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Summary
China dominates the global market for zero-emission medium- and heavy-duty trucks, accounting for over 80% of sales in the first half of 2024. While Europe and the U.S. lag behind due to high costs and limited infrastructure, the economics of electric trucks are improving. Innovative financing solutions are emerging to aid adoption, but significant efforts are needed to meet global climate targets as emissions from trucks threaten to surpass those from passenger cars.
Highlights -🚚
- China’s Leadership: Over 80% of global zero-emission truck sales in H1 2024 came from China.
- Sales Figures: More than 38,000 zero-emission trucks sold globally in the first half of 2024.
- Economic Progress: Battery prices are falling, making electric trucks increasingly competitive.
- Infrastructure Gaps: China excels in charging and refueling infrastructure, unlike Europe and the U.S.
- Financing Solutions: Fleet operators are exploring innovative financing models to offset high upfront costs.
- Regional Disparities: Europe and the U.S. experience uneven adoption rates, with few sales in some countries.
- Future Outlook: Without accelerated adoption, truck emissions could surpass passenger car emissions by 2040.
The global push towards low- and zero-emission commercial vehicles is gaining momentum, but progress outside China remains slow. A new report by BloombergNEF (BNEF), commissioned by the Dutch Ministry of Infrastructure and Water Management, reveals that while sales are increasing, they still make up only a small portion of total truck sales in many regions, raising concerns about meeting global climate goals.
China leads the charge in zero-emission truck sales
China is far ahead in the adoption of zero-emission commercial vehicles. In the first half of 2024, more than 38.000 zero-emission trucks were sold globally. Remarkably, China accounted for over 80% of those sales, thanks to its well-established battery supply chain and government support for clean vehicle technologies. This translates to nearly 5,5% of all new trucks sold in China being zero-emission, a figure that far outpaces other regions.
China’s dominance in the market is driven by several key factors. First, battery prices in China are the lowest worldwide, hovering around $100 per kilowatt-hour, due to the country’s large-scale production capabilities. Additionally, battery-swapping technology, which allows trucks to quickly exchange depleted batteries for fully charged ones, has gained widespread use, making electric trucks more efficient for operators. Companies like SANY and XCMG lead the Chinese market with a variety of electric and hydrogen-fueled truck models.
In contrast, the report shows that Europe and the U.S. are trailing behind. While Europe saw about 8.000 zero-emission trucks sold in the same period, the U.S. managed only around 1.000 units. In both regions, the slow uptake is attributed to the high cost of vehicles, limited model availability, and a lack of infrastructure for charging or hydrogen refueling.
Read the full post at EV Markets Reports.
