USD 3.04 billion
Report ID: SQMIG20V2008 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 35 | Figures: 74
Electric Truck Market size was valued at USD 3.04 billion in 2021 and is poised to grow from USD 4.36 billion in 2022 to USD 77.46 billion by 2030, at a CAGR of 43.3% during the forecast period (2023-2030).
Increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are working hard to replace fleets of internal combustion engines with electric vehicles.
For instance, CEVA Logistics, a U.K.-based logistics company, began testing the use of electric trucks to deliver goods in Central London in February 2020. Two Tevva electric lorries will make daily deliveries from Dartford to St Thomas' NHS Foundation Trust and Guys during the course of the following six months. The market for electric trucks is expected to be negatively impacted by a lack of charging infrastructure. The necessity for the charging station to power electric trucks may be hampered by high expenses caused by red tape in the permitting, building code, and regulatory processes. In addition, compared to wealthy nations, adoption of electric trucks is low in emerging economies because of low investments.
The COVID-19 pandemic outbreak is anticipated to have a significant effect on market expansion. The worldwide supply chains and production operations have been interrupted by the lockdowns implemented to stop the disease's spread. Because of the border closures, which caused the logistics firms to close, the demand has significantly decreased. However, once the lockout restrictions are lifted, it is anticipated that the market for electric trucks would pick up. The governments of many economies have set emission reduction goals, which will increase demand after COVID-19.
Global Market Size
USD 3.04 billion
Battery Electric Trucks
Battery Electric Trucks
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The global electric truck market is segmented based on vehicle type, and region. Based on vehicle type, the market is segmented into battery electric trucks, and hybrid trucks. Regionwise, the global electric truck market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Electric Truck Market Analysis by Vehicle Type
The battery electric vehicle segment accounted for almost 85% of the total sales, and it is anticipated that this dominance would last the entire anticipated year. The sector is predicted to increase at the highest CAGR during the forecast period due to increasing battery life and energy density as well as declining battery prices. Furthermore, the market will rise if government regulations are tightened to make zero-emission vehicles mandatory. For instance, the European Union (EU) has enacted legislation mandating a reduction in emissions of at least 40% by 2030. The EU has also set a target to reduce emissions by over 60% by 2040.
The segment for hybrid trucks had the smallest revenue share in 2019 and is anticipated to lose market share during the projected period. Due to tighter government laws regarding greenhouse gas emissions, the adoption of hybrid trucks is predicted to decline. Additionally, producers of electric trucks are concentrating on creating long-distance fuel-cell electric trucks. Ten XCIENT Fuel Cell trucks will be leased by Hyundai Hydrogen Mobility to logistics and transportation firms on a pay-per-use basis starting.
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Asia Pacific dominated the market and is further projected to continue dominating the market during the forecast period. China generated more than 80% of all global GDP and is further predicted to have a sizable revenue share during the projection period. This is due to the presence of prominent companies like Dongfeng Motor Corporation, BYD Auto Co. Ltd., Daimler AG, and FAW Group Co., Ltd. Additionally, the region has the highest adoption of electric trucks as a result of the central government of China lifting heavier weight restrictions on truck and LCV subsidies. Higher volume sales of electric trucks are anticipated in China as a result of the expanding model selection, continuing improvements in battery performance, and falling battery prices.
North America is likely to emerge as the fastest growing market during the forecast period. The market is anticipated to grow at the highest CAGR of 59.5% from 2023 to 2030 in the United States. The region is anticipated to increase as a result of rising demand from the logistics industry. Additionally, the Board of the California Air Resources will set sales goals for manufacturers of electric trucks starting in 2024. Around 0.3 million electric trucks (light-duty, medium-duty, and heavy-duty electric trucks) are anticipated to be driven on California roads as a result of the legislation.
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Global Electric Truck Market Drivers
Global Electric Truck Market Restraints
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The electric truck market is highly competitive, with a large number of players operating in the market. The market is dominated by established players in the automotive industry, such as Daimler AG, Volvo Group, and PACCAR Inc. However, there are also several new entrants in the market, such as Tesla, Nikola Corporation, and Rivian Automotive LLC, that are disrupting the industry with innovative electric truck designs.
In addition, there are several companies that specialize in electric vehicle technology and components, such as Proterra Inc., that are providing electric powertrains and battery systems to truck manufacturers. Furthermore, there are also several companies that provide charging infrastructure solutions, such as ChargePoint Inc. and Electrify America LLC, that are playing a critical role in the adoption of electric trucks.
Top Player’s Company Profiles in Global Electric Truck Market
Global Electric Truck Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our electric truck market analysis, we found that the increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth.
|Market size value in 2021||USD 3.04 billion|
|Market size value in 2030||USD 77.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Electric Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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