According to the latest market research, the global electric truck market is expected to grow by 4,295,300 units during the period 2020-2024.
Increasing concern over vehicle emissions has forced several vehicle manufacturers to introduce electric vehicles. In addition, many governments around the world have introduced various support measures and allowances to encourage the adoption of electric vehicles. For example, the Netherlands has already exempted electric vehicles from private motor vehicle tax, registration tax and annual circulation tax. Similarly, Norway has exempted electric vehicles from registration taxes to promote their adoption in the country. Although electric trucks are significantly more expensive than IC engine-based trucks, the various tax breaks and subsidies offered by government agencies will boost the adoption of electric trucks, leading to market growth over the forecast period.
Eco Power has been committed to devoting significant resources and investments to improve our battery technology in the electric truck segment. We have successfully worked with our European electric truck partners to produce higher mobility vehicles. Upon completion of our battery system ECE-R100 certification, these electric trucks have been sold to the German market for municipal waste collection applications. The propulsive power of these all-electric powered refuse trucks is perfectly suited for all types and sizes of heavy-duty vehicles. In addition, their electric drive systems are suitable for a wide range of applications from passenger cars to 23-ton trucks, such as minivans, garbage collection trucks, sweepers, trucks and buses.