Power Recovery Options Help Charge Global Market for Electric Trucks
Electric truck manufacturers are equipping vehicles with the latest technologies to recover part of the energy lost during the vehicles’ operations.
The global electric truck market is expected to post a CAGR of over 32% from 2019-2023, according to a recent market research report by Technavio. A key factor driving the growth of the market is the reduction of battery prices. Since electric trucks are driven by battery-powered systems, the battery cost is one of the most important factors contributing to the upfront cost of the electric truck.
Several improvements have been made in the technology of battery electric vehicles, making them more desirable to consumers. For example, advances in Li-ion batteries have made them comparatively lightweight with a longer lifespan, compared to conventional lead-acid and valve-regulated lead-acid batteries.
Technavio highlights the development of power recovery options in electric trucks as one of the key emerging trends in the market. Electric trucks require an uninterrupted power supply to undertake operations without disruption. Increased vehicle downtime is considered a loss for the truck owners. Hence, truck manufacturers are equipping vehicles with the latest technologies to recover part of the energy lost during the vehicles’ operations.
“Electric vehicle manufacturers have been integrating various technologies such as the addition of solar panels and regenerative braking as major power recovery technologies in electric vehicles,” according to a senior Technavio analyst. “Although the amount of power regenerated through these methods is highly insufficient to recharge the battery, these technologies slow down the power consumption and increase the effective range of an electric vehicle. For example, in 2017, companies such as Audi started developing thin-film solar panels to be fitted within the glass roofs of its electric vehicles. This would increase power recovery and help to raise the effective traveling range of the electric vehicle.”
This market research report segments the global electric truck market by product (hybrid trucks and all-electric trucks) and geographical regions (APAC, EMEA, and the Americas).
Hybrid trucks were more prevalent than all-electric trucks in 2018, accounting for over 95% of the market. This product segment is expected to dominate the global market throughout the forecast period.
Additional details are available at www.technavio.com.