The global demand for Electric Trucks Market is presumed to reach the market size of nearly USD 2850.23 MN by 2028 from USD 523.23 MN in 2021 with a CAGR of 27.4% under the study period 2022 - 2028.
Electric Trucks are battery-powered commercial vehicles used for the movement of cargo. They are uniquely designed compared to traditional diesel trucks. The maintenance cost of these vehicles is less as fewer parts move and do not require a multi-speed gear transmission system. They are environmentally friendly also as they cause zero noise pollution. They are becoming increasingly popular compared to diesel trucks and companies have fast adopted them. Governments worldwide promote these trucks because of their low maintenance cost, low noise pollution, and fast and powerful nature.
Market Dynamics
Increasing focus on e-mobility by the government from various countries, strict global emission guidelines on fuel-powered commercial vehicles, and reduced cost of electric vehicle batteries are driving the market forces. The government in some countries have even exempted electric trucks from paying toll tax as well. The rising demand for electric trucks is coming from the logistics sector. The advanced technology that led to the coming of autonomous trucks or driverless trucks is likely to influence the market for electric trucks. However, the lack of charging points and the high production cost of electric trucks may hamper the market growth. Still, the growing focus on green transport in logistics will boost the market in the coming years.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of electric trucks. The growth and trends of electric trucks industry provide a holistic approach to this study.
Market Segmentation
This section of the electric trucks market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type
- Light-Duty Electric Truck
- Medium-Duty Electric Truck
- Heavy-Duty Electric Truck
By Range
- Upto 150 Miles
- 151-300 Miles
- Above 300 Miles
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Electric Trucks market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Electric Trucks Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the electric trucks market include AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Limited, Man SE, Paccar Inc., Scania, Tata Motors and Workhorse. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.
