Market Snapshot

Forecast Years for Electric Truck Market:	2022 - 2028
Historical Years for Electric Truck Market:	2016 - 2021
Revenue 2021 for Electric Truck Market:	USD 419.5 Million
Revenue 2028 for Electric Truck:	USD 1686.6 Million
Revenue CAGR (2022 - 2028) for Electric Truck Market :	26.1%
Fastest Growing Region (2022 - 2028) for Electric Truck Market:	Asia Pacific
Largest Region (2021) for Electric Truck Market:	Asia Pacific

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 419.5 Million in the year 2021 and is expected to reach a value of USD 1686.6 Million by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.1% over the forecast period.

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.

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.

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	Propulsion Type (BEV, PHEV, FCEV) Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks) End User (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services) Range (Up To 200 Miles, Above 200 Miles) Battery Capacity (Less Than 50 KWH, 50-250 KWH, Above 250 KWH) Payload Capacity (Up To 10,000 LBS, 10,001-26,000 LBS, Above 26,001 LBS) Level of Automation (Semi-Autonomous, Autonomous) Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, Others) Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered	North America - (U.S., Canada, Mexico) Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe) Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific) Latin America - (Brazil, Argentina, Rest Of Latin America) Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered	BYD (China) Daimler AG (Germany) AB Volvo (Sweden) Paccar (U.S.) Scania AB (Sweden) Change (China) Nikola Motors (US)
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