ACT Research: Battery Electric Truck Production Expected to Triple in 2023

ACT Research and Rhein Associates recently released N.A. Commercial Vehicle On-Highway Engine OUTLOOK.

The NA On-Highway Engine OUTLOOK published by ACT Research and Rhein Associates highlights power-source activity for commercial vehicle GVWs 5-8, including five-year forecasts of engines volumes and product trends. The Engine Outlook ties to the detailed NA CV vehicle forecasts published monthly by ACT in the NA Commercial Vehicle OUTLOOK. This report benefits businesses and manufacturers in the commercial vehicle engine production supply chain, and any company following the investment value of engine OEMs and their suppliers.

Regarding legislation, Andrew Wrobel, Senior Powertrain Analyst at Rhein Associates, said, “The California Air Resources Board (CARB) approved a $2.6 billion investment plan to assist transition to zero-emission transportation, with the majority of the incentives and subsidies approved focused on cleaner trucks and buses.”

He added, “Battery electric truck production is expected to triple this year compared to last. However, this growth is still moderate within the broader market, accounting for less than 1% of total truck production.”

When asked about the US economic outlook, Kenny Vieth, President and Senior Analyst at ACT Research, commented, “The US economy grew by 2.9% in Q4’22, surprising many analysts and pushing full-year 2022 growth to 2.1%. In addition to stronger-than-expected Q4 growth, this marked the first quarter since the start of the pandemic that every economic sector contributed positively to the economy’s performance.” He added, “Our view of the US economy remains largely consistent with the perspectives we have offered to readers over the last few months, but with a shift in timing: A recession remains likely, mild in degree and duration. But instead of being centered in 1H’23, our current thinking aligns downturn timing with the game of chicken being played in DC around the debt-ceiling and US credit worthiness.”

Rhein Associates is a leader in North American commercial vehicle and off-highway powertrain competitive landscape intelligence. Rhein Associates is renowned for providing the industry with accurate, thorough and relevant databases, analysis and insight, by analysts that are involved and connected in the industry. Our data covers both on-road commercial vehicle as well as the off-highway, marine, industrial, agricultural and electrification sectors. Rhein Associates publishes The Rhein Report, providing weekly and monthly analysis of the market through news and analysis The powertrain forecast database covers OEM, Engine Model and Specifications from 2010 through 2033 for both on-highway and off-highway applications. More information can be found at http://www.rheinassociates.com/

ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the 2019 Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.

ACT’s next seminar, Market Vitals: The Current & Future Health of the Industry, is scheduled for August 22-24, 2023. Look for more details over the coming months and save the date for August’s event. When details are available, they may be found HERE.

With numerous technology applications and a current lack of mass adoption, the path to understanding the autonomous technology horizon is quality economic modeling. ACT Research, the gold standard in market data, forecasting, and total-cost-of-ownership development for the commercial vehicle market, has developed DRIVING AUTOMATION, a report aggregating relevant market information, diving deep into autonomous models, and presenting a technology adoption rate forecast over a 20-year horizon. To learn more about DRIVING AUTOMATION, click HERE.

For businesses working to understand the future of decarbonized powertrains across Classes 4-8 vehicles, ACT Research is continuing to develop and report groundbreaking analyses of various propulsion systems' evolution of battery and fuel cell electric and hydrogen internal combustion, government regulations and subsidies, electric, hydrogen, natural gas, and gasoline supply, and infrastructure as well as a TCO model of 50 unique vehicle applications across North America, Europe, and China through 2040. To join ACT Research in this effort as we work to develop our third edition of CHARGING FORWARD, a decarbonization forecast thru 2040, and to learn more, click HERE.

Click below to access:

More information about ACT’s N.A. On-Highway CV Engine OUTLOOK.
Information about other ACT forecast publications.
ACT’s In the News page.