The electrification of commercial vehicles, including trucks, buses, and fleet vehicles, is gaining momentum globally, with over one million electric vehicles (EVs) in commercial and government fleets in the United States as of 2021. This number has tripled in just two years, and by 2030, it is projected that there will be over four million EVs in US fleets. Factors driving this growth include declining battery costs, expanded charging infrastructure, government incentives, and corporate sustainability initiatives. Major fleet operators have committed to transitioning portions of their delivery fleets to electric vehicles within the next five to 10 years, signaling rapid expansion in the EV fleet market in the coming decade.
The transition to electric fleets is now a necessity due to the major fuel consumption and greenhouse gas emissions of medium- and heavy-duty trucks. Many countries have signed agreements to reduce CO2 emissions, with the US agreeing to cut emissions by 26% by 2025 and the EU by at least 40% by 2030. EVs are seen as a way to lower truck emissions, with the share of electric fleet vehicles projected to grow from less than 1 percent to 12 percent by 2030. In 2023, the Environmental Protection Agency (EPA) proposed new standards to reduce greenhouse gas emissions from heavy-duty vehicles and multi-pollutant emissions standards for light-duty and medium-duty vehicles for model years 2027 and later.
The total cost of ownership (TCO) for battery electric vehicles (BEVs) is projected to outperform internal combustion engine (ICE) vehicles by 2025. Factors contributing to this include legislation offering tax and subsidy incentives, lower fuel and maintenance costs compared to diesel or natural gas vehicles, and improved range capabilities of new electric truck and bus models. The evolution of vehicle emission standards has seen significant advancements, with a decrease in CO2 emissions and an increase in fuel economy, indicating a move towards a more sustainable and cost-effective transportation future.
Thermal management is key for optimizing the performance and reliability of high-voltage batteries and power electronics in electric trucks and buses. EV OEMs are addressing challenges such as limited driving range and battery life by using lighter materials for vehicle weight, enhancing aerodynamics, and increasing energy density in batteries. Proper thermal management materials, such as thermal interface materials, potting compounds, adhesives, and coatings, enable optimal cooling and heat dissipation to maximize power output and battery life, ensuring longer driving ranges, faster charging, and greater reliability of EVs.
Advancements in thermal management solutions for EVs have led to innovative materials like Parker Lord’s CoolTherm® portfolio, which includes potting and encapsulants, thermally conductive gap fillers, thermally conductive adhesives, and dielectric coatings. These materials play a crucial role in dissipating heat efficiently to protect components from overheating and potential damage. As the demand for commercial EV fleets surges, the importance of robust thermal management solutions becomes paramount in advancing the reliability, efficiency, and safety of EV fleets.
The future of EV fleets looks promising, with significant growth projected in EV adoption for passenger cars and electric vehicles globally. As the EV market continues to expand, there will be continued growth in EV adoption for business fleets, accelerating the transition to a cleaner and more sustainable transportation future. Robust thermal management solutions will play a key role in ensuring the reliability, efficiency, and safety of EV fleets. With cutting-edge thermal management solutions available, companies like Parker Lord can collaborate with customers to drive the transition towards a sustainable and electrified transportation ecosystem.
