Commercial Vehicle Electrification Growth Indicates Charging Infrastructure Needs

A report from Wood Mackenzie, Annapolis, Md., predicts that the worldwide market for commercial electric vehicle charging equipment (EV charging stations) will be worth more than $243 billion annually by 2045. This is quite a jump from the mere $11 billion market that existed in 2020, and this market offers the potential for new work for electrical contractors that install these charging stations.

The commercial vehicle market is comprised of buses, light trucks, medium trucks and heavy trucks. By 2025 the annual market value is expected to grow to $31 billion, then to $89 billion in 2030 and to $103 billion in 2035. By 2040 the growth is projected to raise to $176 billion and a high of $243 billion in 2045. In 2050 it is expected to decrease back to $219 billion.

According to Wood Mackenzie, charging installations will grow in the same 30-year span. There were 200,000 installations in 2020, and that number is projected to grow to over one million in 2050. However, due to developing chargers with greater power, and an increase in fleet management strategies, there will be less of a need to install chargers in 2050.

The report added that commercial truck charging will take place in three locations: destinations such as warehouses and ports, depots owned or operated by the fleet operators and public charger networks along transit corridors.

Light and medium truck installations are happening globally, but heavy truck electrification is lagging behind. These installations are not expected to hit all markets until 2028. By 2050, heavy truck installations will only grow to 3% of commercial outlet installs, according to Wood Mackenzie.

“The first two solutions are already being developed,” according to the report. “However, public commercial vehicle charging networks will need to be built in order to support long-distance transit and freight vehicles.”

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