Electric Truck Market Outlook and Opportunities in Grooming Regions with Forecast 2030

Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Electric Truck Market.

Market Overview

Global Electric Truck Market in terms of volume is estimated to reach 27.7 billion by 2030, registering a 14.8% CAGR during the forecast period.

The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global electric truck market has registered significant growth in adoption rates over the past few years in developing nations, owing to the effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore. The electric truck market is highly dependent upon battery usage. Thus, the high price and limited capacity of batteries have a negative impact on the market.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Truck Market Research Report

Competitive Analysis

Global Electric Truck Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, BYD Company Limited, and Tesla are a few of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development, partnership, and expansion as their key strategies in the global electric truck market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.

Segmental Analysis

Government initiatives to promote the adoption of electric trucks and low operating costs will spur market growth. The global market for electric trucks has been segmented based on truck type, charge type, and application. Based on truck type, the global market has been segmented into medium duty trucks and heavy-duty trucks. In 2019, the medium duty segment accounted for the largest market share, with a market size of 15,974 units. It is projected to register a 73.39% CAGR during the projected timeframe.

Based on the charge type, the global market has been segmented into battery, plug-in hybrid, hybrid, and hydrogen fuel cell. In 2019, the battery segment accounted for the largest market share, with a market size of 8,870 units. It is projected to register a 78.58% CAGR over the forecast period.

Based on application, the global market has been segmented into logistics, municipal, and others. In 2019, the logistics segment accounted for the largest market share, with a market size of 9,133 units. It is projected to register a 77.35% CAGR during the projected timeframe.

Regional Analysis

Based on the region, the report on the electric truck market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

The demand for electric trucks is increasing in the global market, owing to the effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore. The countries included in Asia-Pacific mainly focuses on investing money and time in developing the charging infrastructure and increasing the collaborations between the vehicle OEMs and technology providers in the aftermarket. The high price is not a restraining factor in the region, owing to the favorable government policies such as tax waivers and other incentives for the electric vehicle owners. This is expected to increase the sale of electric trucks in the region.

Germany has set a goal of becoming the leading market country in providing electric mobility by 2020 as a part of its long-term zero-emission vision. In Germany, there are many tax deductions and exemptions associated with buying an electric vehicle. The EU and electric mobility manufacturers in Germany invest in improving the charging infrastructure and developing low-cost battery materials. This will further drive the sale of electric trucks in the market during the forecast period. However, France has one of the most efficient fleets of new vehicles. The country has made great strides to control climate change and to improve the quality of air. The development of clean transportation is the main pillar of France’s climate control policy. Due to the growing number of electric vehicles across the country, the country is expected to have nearly 1,350 thousand charging points by 2025.