Guidehouse Insights Estimates Market for Zero Emissions Trucks and Buses Will Grow at a Compound Annual Growth Rate of 23% by 2032
Decarbonization drives a transition from a reliance on internal combustion engines, powered by diesel, to a greater focus on non-fossil-fueled propulsion
BOULDER, Colo., April 6, 2023 /PRNewswire/ — A new report from Guidehouse Insights provides guidance for the adoption of electric heavy commercial vehicles (HCVs) and analyzes the likely technology split between battery EVs (BEVs) and fuel cell EVs.
The significant focus on decarbonizing the HCV segment in 2022 has primarily benefitted vehicles with electrified drivelines. Regulation is one factor, but an increasingly significant driver is that transportation end users are looking to address their Scope 3 emissions footprints and thus, are mandating the use of low emission or zero emission vehicles. According to a new report from Guidehouse Insights, zero emissions heavy commercial sales are expected to grow from an estimated 242,000 in 2023 to 1.6 million in 2032, at a compound annual growth rate (CAGR) of 23.2%.
“Decarbonization is based on the significant reduction of fossil fuels as an energy source. Transportation is a significant contributor to greenhouse gas (GHG) emissions, so if the Paris Agreement’s ambitions are to be realized, decarbonization must sit at the center of future industrial and transportation strategy,” says Oliver Dixon, analyst with Guidehouse Insights. “Diesel’s fitness for purpose, which has never been in doubt over the past century, is now on the wane and a replacement must be found.”
The report reviews and provides analysis of the HCV market as its decarbonization drives a transition from a reliance on internal combustion engines, powered by diesel, to a greater focus on non-fossil-fueled propulsion. In addition, the report provides adoption estimates for battery electric (BEV) trucks and fuel cell (FCV) trucks. The analysis points to the former having a significant advantage in the marketplace during the outlook period because of a confluence of factors including the cadence of directly and indirectly applicable regulation and considerations of cost and fitness for purpose, according to the report.
The report, Zero Emissions Trucks and Buses, estimates adoption rates and revenues for the global electric HCV market, segmented by technology types (BEV versus FCV) and by global region. Guidehouse Insights regards the market for electrified drivelines as firmly established and one that is set to grow quickly during the analysis period covered in this report (2023-2032). An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Zero Emissions Trucks and Buses, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
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SOURCE Guidehouse Insights
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