According to a new report from Pike Research, the worldwide market for hybrid, plug-in-hybrid and battery-electric medium- and heavy-duty trucks will grow 92% this year, with total sales exceeding 19,000. Moreover, the market will see a compound annual growth rate of 47.2% over the next five years, reaching more than 100,000 truck sales by the end of 2017.
‘The performance of specific economic sectors will play a big role in the growth of electric drivetrains for trucks,’ says Pike Research senior analyst Dave Hurst. ‘For example, as the retail industry rebounds, pick-up and delivery vehicle sales will rebound with it. This, in turn, will have a positive impact on the hybrid, plug-in and battery-electric truck markets, as well.’
The research firm says fleet owners' desire to show that their vehicles are more environmentally friendly than competitors' fleets will help support sales in this market segment. Also, the need to comply with government emission regulations will play an important role.
Pike Research's report, ‘Hybrid Medium and Heavy Duty Trucks,’ examines the market for these medium- and heavy-duty trucks, as well as provides an assessment of the different drivetrains, battery technologies and drivers of market growth.