ACT Research released its newest commercial electric vehicle forecast, which is titled POWER UP: Global Commercial Electric Vehicle Markets to 2040. In the report, ACT Research analyzed seven regions and more than 20 countries, looking at a total of 85 unique vehicle applications in a battery and fuel cell electric vehicle analysis and adoption rate forecast.

The new report merges ACT Research’s experience in forecasting vehicle demand and developing economic-based total-cost-of-ownership models to create an adoption rate forecast as a planning tool for commercial vehicle OEMs and suppliers, as well as fleets and infrastructure developers.

Building on ACT Research’s North American-centric electric vehicle study, the expanded global report includes revised and updated forecast assumptions for the United States and Canada as well as Europe, China, Japan, South Korea, India and Brazil. It also includes a new analysis of propulsion systems technology, related global regulations and EV charging and H2 fueling infrastructure.

“This really is a first of its kind study, giving a truly global forecast of BEV and FCEV adoption rates in major commercial vehicle markets over the next 20 years,” Ann Rundle, vice president of electrification and autonomy at ACT Research, said. “The forecast is based on a bottom-up total cost of ownership (TCO) analysis, detailing 85 unique individual medium-duty and heavy-duty commercial vehicle applications in seven regions. No other study provides the same level of breadth and granularity.”

The new report is not only a view of the global adoption rates, but is based on a consistent approach that OEMs, suppliers, infrastructure developers, fleets and investment firms regard as the gold standard in total-cost-of-ownership analysis, creating a baseline forecast for electric vehicles across the globe.

“This has been a great multi-client study,” Rundle said. “The level of participation of our study participants has been amazing, ensuring that this is more than just some desk research project based on theoretical costs and projections. For me, the best part of this study was the positive reception our clients had to the finished product. Finally, they have one source to help them plan for the future. It is very cool to know all of our hard work has tangible value.”