Battery Electric Truck Production Expected to Triple in 2023

When it comes to policy, Andrew Wrobel, Senior Powertrain Analyst at Escelant (Rhein Associates), highlighted that the California Air Resources Board (CARB) has approved a $2.6 billion investment plan aimed at accelerating the shift toward zero-emission transportation. Most of the funding is directed toward cleaner trucks and buses, signaling a strong push for sustainable freight solutions in the state.

Wrobel noted that battery electric truck production is expected to more than triple this year compared to 2022. However, despite this rapid growth, it still represents less than 1% of total truck production, indicating that the transition is still in its early stages within the broader market.

Turning to the U.S. economic outlook, Kenny Vieth, President and Senior Analyst at ACT Research, shared insights on recent performance. He mentioned that the U.S. economy grew by 2.9% in Q4 2022, exceeding expectations and bringing full-year growth to 2.1%. This was the first quarter since the pandemic began where all economic sectors contributed positively. While the overall outlook remains stable, Vieth emphasized that a recession is still likely—though mild and short-lived. The timing, however, has shifted: instead of occurring in the first half of 2023, the downturn may be influenced by political tensions around the debt ceiling and concerns over U.S. creditworthiness.

The NA on-highway engine forecast, jointly published by ACT Research and Escelant (Rhein Associates), provides detailed power-source activity data for commercial vehicles with gross vehicle weights between 5 and 8. It includes five-year projections for engine volumes and product trends, aligning with the monthly NA commercial vehicle forecasts released by ACT. This report serves as a valuable resource for businesses and manufacturers involved in the commercial vehicle engine supply chain, especially those tracking the investment value of engine OEMs and their suppliers.

Rhein Associates is a leading provider of competitive intelligence in the North American commercial vehicle and off-highway powertrain markets. Known for delivering accurate, comprehensive, and timely data, the company’s analysts are deeply engaged within the industry. Their research spans on-road commercial vehicles, as well as off-highway, marine, industrial, agricultural, and electrification sectors. Rhein Associates publishes The Rhein Report, offering weekly and monthly market analysis through news and insights. Their powertrain forecast database covers OEMs, engine models, and specifications from 2010 to 2033 for both on- and off-highway applications. For more information, visit www.rheinassociates.com.

ACT Research is widely recognized as the premier source of data, market analysis, and forecasts for the commercial vehicle, truck, trailer, and bus industries in North America and China. Its analytical services are used by major truck and trailer manufacturers, their suppliers, and financial institutions. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. Its executives have received numerous accolades, including appointments to the National Association for Business Economics and the National Private Truck Council, as well as the Lawrence R. Klein Award for the most accurate economic forecast over four years. ACT Research has also been ranked among the Wall Street Journal’s Top Economic Outlook and USA Today’s Top 10 Economic Forecasters. Learn more at www.actresearch.net.

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