The Medium and Heavy-duty Electric Trucks Market to Reach US$200 billion by 2043, Forecasts IDTechEx Research Report

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Aug 10, 2023, 02:32 ET

BOSTON, Aug. 10, 2023 /PRNewswire/ -- Despite the medium and heavy-duty truck fleet representing less than 10% of the global on-road vehicle stock, large diesel truck engines, and high average annual mileage mean that the truck sector contributes around 40% of the global transport sector's greenhouse gas emissions, equating to around 5.1% of all global fossil fuel derived CO2 emission. This disproportionate contribution to emissions has made trucks a target for governments, ultimately driving vehicle manufacturers to zero on-road exhaust emission powertrain solutions.

There has therefore been substantial progress in truck electrification over the past few years. In their research report on electric and fuel cell trucks, the EV team at IDTechEx forecast the medium and heavy-duty electric trucks market will reach US$200 billion by 2043.

Shazan Siddiqi, Technology Analyst and author of the report "Electric and Fuel Cell Trucks 2023-2043", comments: "Almost all OEMs now either have a battery electric model in series production or are committed to starting production within the next year. Supply chains are maturing, and major tier 1 suppliers are putting substantial resources into parts electrification and shifting focus away from traditional combustion engine powertrains."

The "Electric and Fuel Cell Trucks 2023-2043" report explores the future of the zero-emission truck market, covering battery electric, plug-in hybrid, and hydrogen fuel cell trucks. It is designed to help businesses across the truck sector plan for the future in this dynamic market and is intended for companies across the automotive value chain.

For more information on electric and fuel cell trucks, including downloadable sample pages, please visit www.IDTechEx.com/Trucks. For further research on the global market for electric vehicles, please visit www.IDTechEx.com/Research/EV.

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SOURCE IDTechEx