Global Electric Truck Market Size By Type, By Competitive Landscape, By Geographic Scope And Forecast

Electric Truck Market Size And Forecast

Electric Truck Market size was valued at USD 2.38 Billion in 2022 and is projected to reach USD 13.73 Billion by 2030, growing at a CAGR of 21.74% from 2023 to 2030.

The increasing demand from the logistics industry and the economic benefits of electric trucks are major contributors to the growth of the market. Incentives for adopting zero-emission vehicles propel the demand of the market over the forecasted years. In addition, stringent rules and regulations in terms of operating commercial vehicles create numerous opportunities for the market to grow in the near future. The report on the Global Electric Truck Market provides a thorough overview of the industry.

The study includes several sections as well as an analysis of the market’s major trends and drivers. The market dynamics have included the drivers, restraints, opportunities, and challenges that are used to describe the impact of these factors on the market. The market’s fundamental factors are the drivers and limitations, while the market’s experiential aspects are the opportunities and challenges. The Global Electric Truck Market report forecasts market revenue growth throughout the forecast period.

Global Electric Truck Market Definition

Electric trucks refer to those vehicles which are powered by electrical batteries, and support logistics for the transportation of goods. The emergence of lithium-ion batteries has led to the increasing distance being covered by electric trucks by several hundred miles. Electric trucks are considered to be heavier as compared to conventional diesel trucks, however, the running costs are anticipated to be lesser owing to the higher efficiency of electric power trains.

Electric trucks run silently as compared to traditional trucks and which also helps to decrease noise pollution as well. electric trucks comprising lithium-ion batteries needed multiple charging to cover long-distance travel as the battery gets depleted very soon. Additionally, electric trucks help to reduce emissions and lower carbon content released into the air.

Global Electric Truck Market Overview

Increasing government initiatives to promote e-mobility, stringent emission regulations imposed on fossil-fuel-powered commercial vehicles, and reduced cost of electric vehicle batteries are factors propelling the growth of the Electric Truck Market. However, costly electric trucks and the lack of charging infrastructure are anticipated to hamper the growth of the market over the estimated period. Furthermore, rising demand for electric trucks from the logistics industry and the development of autonomous electric truck technology are projected to create remarkable growth opportunities for the market players operating in the Electric Truck Market.

Global Electric Truck MarketSegmentation Analysis

The Global Electric Truck Market is segmented on the basis of Type and Geography.

Electric Truck Market, By Type

• Battery Electric Trucks
• Hybrid Trucks

Based on Type, the market is segmented into Battery Electric Trucks and Hybrid Trucks. Battery electric trucks comprise a battery-powered operating system that is designed to deliver cargo. Hybrid trucks apply hybrid electric technology for propulsion if compared to the traditional combustion engine.

Electric Truck Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Electric Truck Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to witness steady growth due to the high demand for electric trucks in the logistics industry. Europe is anticipated to be the fastest-growing region in the market owing to the large adoption of electric pick-up trucks in the logistics industry. Factors including rising pollution and environmental concerns, stringent government norms, and intense competition have compelled automotive OEMs to produce environment-friendly and fuel-efficient vehicles.

Key Players

The “Global Electric Truck Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Tevva Motors Limited, Scania, PACCAR Inc, Navistar Inc, Isuzu Motors Ltd, Foton Motor Inc, FAW Group Co Ltd, Dongfeng Motor Corporation, Daimler AG, and BYD Auto Co. Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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