Electric Truck Market
Electric Truck Market - Global Industry Assessment & Forecast
#
Pages:
144
2022
Jun - 2022
VMR-1580
Segments Covered
By
Propulsion Type BEV, PHEV, FCEV
-
By
Type Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
-
By
End User Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services
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By
Range Up To 200 Miles, Above 200 Miles
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By
Battery Capacity Less Than 50 KWH, 50-250 KWH, Above 250 KWH
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By
Payload Capacity Up To 10,000 LBS, 10,001-26,000 LBS, Above 26,001 LBS
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By
Level of Automation Semi-Autonomous, Autonomous
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By
Battery Type Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, Others
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By
Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
 Base Year:
|
2022 |
| Forecast
Years:
|
2023 - 2030 |
 Historical
Years:
|
2017 - 2021 |
 Revenue
2022: |
USD 527.10 Million |
 Revenue 2030:
|
USD 3306.28 Million |
 Revenue CAGR
(2023 - 2030): |
25.80% |
Fastest Growing Region (2023 -
2030)
|
Asia Pacific |
Largest Region (2022):
|
Asia Pacific |
Customization Offered
Cross-segment Market Size and
Analysis
for Mentioned Segments- Additional Company Profiles (Upto 5
With
No Cost)
- Additional Countries (Apart From
Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request
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Analyst
Global Electric Truck Market
Electric Truck Market- By Propulsion Type, Type, End User, Range, Battery Capacity, Payload Capacity, Level of Automation, Battery Type and Region.
Market Synopsis:
The Global Electric Truck Market is valued at USD 527.10 Million in the year 2022 and is expected to reach a value of USD 3306.28 Million by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 25.80% over the forecast period.
Electric Truck Market Size, 2022 To 2030 (USD Million)
AI (GPT) is here !!! Ask questions about Electric Truck Market
Electric Trucks are commercial vehicles that are powered by a battery pack and are used for cargo transportation. Furthermore, electric trucks have fewer moving parts than diesel trucks and do not require multi-speed transmissions, which saves vehicle maintenance costs and enhances reliability while emitting nearly no noise pollution. Furthermore, due to government attempts to promote electric vehicle adoption and its incredible benefits such as gobs of torque, less noise pollution, and lower maintenance costs, electric trucks are becoming the favored alternative over diesel trucks.
Report Coverage & Deliverables
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
- Power BI Report (Dashboard)
Factors such as a rise in government measures to promote e-mobility, stringent emission standards placed on fossil-fuel-powered commercial vehicles, and lower battery costs are driving growth in the Electric Truck Market. Governments all around the world are placing pressure on vehicle manufacturers to minimize carbon emissions caused by diesel fuel burning and combat greenhouse gas emissions, which is prompting them to invest in creating Electric Trucks (e-trucks).
The increased demand for electric trucks in the logistics industry, as well as the advancement of self-driving technology, are likely to provide major growth possibilities for electric vehicle producers. Furthermore, as fuel prices rise, the EV sector is likely to flourish in the coming years. Rapid transportation electrification is aiding market expansion by lowering greenhouse gas emissions and enhancing cost-effectiveness. The rising production of electric and hybrid electric vehicle segments by OEM manufacturers is driving the market growth.
Market Segmentation:
The Electric Truck Market is segmented on the basis of Propulsion Type, Type, End-User, Range, Battery Capacity, Payload Capacity, Level of Automation, and Battery Type. On the basis of Propulsion Type, the market is segmented into BEV, PHEV, and FCEV. On the basis of Type, the market is segmented into Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks. On the basis of End Users, the market is segmented into Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services. On the basis of Range, the market is segmented into Upto 200 Miles, and Above 200 Miles. On the basis of Battery Capacity, the market is segmented into Less Than 50kwh, 50-250 Kwh, and Above 250 Kwh. On the basis of Payload Capacity, the market is segmented into Upto 10,000 lbs, 10,001-26,000 lbs, and Above 26,001 lbs. On the basis of the Level of Automation, the market is segmented into Semi-autonomous, and Autonomous. On the basis of Battery Type, the market is segmented into Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, and Others.
Below tree is interactive. You can click the nodes to get more information.
Based on Propulsion Type:
In comparison to conventional cars, the battery-electric sector is predicted to have the largest market share due to its ability to emit no pollution and operate quietly. This is mostly due to lower battery costs, developments in battery technology, and government help in the form of financial incentives for the development and purchase of these vehicles. Increasing emissions regulations, particularly for commercial vehicles, are likely to fuel market growth in this sector throughout the forecast period.
Based on Type:
Light-duty trucks (LDTs) are the most often used vehicle category among the many. This is due to the country's strong appetite for and acceptance of pickup trucks. Due to rising demand among fleet operators for utility vehicles such as pick-up trucks and minivans, the light-duty truck category is expected to grow consistently in this market. By incorporating LDTs into their operations, several industries are boosting the demand for them. As a result, by 2021, LDTs accounted for more than 90% of all commercial vehicle sales in the country. They offer enormous possibilities for major corporations to create new electric variants, supporting fleet owners in cutting total operational expenses.
Asia Pacific Dominates the Global Electric Truck Market
Due to favorable government laws, a push toward alternative-fuel vehicle replacement, and increased steps to manage air quality, Asia-Pacific holds the largest market share. The growth of this market can be due to favorable government policies and regulations, increasing investments by prominent automakers, and decreased battery prices. The increasing use of electric mobility in developing countries, as well as the expansion of EV and battery manufacturing capabilities in Southeast Asia, present lucrative prospective opportunities for this industry. Vehicle penetration in emerging economies such as India and China is significantly lower than in Western economies. The desire to earn money and acquire a car in this country will provide an opportunity for electric vehicle manufacturers.
Competitive Landscape:
Key players operating in the Global Electric Truck Market include BYD (China), Daimler AG (Germany), AB Volvo (Sweden), Paccar (U.S.), Scania AB (Sweden), Change (China), Nikola Motors (US) and others.
Segmentation of the Global Electric Truck Market:
| Parameter | Details |
|---|---|
| Segments Covered |
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| Regions & Countries Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
| Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Vantage Market
Research | 03-Jun-2022
FAQ
Frequently Asked Question
What is the global demand for Electric Truck in terms of revenue?
-
The global Electric Truck valued at USD 527.10 Million in 2022 and is expected to reach USD 3306.28 Million in 2030 growing at a CAGR of 25.80%.
Which are the prominent players in the market?
-
The prominent players in the market are BYD (China), Daimler AG (Germany), AB Volvo (Sweden), Paccar (U.S.), Scania AB (Sweden), Change (China), Nikola Motors (US).
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 25.80% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
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The driving factors of the Electric Truck include
- Reducing the cost of EV batteries
Which region accounted for the largest share in the market?
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Asia Pacific was the leading regional segment of the Electric Truck in 2022.
