Expanding truck charging market forecasting revenue increases
The trucking industry is on the cusp of a significant transformation, with the electrification of long-haul routes becoming more prominent. The truck charging segment is poised for substantial expansion as the industry's electrification gains momentum.
According to industry projections, the truck charging market is set to experience significant growth by 2030. Revenue associated with both public fast charging and depot charging is expected to reach nearly €1.26 billion by this date. Installation services will generate €768 million in revenue, while software-related services will yield around €152 million.
Major European truck manufacturers, such as Daimler, Scania AB, Ford, DAF Trucks, MAN Truck & Bus SE, and Volvo Trucks, are among those entering the electric truck market. Companies like Renault have already contributed to this shift, introducing electric truck models since 2011, including the Kangoo Rapid Z.E. and influencing the trend towards electric commercial vehicles.
Traton Group is pursuing an electric-only approach, while Volvo and Daimler are adopting a dual-pronged approach, incorporating both battery electric and fuel cell electric technologies. Hydrogen fuel cell trucks are seen as a promising alternative for long-haul applications, but are still in the early stages of development.
Battery electric trucks face challenges related to range, especially in long-haul applications. The average charging power for public fast charging is projected to be between 550 kW and 800 kW, aiming to address this issue. Truck charging infrastructure and use cases are significant considerations in the electrification of the trucking sector.
Despite initial concerns about range limitations and payload capacity for battery electric trucks, the electrification of the trucking sector is gaining attention. Public overnight charging, primarily for long-haul trucks, will also see growth, though at a slower pace. The world is experiencing a shift towards sustainable transportation, with a focus on reducing carbon emissions.
The truck charging market's reliance on DC (direct current) technology will accelerate innovation and growth. As the industry moves forward, it presents a marathon with immense potential, and industry players willing to invest and innovate stand to reap significant rewards. Major European truck OEMs have ambitious targets for zero-emission vehicles, with at least 50% of new truck sales to be ZE vehicles by 2030.
In the ongoing debates about the most suitable technology for different trucking use cases, the trucking industry is experiencing a diversity of strategies for transitioning to zero-emission technologies. As the electrification of the trucking sector continues to progress, it is clear that the future of transportation is electric.
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