Over the past decade, the market for electric vehicles (EV) is growing exponentially, and electric trucks are no exception. As governments across the globe tighten policies on greenhouse gas emissions and companies are finding ways to logistically operate in a sustainable manner, the electric truck market is booming. Major manufacturers are likely to lead the market by 2025, through innovative approaches, partnerships, and product releases. This blog will explore top ten manufacturers and their strategies.
Tesla, Inc.
Tesla's Semi Truck is among one of the innovative launches in the electric trucking industry. It promises an estimated 500 miles per single charge. It marks a major milestone for long-haul trucking. Tesla’s strategy is to take advantage of its Superchargers network and incorporate advanced autonomous driving capabilities. Recently, the firm has also expressed its interest in fleet adoption by announcing collaboration with companies such as Walmart and PepsiCo to roll out Tesla Semi trucks.
(Source: CNBC)
Rivian Automotive
Rivian has established itself as a leader in electric vehicles. The company’s partnership with Amazon is one of the prime examples of its strategy. By 2030, Rivian is predicted to produce 100,000 individualized electric delivery vans for Amazon with a large proportion operating by 2025. The partnership has been further strengthened with the investment of Amazon in Rivian, providing an additional competitive advantage in the last-mile delivery market.
(Source: Amazon)
BYD (Build Your Dreams)
The Chinese EV producer, BYD, has been a leader in the field of electric trucks and buses. Its approach revolves around the provision of a wide variety of electric commercial vehicle offerings. In 2023, BYD introduced the electric heavy-duty truck line to the European market, which targeted logistics companies wanting to make their operations carbon neutral.
(Source: BYDEurope)
Volvo Trucks
One of the major participants in the electric truck market is Volvo Trucks. It is concentrating on providing long-haul solutions. By 2025, Volvo expects to achieve 50 percent of sales of its trucks through electric vehicles. It also spends highly on hydrogen fuel cell technology to provide an extended range. With a focus on providing sustainable freight, in 2022, Volvo collaborated with DHL to implement electric trucks to perform logistics operations in Europe.
Daimler Truck AG (Mercedes-Benz)
Daimler’s eActros and Freightliner eCascadia represent the electric truck models aimed at urban and region-based distribution. It is also considering the use of hydrogen fuel cells to accommodate long-distance transportation. In 2020, Daimler declared that it had joined forces with Volvo Group. The deal was to make hydrogen fuel cell systems, so that carbon-neutral trucking can become a reality.
(Source: DaimlerTruck)
Nikola Corporation
Nikola’s strategy is to combine a battery-electric solution with a hydrogen fuel cell-based solution. It focuses on industries that have heavy and long-range needs. In 2023, Nikola released its Tre BEV (Battery Electric Vehicle) and Tre FCEV (Fuel Cell Electric Vehicle) models and announced to increase it to a massive scale by 2025. It has improved its market credibility through partnership with other companies such as Anheuser-Busch.
Ford Motor Company
Ford has entered the electric truck market with its F-150 Lightning, a light-duty electric truck designed for commercial and personal use. Ford is also exploring heavy-duty electric trucks for logistics. In 2022, Ford announced a US$ 50 billion investment in EV development by 2026, with a significant portion allocated to electric trucks.
(Source: Reuters)
PACCAR Inc. (Kenworth & Peterbilt)
The Kenworth and Peterbilt parent company, PACCAR, targets both battery-electric and hydrogen fuel cell trucks. It is also partnering with Toyota to develop hydrogen-powered trucks. PACCAR presented its Kenworth T680E and Peterbilt 579EV in 2020. The aim was to enter the regional freight and urban delivery markets.
Hyundai Motor Company
Hyundai has been mass investing in the hydrogen fuel cell technology on its Xcient Fuel Cell truck. It targets to roll out thousands of hydrogen trucks in Europe, North America, and Asia by 2025. Hyundai has been at the forefront of hydrogen technology by partnering with Swiss firms to introduce Xcient Fuel Cell trucks for logistics business.
(Source: H2Haul)
Hino Motors (Toyota Group)
Hino Motors, a Toyota subsidiary, is coming up with hydrogen and hybrid electric trucks to cater to various market needs. It is focusing on integrating Toyota’s expertise in hydrogen fuel cells into its truck lineup. In October 2020, Hino and Toyota announced a joint venture to develop hydrogen-powered commercial vehicles, aiming to lead the market in sustainable trucking solutions.
(Source: Toyota)
Conclusion
The global electric truck market is expected to register a CAGR of 18.1% by 2032. Manufacturers are adopting various strategies to gain a high market share. Tesla, which is innovating its way to success, and Hyundai, which prioritizes hydrogen as its technology, are working towards making the world a more sustainable place.
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