough operating conditions like deep mining, heavy construction, and other special applications like fire brigade or defence.
Nowadays, Long-haul Trucks or Tractor-trailers are also efficient in utilizing Electric Drivetrains. The Electrification of this segment has a positive impact on decarbonizing because the long-haul truck segment is the largest in Europe. One long-haul eTruck can save between 700 to 800T CO2 during the 10 years of its operation.
Competitor Landscape: Almost all major ICE truck manufacturers are offering Electric Truck options like Volvo, Daimler, Freightliner, Kenworth, Scania, DAF, MAN, Mack, and Peterbilt. Top Chinese OEMs of Electric trucks are Sany, XCMG, Geely, SAIC, Zhengzhou Yutong Group, Beiben, and Dongfeng. New players like Tevva, Quantron, and Einride have launched their trucks with different technology and in different segments.
Recently, PepsiCo ordered 100 Tesla Semi Electric Trucks. DHL, Walmart, and FedEx are also planning to adopt electric trucks for their operations. However, the internal business case looks positive for internal stakeholders. Volta Truck was the first startup to introduce Medium Duty Electric Truck in Europe. Einride has taken the next step by launching its first Electric Autonomous Truck. Volvo Autonomous Solution is developing an Autonomous Truck with Boliden. Daimler is working with WAYMO to launch an Autonomous truck. Volvo and Daimler both have partnerships with Cellcentric. UK-based Tevva offers an Electric Truck of 7.5T GVW and other major Truck manufacturers offer product ranges in the Medium and heavy-duty truck segment.
In USA, Rivian and Ford Pickup trucks are leading the segment. Rivian is facing a key supply chain issue with their Power Module Suppliers from Semikron Danfoss. Due to insufficient supply of Power Module, company’s production has badly affected. Tesla recently launched its Cybertruck in the Pickup truck segment. The Cybertruck is made of stainless steel with some gaps between the panels. This truck has many advanced features. Ford F150 Lightning is another leading model with 131kWh energy capacity and a 320mile (515km) range.
Selling trucks is different from selling passenger Cars. Leading OEMs like Daimler, Traton, and Volvo understand logistics companies and Fleet owner’s requirements better than Tesla. There are fair chances that eActros 600 or Volvo FL can penetrate their target segment effectively. The eActros have a range of 600km per charge and come at 600kWh energy capacity.
Volvo Trucks announced 70% of new EU ZEV sales by 2030, Daimler 60%, Scania and MAN 50% by 2030.
Key Growth Drivers: Government EV policies, Strict Emission norms, Ban on Diesel Trucks, increasing vehicle range, incentives, innovation and upgradation in EV technology are some of the key growth drivers for Electric trucks. Even Tesla claimed that its Truck has 500 miles per charge on the rated payload.
Markets: Europe has started to take initiatives towards zero-emission heavy-duty vehicles. The European Parliament created the roadmap towards Zero Emission Trucks (HCV) by 45% (2030), 65% (2035), and 90% (2040). The UK Government wants to have 30% of all heavy vehicles sold in the UK to be Zero emission by 2030 and 100% by 2035.
Indian OEMs like Tata Motors, and Ashok Leyland are aggressive in launching new models in Electric light commercial Vehicle segment.
Technology: There are three types of technology:
- Battery Electric Truck
- Hydrogen Fuel cell Trucks (FCEV)
- Hydrogen Internal Combustion engines (H2Ice)
Every Technology has its pros and Cons. The most mature technology is BEV technology. The Hydrogen Fuel Cell trucks are suitable for long-range, but it has storage issues. Daimler and Bosch are working on this technology to integrate it into heavy-duty trucks.
Hydrogen Internal Combustion engines (H2Ice) are also under consideration for the ZEV target.
Stellantis is developing hydrogen powertrain technology for its Ram pickup truck with 320 miles (515 km) ALVN. The company is planning to produce 50,000 units by 2026.
