While passenger cars typically get all the credit for the EV revolution, it’s good also to consider other forms of transportation that are gradually becoming greener.
From public transportation to e-scooters: The entire transportation industry is turning electric
Heavy-duty trucks
In 2023, electric trucks surpassed electric buses in sales for the first time, at 54000, growing by 35% from 2022. As many truck manufacturers strive for an all-electric future, the number of commercially available zero-emission truck models has been expanding. The market offers over 840 models by more than 100 OEMs, with European manufacturers offering the largest model selection.
Europe reached more than 1,5% of sales share, increasing sales share almost threefold and reaching more than 10000 electric trucks. And the expectation is for this number to further grow, also thanks to various ambitious policies. One of them being the European Union’s target to reduce CO2 emissions from HDVs by 90% by 2040.
The electrification of the heavy-duty sector is a crucial part of the journey to a zero-emission futurebecause even though heavy-duty trucks only account for 10% of all ICE vehicles, they are responsible for 70% of ICE CO2 emissions.
Light commercial vehicles (LCV)
Electric LCVs saw considerable growth in 2023 as sales grew by over 50%. The two biggest markets for electric LCVs were China, where sales exceeded 240000 and in Europe, where 60% growth brought the number to 150000.
One out of twenty-five LCVs sold in 2023 was electric. As more electric LCV models enter the market and commercial customers become aware of the ‘reduced cost’ benefit of electric LCVs, we expect the market to only accelerate in the future.
Electric buses
Electric buses have been growing in popularity since 2020.In 2023, almost 50000 electric buses were sold globally, which brings the global stock to over 635 000. China used to dominate the market; in 2020, it was responsible for over 90% of electric bus sales, but in 2023, the Chinese demand dropped. This could be due to its already large electric bus stock and the end of purchase subsidies. The country still remains a major exporter to Latin American, North American and European countries.
In the European Union countries, theClean Vehicles Directiveprovides targets for public procurement of electric buses. France, Germany, and Spain are only a few EU countries witnessing increased electric bus sales. Belgium, Norway and Switzerland achieved over 50% of sales share in 2023.
Two and three-wheelers
Electric two and three-wheelers accounted for 13% of total sales in 2023 making it the most electrified vehicle segment globally.
Historically, China dominated the electric two-wheeler market, but in 2023, the sales dropped by a quarter. This drop wasn't unique to China as the sales dropped globally by 18%. This decline was mainly caused by supply bottlenecks following the Covid-19 pandemic.
In terms of electric three-wheelers, sales grew by 30% compared to 2022. China and India together account for nearly 95% of global sales.
Used electric cars
With increasing EV sales figures, used vehicles are becoming increasingly available and more affordable.
In 2023, the market for used electric vehicles included about 800,000 vehicles in China, 400,000 in the United States and over 450,000 in France, Germany, Italy, Spain, the Netherlands and the United Kingdom.
The prices of used electric cars are falling rapidly and are becoming increasingly competitive compared to conventional combustion engines.
The used car market for electric vehicles plays a decisive role in promoting electric mobility to the masses.
Similar to internal combustion engines, where the purchase of a used car is often the preferred method of buying in emerging and industrialised countries, we can expect a similar pattern to form for electric vehicles.
In the EU, eight out of ten people buy their cars used. Since the market for electric vehicles is now mature, the availability of used cars is also increasing.
