Interact Analysis revealed the results from its global electrified and hybrid bus and truck report, showing that the powertrain cost per vehicle for all truck and bus vehicle types will significantly decline over the next eight years. 

In 2021 the average cost of the powertrain for an electric light-duty truck was over $9,000. By 2030, it will be 56% lower, at just over $5,000, according to the company's news release.

The sale of electrified trucks is forecast to maintain momentum in the Asia Pacific out to 2030. According to the report, sales of electric light-duty vehicles (including utility) will register a 44% CAGR from 2021 to 2030, reaching nearly 600,000 units per year. Interact Analysis said this will drive increasing demand for powertrain components, forcing the price of components down.

Between 2021 and 2022, the price of powertrain components increased because of escalating raw material costs, according to Interact Analysis. The result is that many suppliers are announcing price rises. For example, motor price per kW increased by 4% in 2021, and this will rise by another 14% in 2022, according to the report. The price decline of batteries per kWh in recent years has reversed from the second half of 2021 and the company expects to see a price increase in 2022 of around 8% per kWh.