Net Zero Industry Tracker 2024 Trucking

DemandTRUCKING Sales share of plug-in hybrid, battery and fuel cell electric heavy trucks was less than 1% in 2022 and is expected to increase to 37% of total global sales by 2030.273 This growth is driven by a combination of stricter emissions regulations, advancements in EV technology and increased demand. Leading truck manufacturers, such as Volvo, Daimler and Tesla, are launching new electric truck models, contributing to the anticipated surge in sales. China continues to lead on deployment of electric trucks, with over 70% of global electric truck sales in 2023.274For manufacturers and OEMs, the green premium is estimated at 80%,275 reflecting the higher costs of producing electric or hydrogen-powered trucks compared to conventional diesel models. However, for end consumers, this translates to a more manageable 1-3%276 increase in the total cost of ownership, showing that while upfront manufacturing expenses are high, the impact on consumer prices is relatively modest. This green premium highlights the financial challenge the industry faces in scaling low-emission technologies. Global sales share of electric trucks277 (2022) and hydrogen commercial vehicles278 (2023) FIGURE 39 Electric truck registrations and sales share by region, 2022 1 China 86% 2 US 5% 3 Europe 5% 4 Others 4%Global sales of fuel cell commercial vehicles, 2023 1 China95% 2 US3% 3 Europe1% 4 Others1% 9 Net-Zero Industry Tracker: 2024 Edition