Heavy Duty Truck Electrification Market to 2027 - Global Analysis and Forecast by Components (Electric Pumps, Electric Power Steering, Liquid Heater PTC, Electric Air Conditioner Compressor, Actuator, Alternator, Others); Powertrain Type (Fully Electric, Hybrid, Fuel Cell, Internal Combustion Engine (ICE))
Publication Month: Jan 2020 | Report Code: TIPRE00007926 | No. of Pages: 147 | Category: Automotive and Transportation | Status: Published
The heavy duty truck electrification market accounted to US$ 8.28 Bn in 2018 and is expected to grow at a CAGR of 14.3% during the forecast period 2019 – 2027, to account to US$ 25.5 Bn by 2027.
Geographically, the heavy duty truck electrification market is segmented into North America, APAC, Europe, MEA, and SAM. Asia Pacific led the heavy duty truck electrification market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years to during the forecast period. The government bodies of India and China has implemented a proposal wherein they would catalyze the company costs on the production of electric vehicles, which reduces the emission substantially. The government is offering to invest hugely to scale up EV production and sales.
North America is the second-largest market in the heavy duty truck electrification market. Apart from APAC and North America, Europe remains at the third-largest geographic segment in the heavy duty truck electrification market. Some of the major truck manufacturers in Europe have been testing electric delivery trucks that would be commercialized in the coming years. These electric delivery trucks are driven with better driver comfort, the lower total cost of ownership, tightening CO2 regulations, and better air quality action in cities. The implementations of electric vehicles have witnessed at a rapid pace in the European region.
Strategic Insights
Lucrative Regional Heavy Duty Truck Electrification Market
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Market Insights
Less penetration of electric powertrain in HCVs is experiencing the growth for the diesel powertrain
in relation to charging infrastructure, it is anticipated that early adopters of electric trucks will mostly charge their trucks overnight at their own warehouses or depots. Thus, reducing the dependence on public charging infrastructure. Bigger battery sizes would be demanded to meet the daily range of truck travel. Once electric trucks become common in the near-decade, the roll-out of charging infrastructure is expected along the highways and distribution centers to help aid at refueling during the long haul. This factor is subsequently anticipated to encourage the heavy duty truck electrification market growth during the forecast period.
The emergence of fully electric truck
Introduction of fully electric trucks might help the truck manufacturers to produce more electric components. Electric and hybrid axles are becoming more important is also contributing to the growth of the development of fully electric trucks. Many Indian companies have commenced research activities for the development of fully electric trucks to benefit logistics, transportation, agriculture arenas. The emergence of a fully electric truck is anticipated to play a major role in boosting the growth of heavy duty truck electrification market.
Component Insights
The global heavy duty truck electrification market by component is segmented into electric pumps, electric power steering, liquid heater, electric air conditioner compressor, actuator, alternator, and others. The electric power steering segment dominated the heavy duty truck electrification market heavily and is projected to continue its dominance throughout the forecast period from 2019 – 2027.
Powertrain Type Insights
The heavy duty truck electrification market by powertrain type is further segmented into fully electric, hybrid, fuel cell, ICE, and CNG. The ICE segment of the heavy duty truck electrification market dominated the powertrain type segment and is anticipated to continue its dominance throughout the forecast period from 2019 – 2027.
Rest of Asia Pacific heavy duty truck electrification market by Powertrain Type
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Some of the market Initiatives were observed to be the most adopted strategy in the global heavy duty truck electrification market. Few of the recent market initiatives are listed below:
2019:Schaeffler Technologies presented the third generation of its Space Drive technology and improvements made in the Schaeffler Mover. This is a solution developed for autonomous and sustainable mobility in urban spaces.
2019:ZF Friedrichshafen has entered into an agreement to acquire the business of Wabco. Through this agreement, the skills of both companies would create an added value for the commercial vehicle customers of Z Friedrichshafen. And will also support the company to provide automated mobility solutions to the customers.
2018:The FUSO eCanter is the first all-electric light-duty truck in the world. It developed for the customer of the UK. The FUSO eCanter is an alternative for customers functioning in the urban distribution business in and around London, with a range of 100km.
2018:Robert Bosch announced the inauguration of its new R&D center in Suzhou, China. This new R&D center employs around 1,500 associates and focuses majorly on the manufacturing of mobility as well as connected solutions.
GLOBAL HEAVY DUTY TRUCK ELECTRIFICATION MARKET SEGMENTATION
Global Heavy Duty Truck Electrification Market - By Component
- Electric Pumps
- Electric Power Steering
- Liquid Heater PTC
- Electric Air Conditioner Compressor
- Actuator
- Alternator
- Others
Global Heavy Duty Truck Electrification Market - By Powertrain Type
- Fully Electric
- Hybrid
- Fuel Cell
- Internal Combustion Engine (ICE)
Global Heavy Duty Truck Electrification Market - By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- Italy
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Rest of MEA
South America
- Brazil
- Rest of South America (SAM)
Global Heavy duty truck electrification Market - Company Profiles
- Aisin Seiki Co.Ltd.
- Borgwarner Inc.
- Continental AG
- Delphi technologies PLC
- Denso corporation
- Magna International Inc
- Mitsubishi Motors Corporation
- Robert Bosch GmbH
- Schaeffler Technologies AG & Co. KG
- ZF Friedrichshafen AG
Frequently Asked Questions
The List of Companies - Heavy Duty Truck Electrification Market
- Aisin Seiki Co.Ltd.
- Borgwarner Inc.
- Continental AG
- Delphi technologies PLC
- Denso corporation
- Magna International Inc
- Mitsubishi Motors Corporation
- Robert Bosch GmbH
- Schaeffler Technologies AG & Co. KG
- ZF Friedrichshafen AG
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global heavy duty truck electrification market.
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- The key findings and recommendations highlight crucial progressive industry trends in the global heavy duty truck electrification market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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