The global electric truck market size is expected to reach USD 43.89 billion by 2028 according to a new study by Polaris Market Research. The report “Electric Truck Market Share, Size, Trends, Industry Analysis Report, By Application (Logistics, Municipal, Construction, Mining, Others); By Vehicle (Battery Electric, Hybrid), By Truck; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An electric truck is an electric vehicle that is fueled by batteries intended to convey cargo, move specialized payloads and implement other practical work. The benefits of an electric truck are that there is less noise, more torque, and smoother acceleration. The batteries used for the electric truck are 600 kWh lithium-ion batteries. Electric trucks lessen pollution and noise. Because of soaring efficiency and minimized component counts, there is no burning when the vehicle is still, and the acceleration is silent and efficient. Thus the costs of operating electric trucks are lesser than their forerunners.
Due to the covid-19 pandemic, the overall automobile market suffered losses, and sales of vehicles had reduced drastically. In the first and the second quarter of 2020, there was a significant decline in the sales of electric trucks as the factories closed down and the workers were expelled. The demand for electric trucks is anticipated to gain ground after the relaxation of lockdown restrictions. The sales of electric vehicles increased because of the developing trend of electrification of cars globally.
List of Top Manufacturers:
- AB Volvo
- BYD Auto Co., Ltd.
- Daimler AG
- Dongfeng Motor Corporation
- FAW Group Co., Ltd.
- Foton Motor Inc.
- Isuzu Motors Ltd.
- PACCAR Inc.
- Tevva Motors Limited
- Volta Trucks
Important Questions Being Answered By The Market Report
- What is the size and share of the global electric truck market?
- How company profiles of electric trucks can be obtained?
- What is the influence of the post-Covid-19 framework?
- Who are the leading players in the global electric truck market?
- Which region is and will offer more business opportunities in the future?
- Who are the service suppliers of the electric truck in the industry?
Electric Truck Market: Growth Leading Factors
Governments internationally are imposing pressure on vehicle manufacturers to lessen emissions of carbon caused by diesel fuel combustion and address greenhouse gas emissions, so they are pushed to invest in developing electric trucks. For this purpose, incentives are being provided by the government with schemes and programs for manufacturing battery-electric lorries, which will, in turn, push the market growth. Further, governments globally support the purchase of electric mobility in context to incentives and tax credits. These factors will drive the demand for electric trucks.
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With the increasing concerns of the environment, environmental and governmental agencies globally are enacting strict norms for emissions and laws to lessen vehicle emissions. Regulatory measures that are prominent are strict emission targets for carbon dioxide and nitrogen oxide. Because of the high aggregates of greenhouse gases being released from vehicles, governments are intensifying endeavors to make transportation cleaner. Thus, with the administration of emission regulations for fossil fuel-powered cars, the burden on commercial vehicle manufacturers has increased. This burden will push the demand for the market of electric trucks.
Global Electric Truck Market: Key Segmentation
insight by application, truck, vehicle, and region
The electric truck market is classified into municipal, logistic, and others depending on the application. The logistics category has had the most significant share due to the growing logistics industry and noteworthy retail, e-commerce, and manufacturing industries development. Based on the truck, the market is divided into light-duty, medium-duty, and heavy-duty. Compared to other categories, the demand for heavy-duty trucks is anticipated to record the fastest growth in value and volume. This growth is due to the speedily growing demand for freight across the globe and remarkable economic growth in developing countries like India and China. The electric truck market is divided into hybrid and battery electric, dependent on the vehicle. The battery-electric vehicle is anticipated to grow at the speediest pace due to factors like battery technology improvement and the government’s assistance in the pattern of financial incentives for the development and purchase of these vehicles.
Geographic Overview: Electric Truck Market
Dependent on region, the European area is considered the most significant market share for the electric truck market. Europe accounts for strict emission regulation measures. The European region governments offer considerable incentives to develop electric vehicles. Thus the demand for electric cars has increased by leaps and bounds in the region. Asia Pacific is expected to record a high CAGR in the global market in 2020. Due to favorable government initiatives concerning pollution control strategies and the significant presence of prominent vendors, the demand for the electric truck market in the region is anticipated to increase over the forecast period.
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The market is primarily based on application, truck, vehicle, and region.
Electric Truck Market: By Application Outlook
Electric Truck Market: By Truck Outlook
Electric Truck Market: By Vehicle Outlook
- Battery Electric
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