Sales of Electric Trucks and Buses for Commercial Applications Are Expected to Total More Than 805,000 from 2014 to 2023, According to Navigant Research
By Business Wire News
A recent report from Navigant Research analyzes the global market for commercial vehicles that use electric drive vehicle technology, including global market forecasts for sales and the number of vehicles in use through 2023.
Although medium and heavy duty vehicles represent just a fraction of all vehicles on roadways today, they contribute significantly to road transportation sector fuel consumption and carbon emissions. However, electric drive vehicles—with improved fuel efficiency, technological advances, and an alternative to gasoline and diesel fuels—are beginning to make inroads in this segment as commercial and government fleet operators consider investing in greener vehicles. Click to tweet: According to a recent report from Navigant Research, sales of electric trucks and buses are expected to total more than 805,000 from 2014 to 2023.
“Recent innovation in the electric drive medium/heavy duty segment has the possibility to offer significant benefits for commercial applications,” says David Alexander, senior research analyst with Navigant Research. “For example, some hybrid electric vehicles have drive cycles specifically designed for stop-start traffic, and many plug-in electric vehicles can use onboard electrical energy to replace idling diesel engines or provide temporary power to buildings or tools at remote sites.”
Despite these advances, most fleet managers are more concerned with the return on investment than with the technology and are targeting a payback term of less than 3 years, according to the report. While incentives can help to lower the initial investment, managers look at the overall cost of running a fleet for multiple years, considering the effect of introducing new technology on the fleet as a whole and not just replacing a single vehicle with a different one.
The report, “Electric Drive Trucks and Buses,” analyzes the global market for commercial vehicles that use electric drive vehicle technology in three main segments: hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). Forecasts for the two hybrid segments fueled partly by petroleum derivatives (PHEVs and HEVs) are broken out by region and by fuel: gasoline or diesel. Global market forecasts for sales and the number of vehicles in use, segmented by country, drivetrain, and liquid fuel, extend through 2023. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Electric Drive Trucks and Buses,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.