Here's why transportation leaders including Daimler and Volkswagen are pouring billions into R&D for electric trucks
Trending News
This is a preview of a research report from Business Insider Intelligence. Current subscribers can read the report here.
Trucking, which can be perceived as the lifeblood of global economies, has experienced healthy growth in recent years due in part to surging e-commerce shipments. In the US alone, trucking accounted for over $700 billion in revenue, representing a 3.5% increase year-over-year (YoY).
While electric trucks (e-trucks) are not an entirely new concept - they've been around in some form for over a century - three key factors are renewing focus in the technology: government-mandated reductions in carbon emissions, the rising total cost of fleet ownership (TCO), and heightened investment in e-truck infrastructure.
As such, the industry is seeing many any high-profile companies already investing in commercial e-truck technology: For example, Daimler, the parent company of Mercedes-Benz, is plowing $3.2 billion into the research and development of e-trucks over the next two years, and Volkswagen will invest $1.7 billion in e-truck and bus technology by 2022. And leading logistics companies are following suit, increasingly incorporating e-trucks into their operations: UPS announced that it will collaborate with Workhorse Group to deploy 50 electric delivery trucks, for example.In the E-truck Report, Business Insider Intelligence will size the e-truck market and identify the core drivers that will lead to e-truck adoption. We also discuss which segments of the trucking industry will be early adopters and profile the players expected to take on a prominent role in the future of e-trucking. Finally, we look at what manufacturers and logistics companies will have to do to not only advance the market but also prepare for the operational changes that come with deploying new technology.
The companies mentioned in this report are: Anheuser-Busch, ChargePoint, DHL, Daimler, Element Fleet Management, FedEx, PepsiCo, Tesla, UPS, Volkswagen, Workhorse Group, and Vion.Here are some of the key takeaways from the report:In full, the report:
Copyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
Next