Electric and hybrid trucks are now surpassing 100,000 in annual production numbers worldwide.* This includes hybrid electric vehicles, plug-in hybrids, battery-electric and plug-in electric power take-off variations.
Between 2011 and 2017, the overall truck market grew at roughly 4% per year. However, the market for hybrid and electric trucks grew almost 12 times as fast, at 47%. This was partly in response to oil and gas volatility, but was also due to significant technology improvements
and, in particular, the falling price of batteries.
The overall cost of hybrid and electric vehicles remains the largest barrier to full market proliferation, but this has improved markedly in recent years, with new battery technology that increases a vehicle's speed and range.*Progress has also been made in the time it takes to recharge,* as well as the availability of electric charging points (now 7.7 million worldwide).* Motors are also becoming available without the need for rare earth metals.*
The largest market for these trucks is still Asia Pacific, with around 41,000 being sold each year. Slowly catching up is North America, where the number is approaching 26,000. As oil prices increase, hybrid and electric trucks will eventually become more cost-effective than fossil fuel-driven ones. Technology in general continues to reshape the shipping industry. Manufacturers are looking into the possibility of driverless, fully automated vehicles, for example.*
The environmental benefits of going electric are potentially huge, as trucking makes up a significant portion of transport emissions, which cumulatively produce over 13% of the world's CO2 emissions.*
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