The global Electric Truck Market size is expected to grow from approximately 69,597 units in 2021 to reach 1,413,694 units by 2030, at a CAGR of 39.7%. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly trucks.
Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV’s in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV’s and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM’s like BYD, Daimler AG, AB Volvo, Scania AB, PACCAR Inc, Nikola Motors etc and other players like Renault, Rivian, Workhorse, Tata, etc. have been working for development of electric trucks.
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The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others. Key strategies adopted by these companies to sustain their positions are new launches, expansions, collaborations, and joint ventures. These strategies have been analyzed to understand the positions of these companies in the market. For instance, in March 2021, The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. Also, in November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group.
NMC Battery segment expected to lead to market growth
The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
Light duty vehicles to ensure dominant position of the segment
The electric truck market by vehicle type comprises majorly of light-duty vehicles and moderate amount of medium-duty and heavy-duty vehicles. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks will continue to grow due to increase in demand for light-duty trucks in last mile delivery, distribution services and others.
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The European region is projected to be the fastest-growing in the Electric truck market
The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run.
Volvo has announced plans to launch a complete range of heavy duty electric trucks in the region starting 2021 and through the upcoming years. It is currently running tests for Volvo FMX, Volvo FX, Volvo FM which would be used for regional transport and urban construction. Sales will start by the end of 2021 and production in large volumes will start by the first half of 2022. These trucks will come with a battery configuration of around 186 miles or 300 km. The company is targeting 50% electric sales in the region by 2030.
Key Market Players:
The Electric Trucks Market is dominated by globally established players such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market.
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