The global electric truck market was valued at 670 million dollars in 2021, according to Quince Market Insight, and is expected to expand by 23.5 percent between 2020 and 2030
FREMONT, CA: Over the last several years, there has been an increase in demand for heavy-duty trucks, semi-trucks, delivery vans, and other commercial vehicles in the electric vehicle industry. The electrification of these medium and heavy-duty modes of transportation has become a critical component in the United States' efforts to reduce greenhouse gas emissions. In the year 2019, these vehicles alone emitted 444 million metric tonnes of CO2. Furthermore, since 1990, the share of greenhouse gas emissions from various modes of transportation has climbed by more than 90 percent, accounting for 18 percent of worldwide road freight CO2 emissions in the United States. The electrification of trucks has the potential to drastically reduce the industry's carbon footprint. More automakers are rushing to release electric vehicle models in order to join this new ecosystem dedicated to finding a long-term solution for sustainable commercial transportation.
While manufacturers are responsible for developing these new electric heavy-duty trucks and vans, they are not alone in their efforts, as partnerships with logistics and retail organizations along with municipal governments are growing. The EPA, for example, offers financing, grants, and other incentives to businesses that improve freight transportation efficiency through its SmartWay programme. The Spanish government said last summer that it would invest 5.1 billion dollars to increase the production of electric automobiles. Many of these automakers intend to not only deploy their electrified truck fleets in the next few years, but also to become leaders in an industry that requires major transformation to have a long-term influence on GHG emissions. The global electric truck market was valued at 670 million dollars in 2021, according to Quince Market Insight, and is expected to expand by 23.5 percent between 2020 and 2030. Companies like Ford and Rivian are planning to introduce additional consumer-based vehicles, such as trucks, in 2022 as they continue to displace gasoline and diesel-powered commercial vehicles. Nonetheless, several major global automakers, including GM, are planning to introduce additional electric trucks and delivery vans this year.
