So far, the medium-duty electric vehicle market is expected to grow significantly over the next decade.
While the market has been too slow to expand in recent years, many key factors are shaping the industry for accelerated growth in the years to come.
To date, less than 0.5% of the medium-duty chassis sold in the United States are electric.
According to SPI Energy, key factors driving this growth include government regulations requiring fleets to go electric, incentives and grants that support zero-emission commercial vehicle deployment, infrastructure deployment, and corporate electrification mandates.
Many companies that operate large fleets of trucks and buses have made a commitment to going 100% electric for years to come.
This includes large fleets of delivery trucks such as Amazon, FedEx, UPS, DHL, and IKEA.
This is also the case with shuttle bus operators such as transit agencies in Los Angeles, Orange County and New York; and owners of large corporate fleets such as Genentech, Microsoft and Salesforce.
SPI Energy expects all of the above factors, along with key technology catalysts, to stimulate demand for medium-duty electric vehicles significantly in the coming years.
Key technology drivers include reducing battery costs and the costs of other key components, making electric vehicles cheaper.
The anticipated sales growth in this segment of the EV market is attributed both to startups that started out as EV manufacturers, as well as mainstream OEMs that are expected to begin offering full EVs in the coming years.
SPI Energy develops and sells or owns and operates solar projects that sell electricity to the grid in several countries, including the United States, the United Kingdom, Greece, Japan, and Italy.
Overall, the company provides green and renewable energy solutions for commercial, residential, government and utility customers and investors.
The company builds, develops and manages photovoltaic solar energy projects, in addition to offering solar energy equipment.