Electric Truck Market

Global Electric Truck Market is valued at USD 3.81 Billion in 2021 and expected to reach USD 18.67 Billion by 2028 with a CAGR of 30.1% over the forecast period.

Global Electric Truck Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The continuous increase in the activities pertaining to shipping and transportation as well as building based companies , along with growing subsidies and government programmes for environmental pollution control, are a few important drivers anticipated  to boost market expansion throughout the projection period.

Scope of Global Electric Truck Market

Electric trucks are business automobiles that are utilized for freight transportation and are propelled by a rechargeable battery. Furthermore, as contrasted to diesel trucks, electric engines in electric cars feature fewer operating parts and do not need multi-speed transmissions, which saves the cost of maintenance and enhances dependability while creating almost no noise. Moreover, as a result of legislative programs to promote the adoption of electric automobiles and their incredible advantages such as tremendous quantities of torque, negligible noise emissions, low operating expenses, and many others, ev trucks are fast becoming the preferred alternative to diesel trucks. The industry for electrical trucks is developing as a result of increased government measures to encourage e-mobility and stringent pollution requirements for fossil-fuel-powered automobiles.

The COVID-19 outbreak is predicted to have a significant influence on industry growth. Lockdowns enforced to prevent the rapid spread of the virus have impacted supply networks and industrial processes worldwide. Demand has decreased significantly as a result of the border restrictions, which have caused logistics firms to go down. Nonetheless, demand for electric vehicles is projected to increase once the lockout limitations are lifted. Authorities in various countries have set carbon reduction objectives, which will boost consumption post-COVID-19.

The global Electric Truck market is segmented based on the vehicle type, propulsion, battery capacity, end-use, and region & country level. Based on vehicle type, the global Electric Truck market is segmented into Light Duty, Medium Duty, and Heavy Duty. By propulsion, the market is segmented into Hybrid, Plug-in Hybrid, Battery, Fuel Cell. By battery capacity, the global Electric Truck market is segmented into Less Than 50kwh, 50-250 Kwh, Above 250 Kwh. By end-use, the global Electric Truck market is segmented into Long Haul Transportation, Last Mile Delivery, Field Services, Refuse Services, Distribution services.

The regions covered in the global Electric Truck market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Electric Truck is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Electric Truck Market Segmentation

By Vehicle Type:

• Light Duty
• Medium Duty
• Heavy Duty

By Propulsion:

• Hybrid
• Plug-in Hybrid
• Battery
• Fuel Cell

By Fuel Cell:

• Less Than 50kwh
• 50-250 Kwh
• Above 250 Kwh

By End-User:

• Long Haul Transportation
• Last Mile Delivery
• Field Services
• Refuse Services
• Distribution services

Key Players of Global Electric Truck Market

Some major key players for the global Electric Truck market report cover prominent players like

• Tevva Motors Limited
• BYD Auto Co
• AB Volvo
• Dongfeng Motor Corporation
• E-Trucks
• Daimler AG
• FAW Group Co
• Foton Motor
• Isuzu Motors
• Navistar
• Einride
• Scania
• StreetScooter
• PACCAR Inc.
• Volta Trucks.

News

Volvo Trucks Launched Several New Electric Trucks

On December 12^th, 2022; Volvo Trucks announced the decision  to extend its product line with the introduction of many new electric trucks, allowing towns and regions to electrify significantly more transportation routes. Volvo's standing as a pioneer in electric truck transportation is strengthened further with the inclusion of rigid* trucks. The new variations will go into manufacturing in the initial quarter of 2023.

Olectra Greentech Ltd Begun Trials Of 6x4 Heavy-Duty Electric Tipper In Order To Expand Its Electric Truck Segment

On April 15^th, 2022; Olectra Greentech Ltd, a subsidiary of MEIL,  commenced the testing of a 6x4 heavy-duty electrical tipper as support of its development into the electric truck category. The Olectra tipper, India's first of its type vehicle, has a 220-km endurance on a single battery charge and is equipped with a heavy-duty bogie shock absorber tipper competent of handling gradability of much more than 25%.

Tata Motors Launched Ace EV

On May 5^th, 2022; Tata Motors, India's biggest commercial vehicle maker,  released the Ace EV, an electric variant of the iconic Ace truck, precisely 17 years after it was first introduced in the Indian marketplace. Tata Motors has joined the emerging category of compact electric trucks for freight distribution in the nation with the launch. Tata Motors claims that the innovative Ace EV is India's most sophisticated zero-emission four-wheel compact commercial vehicle (CCV).

