The Global Electric Trucks Market was valued USD 15.6 Billion in 2022 and projected to reach USD 60.7 Billion by 2030, growing at a CAGR of 18.5% during the forecast period of 2023-2030.
Richmond, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to a research report “Electric Trucks Market, by Vehicle (Light-Duty, Medium-Duty, Heavy-Duty), Battery Technology (Battery Electric, Hybrid Electric, Plug-In Hybrid Electric, Fuel Cell Electric), Battery Capacity (< 100 kWh, 100-300 kWh, > 300 kWh), GVWR (< 6 Tons, 6 – 14 Tons, > 14 Tons), Application (Logistics & Delivery, Construction, Waste Management, Others) and Region.
Global Electric Trucks Market Report Scope:
|Market size value in 2023||USD 15.6 Billion|
|Market size value in 2030||USD 60.7 Billion|
|Forecast Units||Value (USD Million/USD Billion)|
|Segments Covered||Vehicle, Battery Technology, Battery Capacity, GVWR, Application and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and RoW|
|Sample of Companies Covered||
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TOC Covers in Depth & Breath on Electric Trucks Market
170 – Market Data Tables
65 – List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
The global electric trucks market is playing a pivotal role in transforming the transportation industry towards sustainability and environmental responsibility. As the world grapples with the challenges of climate change and urban pollution, electric trucks emerge as a crucial component in reducing the carbon footprint of the freight and logistics sector. With zero tailpipe emissions, electric trucks contribute significantly to air quality improvement, especially in urban areas where traditional diesel trucks are major contributors to pollution. This shift aligns with global efforts to achieve a greener and more sustainable transportation ecosystem.
Beyond environmental benefits, the electric truck market is driving innovation and reshaping the automotive industry. Major players and startups alike are investing in electric truck technology, fostering advancements in battery capabilities, charging infrastructure, and vehicle design. The industry’s evolution towards electric trucks is not just a response to regulatory pressures; it represents a paradigm shift in how goods are transported, emphasizing efficiency, cost-effectiveness, and reduced reliance on fossil fuels. This market is not only a response to a changing regulatory landscape but a proactive step towards a future where transportation is both environmentally conscious and economically viable.
Major vendors in the global electric trucks market – AB Volvo, Ford Motor Company, Rivian, BYD Motors, Daimler Truck AG, Geely Automobile Holdings Ltd, Man SE, Scania, Tata Motors Limited, Tesla, Bollinger Motors Inc., General Motors, Hino Motors, Lion Electric, Mitsubishi Fuso Truck and Bus Corporation, Nikola Corporation, PACCAR Inc., Proterra, Workhorse and Others.
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Environmental Regulations and Sustainability Initiatives
One of the primary drivers propelling the Global Electric Trucks Market is the increasing stringency of environmental regulations and the growing emphasis on sustainability. Governments worldwide are implementing stricter emission standards to combat climate change and reduce the environmental impact of transportation. Electric trucks, with zero tailpipe emissions, align seamlessly with these regulations. The reduction of greenhouse gas emissions and the reliance on renewable energy sources contribute to a more sustainable and environmentally friendly transportation ecosystem.
As governments set ambitious targets to achieve a carbon-neutral future, the demand for electric trucks is on the rise. Fleet operators are recognizing the long-term benefits of transitioning to electric vehicles (EVs), not only to comply with regulations but also to enhance their corporate social responsibility (CSR) profiles. The confluence of regulatory pressures and a corporate commitment to sustainability is creating a conducive environment for the growth of the electric truck market.
- Environmental Regulations and Emission Reduction Targets
- Advancements in Battery Technology
- Total Cost of Ownership (TCO) Benefits
- Government Incentives and Subsidies
- Growing Demand for Last-Mile Delivery Solutions
- Expansion of E-commerce and Logistics Industries
- Strategic Partnerships and Collaborations
- Development of Charging Infrastructure
Total Cost of Ownership (TCO) Benefits
The second key driver for the global electric trucks market is the increasing awareness of the Total Cost of Ownership (TCO) benefits associated with electric trucks. While the upfront cost of electric trucks tends to be higher than their traditional counterparts, the lower operating and maintenance costs over the vehicle’s lifespan make them economically viable in the long run. Electric trucks have fewer moving parts, reducing the need for maintenance, and electricity, as a fuel source, is often more cost-effective than diesel or gasoline.
Moreover, governments and municipalities are providing incentives and subsidies to encourage the adoption of electric trucks, further offsetting the initial purchase costs. As businesses evaluate the TCO and factor in the economic benefits over the vehicle’s life cycle, the value proposition of electric trucks becomes increasingly attractive, driving a significant shift towards electrification in the commercial trucking sector.
The market for Electric Trucks is dominated by North America.
The dominating region in the global electric trucks market is currently North America, with the United States at the forefront of adoption. The U.S. government’s commitment to environmental sustainability, coupled with incentives at federal and state levels, has accelerated the deployment of electric trucks. Companies like Tesla, Rivian, and traditional automakers are investing heavily in electric truck models.
In terms of upcoming growth potential, Europe is emerging as a key region. Countries within the European Union have set aggressive targets to reduce carbon emissions, and several nations, including Germany and the Netherlands, are investing in charging infrastructure and offering substantial incentives for electric trucks. Additionally, China is a frontrunner in the Asia-Pacific region due to its ambitious goals for electric vehicle adoption and robust government support.
The Battery Technology Segments is anticipated to hold the Largest Market Share during the Forecast Period
The battery technology segment, encompassing battery electric, hybrid electric, plug-in hybrid electric, and fuel cell electric trucks, is dominating the global electric trucks market due to its pivotal role in addressing environmental concerns and advancing sustainable transportation. Battery electric trucks, in particular, have gained prominence as they operate solely on electric power stored in high-capacity batteries, emitting zero tailpipe emissions. This aligns with global initiatives to reduce carbon footprints and combat climate change, fostering the adoption of electric trucks as an eco-friendly alternative to traditional combustion engine vehicles. The versatility offered by various battery technologies, including hybrids and fuel cells, further enhances the appeal of this segment, catering to different operational needs and contributing to the overall dominance of battery technology in the electric truck market.
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