The electric transport sector is on the cusp of major growth. This comes with an increasing interest in non-car electric mobility, such as buses, trucks, two-wheelers, ships, and even aerial taxis. This article will delve into the various aspects of this evolving market, including challenges and potential opportunities.
Electric Transport: A Growing Market
The IDTechEx study gives us a glimpse of the electrification of land, sea, and air vehicles. A considerable demand for electric trucks, light vehicles, and two-wheelers is anticipated, signaling a shift in transportation preferences. The significant markets are cars, buses, trucks, two-wheelers, ships, and aerial taxis.
One notable trend is the rising popularity of electric buses in China, with the global market expected to hit its stride post-2040. Electric light utility vehicle fleets are also garnering attention due to their environmental impact and lower ownership costs. It’s worth mentioning that electric trucks are witnessing considerable investments from major automotive companies, indicating signs of exponential growth.
Marine and Air Electrification
The marine navigation sector is also experiencing a surge in electric and hybrid vessels. Since 2016, electric commercial ships and hybrids have been on an upwards trajectory. Ferries dominate as the most common electric ships, thanks to their ability to recharge and their regular, shorter routes.
On the other hand, electric vertical takeoff and landing vehicles (eVTOL), also known as electric air taxis, represent an exciting development in the aviation sector. However, their commercialization is still a significant challenge due to technical and financial hurdles.
Reducing Global Emissions
Commercial vehicles like buses, vans, and trucks are playing a key role in global emission reduction. The commitment to climate change also drives the electrification of construction machinery. The construction market is projected to be worth around 154 billion dollars by 2044, with mini-excavators, excavators, and loaders taking center stage in the next two decades.
Electric Transport: What the Future Holds
Electrification progresses at varying rates across sectors, but growth remains constant. The combined market of two-wheelers, vans, micro-cars, trucks, marine, construction, buses, and air taxis is expected to surpass 1,000 billion euros by 2044.
However, an increase in electricity prices is projected, with a predicted 10% rise in 2024 and a substantial hike by 2030. The French Electricity Union (UFE) anticipates a 50% increase in price per kWh by the end of the decade. This could present a challenge to the expansion of the electric transport sector.
Despite the challenges, the electric transport sector’s growth prospects are promising. And while this excludes cars, it’s evident that the shift to sustainable transportation is not just a mere trend, but the future.