Product ID: SQMIG20V2008
Global Electric Truck Market Size, Share, Growth Analysis, By Vehicle Type(Battery Electric Trucks, and Hybrid Trucks) - Industry Forecast 2024-2031
Report ID:
SQMIG20V2008 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
35 |
Figures:
74
Global Electric Truck Market Regional Insights
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.
Global Electric Truck Market Report Snapshots
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