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Prime Mover Magazine

Electric vehicles to counter rising fuel costs

IBISWorld has predicted that rising fuel prices will make electric commercial vehicles a more competitive option in the next five years.

IBISWorld anticipates retail petrol prices to increase due to a forecast rise in domestic fuel consumption, global crude oil prices and the number of motor vehicles on Australian roads.

As a result, adding electric trucks to road freight fleets will allow industry operators to counter the projected rise in retail petrol prices, and allow road freight transport companies to better compete with other forms of freight transport.

According to IBISWorld, the transition to electric vehicles is cheaper for road freight operators than for coastal sea freight operators and domestic airlines, as initial outlay costs for electric trucks are significantly lower than for other vehicles.

As a result, IBISWorld says smaller road freight transport operators are likely to follow the lead of global road freight giants in the latter part of the next five-year period, and incorporate electric vehicles into their fleets.

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