Data-driven is one of the key features to optimizing the route, Fleet management, and load optimization. Such features help fleet companies increase the profitability of the transportation business.
Digital Features: In Electric Truck, customers are equipped with advanced digital features like Connected Portal, App or access the vehicle through the mobile App, V2X and other features on the Vehicle dashboard.
Vehicle Weight: Gross Vehicle weight plays a critical role in the performance of some of the transportation of high-density materials like steel, Stone, Cement, iron and others. Electric Trucks are heavier than ICE trucks which impacts on energy consumption of the Electric Truck.
Supply Chain issue: Electric Trucks are facing serious issues with EV components like Semiconductor, Power Module, and Battery supply. Recently Volta Truck filed for bankruptcy due to an issue with battery supply.
Price: ACG estimated that Tesla has sold its Semi to PepsiCo at ~ USD 200,000 which is just double the ICE Truck. The Cybertruck dual Motors is the most efficient version with a 340-mile (547km) range at USD 80K price The maintenance cost of the Electric cost is significantly lower compared to the ICE truck, so buyers need to check the price per mile to per Km rather than the upfront cost.
Charging Infrastructure: Most Electric Trucks prefer to charge at night because slow chargers take 7 to 8 hrs. Truck must be in operation atleast 12 hours per day to generate revenue. Recently Ultra-Fast chargers can charge the battery from 0 to 80% in just 30min.
There is a negative impact of fast charging on the battery life of the vehicle. Electric Truck can charge at 43kW AC charging point or 300kW DC charger. However, ultra-charging stations are available in limited space and limited numbers. Germany is building the first public charger corridor for Electric Trucks based on key logistic routes. Wireless charging is considered as one of the emerging technologies.
One of the challenges is that most of the Electric Trucks are charged at the Customer’s place. Charging points need to be established at loading bays, Workshops, Truck stops at major highways, and Truck parking spaces.
Three major players Volvo, Daimler, and Traton are working together to develop and charging network to charge their fleet. Some independent major charging infrastructure companies are ABB, sennder, and Milence in Europe.
Milence planning to establish 1,700 charging points in Europe for all Electric Trucks by 2030. It opened the first electric charging hub for heavy-duty vehicles in Venlo, the Netherlands.
Key highlights of the Report:
- Electric Truck Segment Analysis: By Segment: Mini, Pickup, Light Duty Truck, Medium Duty Truck, and Heavy Duty Truck
- The Historical trend and Forecast – 2018 to 2030
- Drivetrain Type:
- FCEV, and
- Hydrogen Internal Combustion engines (H2Ice)
- North America, and
- Truck Type:
- Rigid Haulage,
- Long Haul,
- Tipper, and
- Special Application
- Upto 200Km,
- 500Km and
- above 500Km
- Battery Type Market:
- Advantages of using Lithium iron Phosphate (LFP)
- Electric Truck Product Analysis:
- OEMs wise Product Portfolio
- OEM wise Market Share
- Supply chain Analysis
- Competitor landscape
- GVW wise
- Price Bracket
- Number of Models
- Digital features
- Product Roadmap
- Range Analysis based on various factors such as Weather, payload, Driving style, Charging (Fast or Slow), Energy Consumption, and others
- Electric Truck Costing:
- Battery cost
- Inverter and Power Module cost
- other cost
- Other Technical parameters like Time to charge the etruck from 0% to 80%
- Charging type: CCS (375kW) and MCS (750kW), and others
- Electric Truck TCO calculation and comparison with ICE Truck
- Go-To-Market Strategy
- New Electric Truck Product launch Plan
- Identity the Suitable Application for different type of Electric Trucks
- GDP contribution of Electric truck in Europe, USA, and China
- Expected new job creation and job cut
- Major Suppliers issue with case study of Rivian (Semikron Danfoss) and Volta Truck
- Charging Infrastructure planning