We are living in the midst of a global transition in the commercial vehicle market. We are moving from a period where all commercial vehicles –buses, vans, trucks and off-road vehicles –are powered by fossil fuels to a point in 15 or 20 years where a large majority will be alternatively fueled, either by electricity, hydrogen or bio-fuels.
This transition will have a huge impact across the entire value chain. OEMs, suppliers and fleets will all have to develop new products, business models and ways of operating. The fuel and lubricant industry isn’t immune to this either.
A rapid uptake of battery electric trucks and buses is going to reduce demand for diesel fuel, slowly at first, but as market adoption accelerates to 2030 the reduction in demand will become prominent in certain markets.
The lubricant market will be different. Not only do electric vehicle still require lubrication, but new formulations will also be required to optimize performance of electric vehicle components such as motors.
In this executive report, Interact Analysis shares some of its findings about electrification and alternative fuels in the commercial vehicle market, and how the market will develop out to 2030 and beyond. If you have questions about our research, you can reach out directly to our analyst team using the contact details in this report.