Electrification is coming to the transportation sector. Prius and Tesla drivers may be getting most of the attention, but this isn't just a fad for the suburbs. Heavy commercial vehicles are going electric, too, offering ECs an excellent opportunity to expand their scope of work.
Some ECs are already involved in this work. For example, Aldridge Electric, Libertyville, Ill., installed three new charging stations for the Chicago Transit Authority as part of a larger effort by the city to add all-electric buses to its public transportation system.
A study suggests this is part of a growing trend.
According to a study by Guidehouse Insights, "significant growth" lies ahead for electric heavy commercial vehicles (e-HCVs) worldwide.
Published in the first quarter of 2021, the study, Market Data: Electric Trucks and Buses, projects the next 10 years to be "dramatic.” Much of that is coming from the public sector. The study notes that public transit fleets are rapidly transitioning toward electricity. Governments are also pushing for zero emission solutions, and their regulations are pressing manufacturers to make more energy-efficient vehicles.
Government is not doing this alone. Corporate customers are increasing pressure for zero emissions, and many corporations are examining supply chains in their climate action plans as a way to achieve emissions savings. Guidehouse cites the Science Based Targets initiative, which logged more than 1,000 such commitments.
Manufacturers and fleet owners are also responding. According to Guidehouse, parcel delivery service companies have made "huge orders" for purpose-built e-HCVs. Established manufacturers are introducing electric rigid trucks and day cab tractors. High-capacity charging technology standards are also being developed, which will make electric long-haul trucking feasible.
With all these developments, Guidehouse is bullish on the global market for e-HCVs. The company projects the global e-HCV market to grow significantly by 2030, with revenue expected to surpass $370 billion annually. Most of that revenue is expected to come from electric bus suppliers, with growth in the electric truck and charging infrastructure markets also contributing.