BOULDER, Colo.--(BUSINESS WIRE)--While hybrid, plug-in hybrid, and battery electric drivetrains have successfully penetrated the light duty passenger vehicle market, the commercial truck market has proven to be more of a challenge. Government stimulus spending from 2008 to 2011 spurred R&D, production, and deployment of hybrid and plug-in commercial trucks, but demand has only recently begun to grow. Click to tweet: According to a new report from Navigant Research, nearly 350,000 light, medium, and heavy duty hybrid and electric trucks will be sold in the global commercial fleet market from 2013 through 2020.
“Hybrid and electric truck market growth has slowed since 2011,” says Lisa Jerram, senior research analyst with Navigant Research. “Since then, fleet managers have been learning which routes get the most fuel savings benefit and which don’t offer a fast enough payback to justify the price premium. While interest is picking up again, especially in North America, this market still relies on subsidies to offset substantial price premiums over conventional trucks or even natural gas vehicles.”
In addition to expanded availability of lower priced vehicles, the keys to growth in this market, according to the report, will be rising prices for conventional fuels and added value to fleet operators from, for example, using vehicle batteries to provide onsite power and to eliminate engine idling. Because the fleet market tends to be quite conservative, taking a long look at new technologies prior to adoption, the benefits of hybrid and electric trucks must be well-demonstrated before rising demand makes this market truly sustainable.
The report, “Hybrid and Electric Trucks”, analyzes the global market for hybrid electric vehicle, plug-in hybrid electric vehicle, and battery electric vehicle trucks. The report provides an analysis of the market issues associated with the light duty (Class 2 equivalent), medium duty, and heavy duty vehicle segments for these technologies, as well as government policies and regulations affecting the market. Global market forecasts, broken out by vehicle segment, drivetrain, and region, extend through 2020. The report also examines the different types of end uses for each technology, elements of the hybrid and electric drive system, competing technologies, and the key players in the market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Hybrid and Electric Trucks,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.