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Electric Truck Market

Electric Truck Market Size, Share and Segmentation by Propulsion (Battery-Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck), by Range (0-150 Miles, 151-300 Miles, above 300 Miles), by Vehicle Type (Light-duty Truck, Medium-duty Truck, Heavy-duty Truck), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/2263 | July 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Electric Truck Market Size was valued at USD 3.06 billion in 2021 and is expected to reach USD 39.40 billion by 2028 and grow at a CAGR of 44% over the forecast period 2022-2028.

The term "electric trucks" refers to commercial vehicles that are utilized for the delivery of cargo and are powered by a pack of batteries rather than an internal combustion engine. In addition, the motors found inside electric trucks have fewer moving parts than those found in diesel trucks, and they do not require multiple-speed transmissions. This eliminates the need for multiple-speed transmissions, which in turn lowers the cost of vehicle maintenance and improves its reliability while producing almost no noise pollution. In addition, electric trucks are quickly replacing diesel trucks as the vehicle of choice due to initiatives taken by the government to encourage the widespread adoption of electric trucks and the remarkable benefits offered by electric trucks, such as an abundance of torque, the absence of noise pollution, and reduced costs associated with maintenance.

Electric Truck Market Revenue Graph

Scania put its first two battery-electric trucks into service in Oslo, Norway, in February of 2021 as part of a test program with the Norwegian wholesaler ASKO. Because they are outfitted with 165 kWh battery packs, these city distribution trucks, which have a GVW of 27 tones, have a baseline range of up to 120 kilometers (75 miles).

MARKET DYNAMICS: 

KEY DRIVERS: 

  • The substitution of electric vehicles with diesel-powered commercial vehicles.

  • Electric truck use is expected to rise as a result of government efforts to encourage their use.

  • Stringent pollution requirements on fossil-fueled commercial vehicles drive electric truck industry growth.

RESTRAINTS: 

  • The electric truck market is hindered by a lack of charging infrastructure.

  • These vehicles make use of more expensive materials and more sophisticated manufacturing techniques.

OPPORTUNITIES: 

  • Government subsidies for battery-electric trucks are expected to boost the market.

  • Technology for self-driving trucks is being developed.

CHALLENGES: 

  • Since electric trucks are so expensive to produce, many people are wary about using them on a large scale.

  • Adoption of electric trucks is not without risk.

IMPACT OF COVID-19:

During the first few months of the pandemic, when there was a significant drop in vehicle sales as a result of lockdowns, the global automobile market as a whole experienced loss. There will be a large drop in the number of electric trucks sold in the first and second quarters of 2020 as a direct result of the closing of factories, which will lead to the unemployment of workers and the fear of stagnation caused by the coronavirus. In spite of this, it is anticipated that there will be an increase in demand for electric trucks once the limits on lockdowns are lifted. Nevertheless, throughout the second half of 2020, there was a rebound in sales, which, in most cases, mitigated the losses that had been incurred during the preceding months. The expanding trend of vehicle electrification around the world contributed to an increase in the number of sales of electric vehicles in the years 2020 and 2021. As a result, this industry was only marginally impacted by the pandemic.

KEY MARKET PLAYERS:

AB Volvo; BYD Auto Co. Ltd; Daimler AG; Foton Motor Inc.; Dongfeng Motor Corporation; FAW Group Co., Ltd.; Isuzu Motors Ltd; Navistar, Inc.; PACCAR Inc.; Scania; Tevva Motors Limited are some of the affluent competitors with significant market share in the Electric Truck Market.

MARKET ESTIMATION: 

Market, By Propulsion:

The global market has been divided into Battery-Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric trucks, and Fuel Cell Electric Truck Based on the propulsion segment. Hybrid electric trucks now hold a commanding lead in the market due to the fact that they are more fuel-efficient and have lower operating costs.

Market, By Range:

The global market has been divided into 0-150 Miles, 151-300 Miles, and Above 300 Miles Based on the range segment. The majority of the market share is held by electric trucks with a range of between 0 and 150 miles because of the savings they provide in terms of energy usage as well as battery and operational costs.

Market, By Vehicle Type:

The global market has been divided into Light-duty trucks, Medium-duty Trucks, and Heavy-duty trucks based on the vehicle type segment. Because of their lower average daily mileage and more user-friendly charging capabilities, light-duty electric trucks have taken the lead in the market.

MARKET SEGMENTATION:

By Propulsion:

  • Battery-Electric Truck

  • Hybrid Electric Truck

  • Plug-in Hybrid Electric Truck

  • Fuel Cell Electric Truck

By Range:

  • 0-150 Miles

  • 151-300 Miles

  • Above 300 Miles

By Vehicle Type:

  • Light-duty Truck

  • Medium-duty Truck

  • Heavy-duty Truck

Electric Truck Market Segment Chart

REGIONAL ANALYSIS:

China was responsible for the greatest revenue share, which was more than 80 percent, and it is projected that China would continue to dominate throughout the forecast year. Due to the existence of important enterprises in the region, it is anticipated that the region will continue to retain a dominant revenue share for the duration of the projected period. In addition, because the central government in China removed higher weight limits on subsidies for trucks and LCVs, this region has the greatest adoption rate of electric vehicles. It is projected that the number of electric trucks sold in China will increase in volume as a result of the expanding model variety, consistent improvements in battery performance, and ongoing reductions in cost. It is anticipated that the market in the United States will expand at the greatest CAGR, which will be 60.5 percent from 2020 to 2027. It is anticipated that regional growth would be driven by an increase in demand from the logistics sector.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Electric Truck Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 3.06 Billion
Market Size by 2028 US$ 39.40  Billion
CAGR CAGR of 44% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Propulsion (Battery-Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck)
• by Range (0-150 Miles, 151-300 Miles, above 300 Miles)
• by Vehicle Type (Light-duty Truck, Medium-duty Truck, Heavy-duty Truck)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles AB Volvo; BYD Auto Co. Ltd; Daimler AG; Foton Motor Inc.; Dongfeng Motor Corporation; FAW Group Co., Ltd.; Isuzu Motors Ltd; Navistar, Inc.; PACCAR Inc.; Scania; Tevva Motors Limited
Key Drivers •The substitution of electric vehicles with diesel-powered commercial vehicles.

•Electric truck use is expected to rise as a result of government efforts to encourage their use.
RESTRAINTS •The electric truck market is hindered by a lack of charging infrastructure.

•These vehicles make use of more expensive materials and more sophisticated manufacturing techniques.


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

 

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Electric Truck Market Segmentation, By Propulsion

8.1 Battery Electric Truck

8.2 Hybrid Electric Truck

8.3 Plug-in Hybrid Electric Truck

8.4 Fuel Cell Electric Truck

 

9. Global Electric Truck Market Segmentation, By Range

9.1 0-150 Miles

9.2 151-300 Miles

9.3 Above 300 Miles

 

10. Global Electric Truck Market Segmentation, By Vehicle Type

10.1 Light-duty Truck

10.2 Medium-duty Truck

10.3 Heavy-duty Truck

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Daimler AG,

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 AB Volvo

12.3 BYD Auto Co. Ltd

12.4 Foton Motor Inc.

12.5 Dongfeng Motor Corporation

12.6 FAW Group Co., Ltd.

12.7 Isuzu Motors Ltd

12.8 Navistar, Inc.

12.9 PACCAR Inc.

12.10 Scania

12.11 Tevva Motors Limited

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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