Electric Truck Market Size was valued at USD 4.40 billion in 2022 and is expected to reach USD 81.46 billion by 2030 and grow at a CAGR of 44% over the forecast period 2023-2030.
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.
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).
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.
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.
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.
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
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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
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.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 4.40 Billion |
| Market Size by 2030 | US$ 81.46 Billion |
| CAGR | CAGR of 44% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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. |
Electric Truck Market Size was valued at USD 4.40 billion in 2022.
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.
The Electric Truck Market is segmented into three segments, by Propulsion, by Range, and by Vehicle Type.
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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