Technology Innovation Driving the Transformation of the US Electric Commercial Vehicle Market

Technology Innovation Driving the Transformation of the US Electric Commercial Vehicle Market

Government Incentives and Charging Infrastructure Development by Public and Private Entities to Boost Uptake of Electric Buses and Trucks

RELEASE DATE
11-Jan-2021
REGION
North America
Deliverable Type
Market Research
Research Code: K54B-01-00-00-00
SKU: AU02116-NA-MT_25151
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Description

The medium-duty and heavy-duty truck and bus markets in the US are expected to show strong recovery following the major dip in 2020 due to the dire impacts of the COVID-19 crisis on production and sales. However, the crisis is forecast to have a relatively lower impact on the electric truck and bus markets. The electric bus segment shows a slight decline, whereas the electric truck market reflects a slight increase. The increase in electric truck sales can be attributed to the nascent market stage and previous orders. Post-2021, the electric bus and electric truck segments in the US are expected to record significant growth owing to government initiatives aimed at reviving the economy from the crisis. The electric truck and bus markets are expected to grow at a CAGR of 148.5% and 44.9%, respectively, from 2020–2026. The establishment of low-emission zones, stringent emissions norms, the ultra-low NOx regulations will aid this growth. Technology developments effectively reducing the total cost of ownership (TCO) of electric commercial vehicles are among the key factors driving the exponential growth and adoption of these vehicles. Volatility in crude oil prices and the need for clean transportation solutions, especially in the urban environment, will propel the transit bus and medium-duty truck segments in the US. The electric commercial vehicle market also faces serious competition from alternative fuel-powered vehicles, which are gaining prominence. Natural Gas (CNG and LNG) commercial vehicles are projected to witness higher adoption in the short and medium terms; however, this will have a much lower impact on electrification with the growth in charging infrastructure and reduction in the acquisition costs of electric commercial vehicles. Commercial vehicle OEMs in the US are moving toward electrification in a big way because of the increased presence of other global manufacturers in the market. The US electric commercial market is also home to innovative startups challenging established OEMs, creating a flourishing competitive environment.

Author: Vineeth Purushotham

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Electric Commercial Vehicle Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

US Electric Commercial Vehicle Market Scope of Analysis

Research Background—Electric Commercial Vehicle Market

Research Methodology—Electric Commercial Vehicle Market

US Electric Commercial Vehicle Market Segmentation

Powertrain Technology Segmentation—Electric Commercial Vehicle Market

Key Competitors for the US Electric Commercial Vehicle Market

Growth Drivers for the Adoption of Electric Commercial Vehicles

Growth Restraints for the Adoption of Electric Commercial Vehicles

2019 Market Snapshot—Electric Trucks: Electric Commercial Vehicle Market

Sales by Model and OEM—Electric Trucks: Electric Commercial Vehicle Market

2019 Market Snapshot—Electric Buses: Electric Commercial Vehicle Market

Sales by Model and OEM—Electric Buses: Electric Commercial Vehicle Market

Unit Shipment Forecast by eCV Type—Electric Commercial Vehicle Market

Unit Shipment Forecast by xEV Type—Electric Commercial Vehicle Market

Incentives and Subsidies—Electric Commercial Vehicle Market

Incentives and Subsidies—Electric Commercial Vehicle Market (continued)

Incentives and Subsidies—Electric Commercial Vehicle Market (continued)

Incentives and Subsidies—Electric Commercial Vehicle Market (continued)

Incentives and Subsidies—Electric Commercial Vehicle Market (continued)

Factors Driving EV Infrastructure—Electric Commercial Vehicle Market

Types of Charging Solutions—Electric Commercial Vehicle Market

Charger Socket Types—Electric Commercial Vehicle Market

Charging Capacity vs Time—Electric Commercial Vehicle Market

Technology Roadmap—Electric Commercial Vehicle Market

Charging Infrastructure Standards Comparison—Electric Commercial Vehicle Market

Overview of US Charging Infrastructure Incentives—Electric Commercial Vehicle Market

