The prominent players in the electric truck market include Dongfeng Motor Corporation (China), Foton Motor Inc. (China), Daimler AG (China), AB Volvo (Sweden), FAW Group Co., Ltd. (China), and China National Heavy-Duty Truck Group Co., Ltd., (China). PACCAR Inc. (US), Navistar, Inc. (US), Isuzu Motors Ltd (Japan), and BYD Auto Co., Ltd. (China) are among others.
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Government policies to regulate vehicle emissions and incentives policies to promote the demand for electric trucks is spurring the market expansion. The escalation in budgets related to fleet management is anticipated to add further impetus to the electric truck market. The declining costs associated with battery components is projected to incentivize market growth in the upcoming period further. The electric truck is a commercial vehicle that is powered through electricity. Electric trucks are a highly preferred alternative to fuel-based commercial vehicles as they are cost-effective compared to fuel based commercial vehicles and less polluting. Electric trucks are commonly used in logistic services, municipal bodies, and others.
Moreover, due to the less operating cost associated with electric mobility and increased efforts from the side of manufacturers such as discounts on additional features or packages in the electric truck will boost the sales of the electric trucks during the forecast period. The governments in various regions such as those in Europe and North America started imposing stricter emissions targets. Government of different countries are planning to find ways to incentives fleets owner in electric trucks which result in lower vehicle emission level and opportunities for new entrants in the global market for electric trucks market. Growing demand for smart transport, government backing for purchase of smart automobiles, and increased charging infrastructure around the different parts of the world will further boost the market growth for the electric trucks and open up new opportunities for new players in the market. However, it is estimated that the high prices of the electric truck hamper the revenue for the electric truck market.
The electric truck is a new generation electric powered truck, with a massive growth in sales predicted for the period 2018 -2023. Electric trucks are widely preferred for logistics, and municipal applications. Globally growing strict government policies regarding emission from commercial vehicles will work in favor of electric trucks and drive the growth of the market. Moreover, the continuous increase in fuel prices will drive the consumers towards cheaper alternatives to traditional trucks such as electric trucks, which are also less polluting. Increase in per capita disposable income in developing and developed countries will further increase investment in smart mobility such as electric trucks for commercial sector.
Market Research Analysis
In terms of region, the global market for the electric truck is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The region-wise analysis of the electric truck market globally has been segmented into the regions such as Europe, North America, Asia Pacific, and the Rest of the World. It is anticipated that Europe, North America, and China in the APAC region will be responsible for more than 70% of the total sales of electric trucks. Furthermore, the rising concern for environment pollution through internal combustion engine vehicles will have a central role in the growth of the market size for electric trucks market globally.
The electric truck market is flourishing in many regions such as North America and Europe as well as in countries such as China. Additionally, there is an availability of incentives and subsidies that would provide through government schemes which further enhance the global sales of the electric trucks in Asia-Pacific. In Asia-Pacific, China is leading in terms of manufacturing all types of fully or hybrid electric technologies such as electric trucks owing to the presence of major manufacturers of electric trucks.
Europe, it is predicted that the region will switch to full or hybrid electric trucks to achieve the target for EU’s 20-20-20 policy. In North America, it is expected that the full and hybrid type electric vehicle sales would be lower than those with natural gas powertrains as in the US and Canada the infrastructure for battery charging is still in the developing stage.
Scope of the Report
This study provides an overview of the global Electric truck market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
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