The Global Electric Truck Market was estimated to value USD 670 million in 2021 and is projected to grow at a CAGR of 23.5% during the forecast period from 2021 to 2030. Electric trucks are commercial vehicles working on rechargeable batteries. It is comprised of an electric motor to power the vehicle using high-voltage batteries. They are mainly available in heavy-duty and light-medium variants with different speed capacities. The new electric trucks are also existing in hybrid variants, which work through both battery-operated and fuel-gas engines.
In contrast to the fuel-based substitutes, electric trucks are more reliable, cost-effective, and have negligible carbon emissions and vehicular noise. Electric trucks are also manufactured with the support of light-weight constituents, have re-form braking systems, and are equipped with stop facilities and automatic start.
In addition, the significant development in the automotive industry, along with the surging client preference for electric and hybrid vehicles (EV/H), is one of the major factors creating the positive outcome for the electric trucks market. Furthermore, the new implementation of satisfactory government rules promoting e-mobility and reducing the dependency on fossil fuels, mainly in emerging countries, is driving the market development.
Governments of several nations are introducing new schemes to boost automobile manufacturers to change electronic trucks that do not need diesel fuel consumption and can support in minimizing greenhouse gas (GHG) emissions. Several technological advancements, such as progressions in the electronic charging utilization and infrastructure of magnetic resonance for wireless vehicle charging, are driving the growth of the market.
Furthermore, development in the retail e-commerce, and manufacturing industries, along with wide-ranging research and development (R&D) activities, are some of the other factors expected to propel the market growth. On the other hand, the high initial investment necessary in electric truck production is likely to hamper the market growth. However, the growth of self-driving truck technology and government support for EVs are likely to create new opportunities for the market.
COVID-19 Impact on Market
The market had a negative impact on account of the COVID-19 outbreak. Due to worldwide lockdown, the demand for electric trucks market had lowered.
The automobile market has suffered losses in the starting months of the pandemic when sales of vehicles decreased drastically on account of lockdowns. The sales of electric vehicles surged in 2020 and 2021 on account of the growing trend of vehicle electrification across the globe. This segment was thus, less affected by the COVID-19. The demand for these vehicles has been surging in the middle of 2021 in economies like U.S., China, France, Germany, U.K, etc. and it continues to dominate the market in the forecast period.
TABLE 1: GLOBAL ELECTRIC TRUCKS MARKET OVERALL SNAPSHOT
Market Segmentation
The global electric trucks market is segmented into type, propulsion, range, application, battery type, length, payload.
By Type
Based on type, the market for electric trucks is classified into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Heavy-duty trucks are anticipated to hold the largest market share in the forecast period. This is on account of increasing freight demand by serval trucking organizations and surging demand for long-haul trucks running on substitute fuels by fleet operations.
By Propulsion
The electric truck market is classified based on propulsion as BEV, PHEV, and FCEV. The battery-electric vehicle (BEV) is anticipated to hold the largest market share in the forecast period. This is on account of support in India for battery electric vehicles in its (adoption and manufacturing of hybrid and electric vehicle) FAME-II system, in the form of government incentives and grants.
By Range
The electric truck market is classified based on range as 0-200 miles, and above 200 miles. The 0-200 miles segment is the fastest-growing segment. This is on account of affordable pick-up trucks and electric trucks demand ranging between 0-200 miles.
By Application
The electric truck market is classified based on application as municipal, construction, logistics, mining, and others.
The logistics segment is anticipated to hold the largest market share during the forecast period. This is on account of the push by manufacturers to control transportation emissions and suitable solutions for the transportation of bulky goods over huge distance.
By Battery Type
The electric truck market is classified based on battery type, as lithium-iron-phosphate, lithium-nickel-manganese-cobalt oxide, and others. The nickel-manganese-cobalt oxide segment holds the largest market share during the forecast period. This is on account of developments in battery technology.
By Length
The electric truck market is classified based on length as 0-9 meters, 10-14 meters, above 14 meters. The 10-14 meters length in the electric truck market holds the largest market share in the forecast period. This is on account of the high demand of 10-14 meters vehicles from end user segment.
By Payload
The electric truck market, is classified based on payload as 0-10,000 LBS, 10,001- 26,000 LBS, and above 26,000 LBS. The above 26,000 LBS segment holds the largest market share in the forecast period. This is on account of several advantages offered by this segment as environmentally friendly as they do not emit pollutants and offer low maintenance on account of efficiency and offer the best performance.
By Region
In the electric truck market, there are five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa, and South America.
Europe holds the largest market share during the forecast period. This is on account of the increasing adoption of electric vehicles in the region.
Furthermore, the electrification of transportation driven by several government initiatives is driving the development of the electric truck market. In addition, the existence of the leading companies in the region is further driving the regional market development, hence contributing to the overall market development.
TABLE 2: GLOBAL ELECTRIC TRUCKS MARKET OVERVIEW
Key Market Strategies of the Industry Participants
- June 2021 - Actros L was introduced as the extensive range commercial battery electric vehicle in the region of North America offered by Daimler AG (Germany) and has a GCWR of 82000 lbs. It has a variety of 250 miles and can charge up to 80 percent in 90 minutes.
- December 2020 - The trucks offered by Paccar (U.S.) were introduced, which are equipped with 141 kWh and 282 kWh battery packs allowing 100 and a 200-mile range. Clients get a choice to select between motors rated at 469 hp and 355 hp.
- October 2020 - The Isuzu Motors LTD (Japan) and Volvo Group (Sweden) came into a non-binding Memorandum of understanding with the determination to form a planned alliance in commercial vehicles to release the changes in the constant alteration of the industry. The contracts comprise Isuzu Motors LTDMotor’s acquirement of UD Trucks from the Volvo Group.
FIGURE: GLOBAL ELECTRIC TRUCKS MARKET (USD MILLION), 2021-2030
Major Companies: In this report, the major companies studied are Tevva (U.K.), Volta Trucks (Sweden), StreetScooter (Germany), E-Trucks Europe (Netherlands), and Einride (Sweden).
Market Segmentation
Electric Trucks Market, by Type:
- Light-Duty Trucks
- Medium-Duty Trucks
- Heavy-Duty Trucks
Electric Trucks Market, by Propulsion:
- BEV
- PHEV
- FCEV
Electric Trucks Market, by Range:
- 0-200 Miles
- Above 200 Miles
Electric Trucks Market, by Application:
- Municipal
- Construction
- Logistics
- Mining
- Others
Electric Trucks Market, by Battery Type:
- Lithium-Iron-Phosphate
- Lithium-Nickel-Manganese-Cobalt Oxide
- Others
Electric Trucks Market, by Length:
- 0-9 meters
- 10-14 meters
- Above 14 meters
Electric Trucks Market, by Payload:
- 0-10,000 LBS
- 10,001- 26,000 LBS
- Above 26,000 LBS
Electric Trucks Market, by Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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