Overview of Charging Infrastructure Programs—Electric Commercial Vehicle Market

Use Case Analysis for Charging Types—Electric Commercial Vehicle Market

Charging Infrastructure Demand Forecast Assumptions—Electric Commercial Vehicle Market

Charging Infrastructure Demand Forecast Assumptions—Electric Commercial Vehicle Market (continued)

Supply Equipment Demand Forecast—Electric Commercial Vehicle Market

Charging Stations—Demand Forecast by Charging Type and Region: Electric Commercial Vehicle Market

Key Growth Metrics for Electric Trucks

Medium-Duty and Heavy-Duty Electric Trucks—Current Models

Medium-Duty and Heavy-Duty Electric Trucks—Future Models

Unit Shipment Forecast—Medium-Duty Electric Trucks

Unit Shipment Forecast—Heavy-Duty Electric Trucks

Unit Shipment Forecast Analysis—Electric Trucks

Competitive Environment—Electric Trucks

Market Share Forecast—Electric Trucks

Key Growth Metrics for Electric Buses

Medium-Duty and Heavy-Duty Electric Buses—Current Models

Medium-Duty and Heavy-Duty Electric Buses—Future Models

Unit Shipment Forecast—Medium-Duty Electric Buses

Unit Shipment Forecast—Heavy-Duty Electric Buses

Unit Shipment Forecast Analysis—Electric Buses

Competitive Environment—Electric Buses

Market Share Forecast—Electric Buses

Growth Opportunity 1: Widening the Electric Commercial Vehicle Product Portfolio to Compete with Conventional Fuel-Powered Commercial Vehicles

Growth Opportunity 1: Widening the Electric Commercial Vehicle Product Portfolio to Compete with Conventional Fuel-Powered Commercial Vehicles (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

The medium-duty and heavy-duty truck and bus markets in the US are expected to show strong recovery following the major dip in 2020 due to the dire impacts of the COVID-19 crisis on production and sales. However, the crisis is forecast to have a relatively lower impact on the electric truck and bus markets. The electric bus segment shows a slight decline, whereas the electric truck market reflects a slight increase. The increase in electric truck sales can be attributed to the nascent market stage and previous orders. Post-2021, the electric bus and electric truck segments in the US are expected to record significant growth owing to government initiatives aimed at reviving the economy from the crisis. The electric truck and bus markets are expected to grow at a CAGR of 148.5% and 44.9%, respectively, from 2020–2026. The establishment of low-emission zones, stringent emissions norms, the ultra-low NOx regulations will aid this growth. Technology developments effectively reducing the total cost of ownership (TCO) of electric commercial vehicles are among the key factors driving the exponential growth and adoption of these vehicles. Volatility in crude oil prices and the need for clean transportation solutions, especially in the urban environment, will propel the transit bus and medium-duty truck segments in the US. The electric commercial vehicle market also faces serious competition from alternative fuel-powered vehicles, which are gaining prominence. Natural Gas (CNG and LNG) commercial vehicles are projected to witness higher adoption in the short and medium terms; however, this will have a much lower impact on electrification with the growth in charging infrastructure and reduction in the acquisition costs of electric commercial vehicles. Commercial vehicle OEMs in the US are moving toward electrification in a big way because of the increased presence of other global manufacturers in the market. The US electric commercial market is also home to innovative startups challenging established OEMs, creating a flourishing competitive environment. Author: Vineeth Purushotham
More Information
Deliverable Type Market Research
No Index No
Podcast No
Author Vineeth Purushotham
Industries Automotive
WIP Number K54B-01-00-00-00
Keyword 1 electric commercial vehicles
Keyword 2 electric vehicle market
Keyword 3 electric commercial trucks
Is Prebook No
GPS Codes 9800-A6,9813-A6,9B01-A6,9963-A6,9882-A6