The global electric truck market is growing exponentially. In the next few years, the market is expected to witness a considerable rise in its size. According to an eminent research firm, Market Research Future (MRFR), the global electric truck market will grow to USD 324,120 MN by 2030, registering over a massive 73.65% CAGR throughout the anticipated period (2020-2030).
Electric Truck Market Growth to Ramps Up Big by 2030
Report Metrics |
Details |
Market Size |
324,120 million by 2030 |
CAGR |
73.65% CAGR 2030 |
Base Year |
2019 |
Forecast Period |
2020 to 2030 |
Key Market Opportunities |
Use of renewable sources of energy |
Key Market Drivers |
The ban on diesel in several cities The measures are taken by the governments |
Government support to promote emobility and smart automobiles, alongside the rapidly developing charging infrastructure and the augmenting demand for smart transport, fosters market revenues. Moreover, the growing concern of rising levels of environmental pollution due to the internal combustion engine plays a vital role in the market development. Conversely, high prices of electric trucks impede the growth of the market.
Avail Sample Pages Here – https://www.marketresearchfuture.com/sample_request/6261
Electric Truck Market Segments
The electric truck market is segmented into types, materials, applications, and regions. The type segment is sub-segmented into light-duty, medium-duty, and heavy-duty trucks. The propulsion type segment is sub-segmented into PHEV, BEV, and FCEV. The range segment is sub-segmented into up to 200 miles and above 200 miles.
The payload capacity segment is sub-segmented into up to 10,000 lbs, 10,001-26,000 lbs, and above 26,001 lbs. The level of automation segment is sub-segmented into semi-autonomous and autonomous. The battery type segment is sub-segmented into lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others.
The battery capacity segment is sub-segmented into less than 50kwh, 50-250 Kwh, and above 250 Kwh. The end-user segment is sub-segmented into last-mile delivery, long haul transportation, field services, distribution services, and others. By regions, the market comprises the Asia Pacific, Americas, Europe, MEA, and rest-of-the-world.
Electric Truck Market Regional Analysis
North America leads the global electric truck market, witnessing growing sales. Besides, the increasing demand for trucks with low operating costs and the development of sustainable electric trucks in the region substantiate the market size. Also, continuously rising fuel prices and transport activities drive the growth of the electric trucks market. Simultaneously, steadily dropping prices of batteries used in electric trucks are drawing consumers’ attraction toward electric mobility. This, as a result, boosts the market shares.
Europe is another leading market for electric trucks. Strict government regulations to control Co2 emissions alongside favorable incentives policies to buy electric trucks would propel the regional market growth. Moreover, the lesser operating cost associated with electric mobility attracts users and boosts the sales of electric trucks in the region.
Discounts programs on additional features or packages offered by manufacturers in the region impact the regional market growth positively. Incentive policies to encourage electric truck sales and stringent government policies to control vehicle emissions are major driving forces.
Ask for an Amazing Discount – https://www.marketresearchfuture.com/check-discount/6261
The Asia Pacific electric truck market is growing at a considerably slower rate. In China, there is a strong push for New Energy Vehicles (NEVs) to cut down on pollution in urban areas. In another effort to earn international attention, some Chinese electric truck companies have even begun to export trucks to developed regions, especially to the US. In India, a high GST rate (Sales Tax) on batteries will hit the sales of e-truck severely.
In India, under the new indirect tax, electric trucks sold with batteries are charged 12% GST, while batteries sold without trucks are taxed 28%. Therefore, high taxes on batteries used in electric trucks under the services tax rule are a major obstacle to the government’s drive to push e-truck. The government needs to invest in electric truck technology to help bring down battery costs and encourage the adoption of green mobility solutions.
Electric Truck Market Competitive Analysis
Well established, the electric truck market appears to be fragmented due to the presence of several large and small players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, product launch, and expansion to gain a competitive advantage in this market. Key players operating in this market emphasize product innovation and new manufacturing processes.
For instance, Volvo Trucks, a part of the Volvo Group, announced that it has started series production of heavy-duty electric trucks globally, targeting 50% of sales by 2030. Electric truck models, such as Volvo FM, Volvo FMX, and Volvo FH, could run at 44 metric tons of weight. Production was beginning at a facility in Gothenburg, Sweden, and batteries will be supplied by a Volvo Trucks plant in Ghent.
Ask to Expert – https://www.marketresearchfuture.com/ask_for_schedule_call/6261
Leaders in the global electric truck market are Foton Motor Inc. (China), FAW Group Co., Ltd. (China), Dongfeng Motor Corporation (China), Daimler AG (China), PACCAR Inc. (US), AB Volvo (Sweden), China National Heavy Duty Truck Group Co., Ltd., (China), Isuzu Motors Ltd (Japan), Navistar, Inc. (US), and BYD Auto Co., Ltd. (China), among others.