Applications: Electric Vehicles (EV)

Heavy Mobility Market Developments - Market Size & Demand Growth

Global electric truck and bus production 6t GVW) increased 56,000 units in 2024, from 94,000 units in 2023. The 60% increase was despite total vehicle production falling 167,000 units China accounted for the majority of volume and growth, increasing by 49,700 units, 69% in 2024 Stringent CO2 and GHG legislation in Europe, US and China, alongside falling TCO for heavy EVs, will see over 767,000 units produced in 2030 Total battery demand in 2024 is estimated at 42 GWh, up from 26 GWh in 2023, excluding spares for swappable batteries swapping in China HEAVY VEHICLE EV PRODUCTION 2023/2024

Source: KGPGlobalData Global Commercial Vehicle Powertrain Forecast Q4 2024. EV Includes Battery Electric and Fuel Cell vehicles 6t GVW

HEAVY VEHICLE GWH BATTERY USAGE 2023/2024

Extracted from the PDF; charts and images may read imperfectly.