Pune, India., April 28, 2021 (GLOBE NEWSWIRE) -- Heavy-Duty Truck Electrification Market: Key Insights
According to our new research study on “Heavy-Duty Truck Electrification Market to 2027 – Global Analysis and Forecast – by Components and Powertrain Type,” the Heavy Duty Truck Electrification Market Size was valued at US$ 161.7 million in 2019 and is projected to reach US$ 293.9 million by 2027; it is expected to grow at a CAGR of 7.8% during 2020–2027.
Heavy-Duty Truck Electrification Market: Competition Landscape and Key Developments
Continental AG, BorgWarner Inc, Denso Corporation, Magna International Inc., and Robert Bosch GmbH are the five key market players in the global heavy-duty truck electrification market ecosystem. The listing of key players is based on multiple parameters such as overall revenue, brand image, current heavy-duty truck electrification solutions portfolio, technology integration and product enhancements, geographic reach, new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. ZF Friedrichshafen AG, AISIN SEIKI Co. Ltd., Delphi Technologies Plc., Mitsubishi Motors Corporation, and Schaeffler Technologies AG & Co. KG are among the other notable players operating in the heavy-duty truck electrification market, which were studied and analyzed during this market study.
In January 2019, Denso developed a new electric truck freezer to cater to the requirements of heavy-duty trucks. This freezer enhances energy efficiency by 20% in comparison with the conventional systems. The new electric truck freezer has been installed in HINO PROFIA COOL Hybrid trucks in June 2019.
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In April 2019, Denso invested nearly US$ 1.6 billion to support its development and manufacturing of electrified automotive systems, products, and technologies. The company is focused on raising its performance in the arena of electrification.
Asia Pacific led the heavy-duty truck electrification market in 2019. Based on components, the market is further categorized into electric pumps, electric power steering, liquid heater PTC, electric air conditioner compressor, actuator, alternator, and others. Currently, the electric power steering segment is dominating the market, and the electric air conditioner compressor segment is expected to be the fastest-growing segment during the forecast period.
The transition of trucks from internal combustion engines (ICEs) to battery-powered is at its ripe, and it is forecasted that three major drivers would be responsible for this transition to take place. Firstly, the government and OEM companies push to develop an electric vehicle charging infrastructure is becoming progressively cost-competitive and accessible. Secondly, battery-powered trucks are expected to be on par with the total cost of ownership of a diesel alternative and other powertrains. Thirdly, acceptance of battery-powered vehicles is being empowered by the regulatory environment such as country-level emission regulations that dictate the targets of potential carbon dioxide emission by fleet, as well as local access policies such as emission-free zones. However, electric trucks must be proved to be reliable in the long run. Additionally, customers need to be educated enough to opt for less polluting electric trucks. These factors are anticipated to restrain the adoption of/transition to battery-powered trucks.
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In the past few years, there is an increase in government initiatives to promote the adoption of advanced transportation solutions such as electrification in both light and heavy vehicles. Rising pressure from legislators and authorities to reduce CO2 emissions and boost the fuel efficiency is accelerating the use of electric components in heavy vehicles such as tractors and agricultural machinery. The integration of electrification in the automotive industry would enhance the ambient air quality standards, majorly in urban areas. Moreover, rising concern toward corporate social responsibility for major fleets and operators to maintain environmental ethics is boosting the growth of the market. Trucks with ranges from 150-300 km distance travelled, with batteries, are supposed to play a vital role in urban areas where concern for air quality is high, and therefore there is a necessity for stringent emissions laws. European Union, China, Japan, Canada, India, and South Korea are some of the important geographies where governments are proactively taking steps to increase the adoption of electric vehicles, especially buses and trucks. For instance, in Japan, fuel economy standards for trucks have been revised. As per Japan’s automotive strategy, the country is expected to reduce 80% of its automotive greenhouse gas emissions by 2050. Such favorable initiatives are anticipated to boost the adoption of heavy-duty electric vehicles such as trucks, thereby driving the adoption of heavy-duty truck electrifications during the forecast period of 2020 to 2027.
Heavy-Duty Truck Electrification Market: Segmental Overview
Based on component, the global heavy-duty truck electrification market is segmented into electric pumps, electric power steering, liquid heater PTC, electric air conditioner compressor, actuator, alternator, and others. The electric power steering segment held the largest share of 80.8% of the total market in 2018. The heavy-duty truck electrifications heavily used the fully electric, hybrid, fuel cell, and internal combustion engine (ICE). The internal combustion engine (ICE) segment led the heavy-duty truck electrification market in 2018.
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