Increasing Awareness for Environmental Concerns, Rising Benefits As Compared To Conventional Options, And Growing Government Regulatory Policies And Incentives are Some of the Major Factors Driving the Market Growth

To address growing environmental problems, authorities and environmentalist groups throughout the globe are enacting severe emission restrictions and regulations to minimize automotive emissions. Significant regulatory activities include rigorous emission targets for decreasing nitrogen oxide (NOx) and carbon dioxide levels in the atmosphere (CO2). As completion of the Paris Agreement, the European Union (EU) promised to reach its Kyoto Protocol greenhouse gas reduction objective of 20% by 2020. (COP21). The EU has also committed to achieving net-zero emission reductions by 2050 and a 40% reduction in greenhouse gas production by 2040. All automobiles manufactured and registered in China after July 1, 2020, must meet the China 6 Emissions Regulations. The 6A regulations (emission limitation from gasoline engine automobiles) are now in effect, and the 6B limitations (updated limits to cut 50% hydrocarbons and 40% Nitrogen oxide above Euro 6 requirements) will go into effect on July 1, 2023. Presently, medium- and larger trucks must meet China V emission regulations. The most recent edition of China VI emissions was released in July 2018, and the deployment phase began on July 1, 2019. All automobiles should conform with phase "a" beginning in July 2021 and phase "b" beginning in 2022.

As a result of the introduction of emission limitations for fossil fuel cars, the strain on vehicle producers, especially those of heavy trucks, has grown. As a consequence, demand for electrical trucks is expected to rise.

Throughout the last decade, the price of EV batteries has decreased due to technical improvements and the mass manufacture of EV batteries. As EV cells are among the most costly sections of an electric vehicle, this has resulted in a drop in charge. For example, in the preceding decade, which ended in 2010, the cost of EV batteries was approximately USD 1,100 per kWh. Production costs for these batteries, lower cathode material pricing, higher manufacturing volumes, and so on. Prices for EV batteries are predicted to decrease to roughly USD 40-60 per kWh by 2030, greatly lowering the price of EV Trucks and bringing them in line with traditional ICE Trucks.

Electric trucks are out of reach for the majority of people. Market participants spend a significant sum on investments in r&d for the advancement of electric trucks. This raises the cost of the ultimate product, which is an electric truck. Furthermore, lithium-ion batteries are used in the production of electric trucks. The price of electric trucks fluctuates depending on the model. Electric vehicles with long-range are expensive and considered luxury products. As a result, the expensive cost of electrical trucks is limiting the market's expansion.

North America is Expected to Capture a Major Share in the Global Electric Truck Market

Throughout the projected period, North America is predicted to grow at the quickest pace. Technological developments and the adoption of novel techniques are propelling the development of the region's electrical truck industry. Fuel-powered trucks release a large number of hazardous gases, contributing to a rise in levels of pollution. The government is enforcing severe laws and recommendations to reduce the harmful effect of fuel-based cars and trucks. These reasons are driving the expansion of the North American electrical truck industry. The logistics sector's growing demands are likely to drive regional development. Furthermore, the California Air Resources Board establishes electric vehicle sales objectives for companies starting 2024 in June 2020. By 2035, the law is estimated to bring 0.3 million electrical trucks to California's roadways.

Furthermore, Asia Pacific is predicted to have the highest CAGR in the worldwide market in the coming years. The region's market for electric trucks is expected to rise throughout the projected period due to favorable government efforts regarding emission control measures and the major presence of important manufacturers such as Dongfeng Motor Corporation, BYD Auto Co. Ltd., and Daimler AG. According to the Made in China 2025 project, the Chinese government aims to sell 1 million pieces of domestically built plug-in hybrid and electric automobiles. As a result of numerous logistics and transportation organizations now recognizing the adoption of electric vehicles, the industry is gaining substantial popularity across the area.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 3.81 Billion
Base year considered	2021
Forecast Period CAGR %:	30.1%
Market Size Expected in 2028:	18.67 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Tevva Motors Limited, BYD Auto Co., Ltd, AB Volvo, Dongfeng Motor Corporation, E-Trucks, Daimler AG, FAW Group Co., Ltd., Foton Motor Inc., Isuzu Motors Ltd, Navistar, Einride, Scania, StreetScooter, PACCAR Inc., and Volta Trucks.
Segments Covered	By Vehicle Type, By Propulsion, By Fuel Cell, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa