Electric Truck Market Research Report - Global Forecast till 2030

Electric Truck Market Research Report: Information By Truck Type (Medium Duty Trucks and Heavy-Duty Trucks), By Charge Type (Battery, Plug-In Hybrid, Hybrid and Hydrogen Fuel Cell), By Application (Logistics, Municipal and Others) and Region - Forecast till 2030

ID: MRFR/AM/4800-CR | January 2021 | Region: Global | 154 pages

Electric Truck Market Overview


The electric truck market is predicted to reach 324,120 units, in terms of volume, by the end of 2026 with a rate of 73.65% CAGR during the forecast period. Electric trucks are electronic vehicles that run on batteries; it is widely used in commercial sectors to deliver cargos. Electric trucks are mostly preferred as a substitute for fuel-based vehicles, due to their cost-effectiveness as compared to fuel-based commercial vehicles.


The global market size has observed a remarkable growth in recent years, due to its low maintenance cost, initiatives of the governments and regulations, and diminishing battery prices. The global market is predicted to reach 1,508.1 thousand units, in terms of volume, by the end of 2025 with a rate of 18.5% CAGR during the forecast period. In electric trucks, there are fewer parts inside the motors moving as compared to diesel trucks. The key factors that are driving the markets are awareness among the people through government resourcefulness to motivate the adoption of electric trucks and the low maintenance cost of the vehicles. Moreover, the expensive costs of the trucks and the restricted amplitude of the batteries are likely to create a hurdle in the growth of the global market.


This report contains all the information on the global electric truck market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global market and forecast to 2023 is also included in the report.


Covid 19 Analysis


The covid 19 pandemics are forecasted to escort to a notable downfall in the sales of new vehicles. The measures taken by the government to control the virus are likely to restrain market growth. Closing down the factories resulting in the expulsion of the workers and the terror of stagnation due to coronavirus are leading to a significant decline in the sales of the electric trucks.


Moreover, the government initiatives to control the pollution level are likely to boost market growth. The rise in the demand for electronic trucks in the commercial sectors and in the logistic sectors is likely to drive the growth of the market.


Market Dynamic


Drivers



  • The value of the global Electric Truck Market is projected to be worth USD 21.68 billion by 2027, registering a CAGR of 28.1% during the forecast period (2020 - 2027), The market was valued at USD 1.5 billion in 2020.The ban on diesel in several cities around the globe is likely to boost the demand for electric vehicles. The measures are taken by the governments for the reduction of harmful emissions by reducing the cardoon dioxide (CO2) and nitrogen oxides (NOx) from the air are likely to boost the market growth.

  • Currently, major cities such as Mexico, Paris, and Madrid have so far begun the announcement of diesel bans. Around 200 cities in the European countries are declared as low emission zones which are followed by Germany, U.K, and Italy.


Opportunities



  • A vehicle to the grid is a technology that can improve the performance of the electric components and increases the value for electric vehicle owners. The electric vehicle charging system has a bi-directional flow of electrical energy that runs between the power grid and plug-in electric vehicles. A vehicle to grid helps to store the unused powers in electronic vehicles and release them to the grid.

  • Solar panels can be used in the charging station to charge these electric vehicles, the major key opportunity for the players in the market industries is the use of renewable sources of energy to provide power to electronic vehicles. The cost of installing solar panels is less and due to the lower price, the solar-powered station is idle for the commercial buildings and for the homeowners.


Restraints



  • The availability of adequate charging infrastructure for the electric truck is the major cause of the restraint in the growth of the global market. The government needs to come up with adequate plans and investments for the installation of the charging station so that the market can overcome this restrain.


Challenges



  • The rise in the prices of the vehicles and the limited capacities of the batteries are likely to create a hurdle in the market growth. The underdeveloped value chain, fewer electric truck manufacturers, the higher upfront costs, is some other challenges faced by the markets. However, the manufacturers are investing heavily in the development of these trucks, which is likely to boost the growth of the market during the forecast period.


Cumulative Growth Analysis


Electric trucks are influencing the global electric truck market trends; the efficacious measures taken by the governments of developed countries such as Singapore, China, Japan, and India are the major cause of the market growth. Major countries of the Asia-pacific region are highly focusing on developing charging stations and these countries are willing to invest money to increase the collaborations between the technology providers and the vehicles OEMs. These initiatives are predicted to boost the sale of electronic trucks in these regions.


Germany has taken initiative by reducing the dispensation related to the buying of electric vehicles and tax subtraction. The development of low-cost batteries and investment in the building of the charging infrastructure in Germany is likely to boost the sale of a market in these regions.


Value Chain Analysis


Based on the latest reports, the global market of electric truck revenue is segmented on the basis of truck type, charge type, and application. On the basis of the type, the market is segmented into medium-duty trucks and heavy-duty trucks. In 2019, with market size of 15,974 units, the medium-duty trucks have acknowledged the largest share in the market, and it is expected to record a 73.39% CAGR during the forecast period.


On the basis of the charge type, the market is segmented into the battery, hybrid, plug-in hybrid, and hydrogen fuel cells. In 2019, with market size of 8.870 units, the battery have acknowledged the largest share in the market, and it is expected to record a 78.58 % CAGR during the forecast period


On the basis of the application, the market is segmented into municipal, logistics, and others. . In 2019, with the market size of 9.133 units, the logistics have acknowledged the largest share in the market, and it is expected to record a 77.35 % CAGR during the forecast period


Segmentation Overview


The global electric truck market is segmented on the basis of propulsion, vehicle type, range, and region. On the basis of propulsion, the market is segmented into battery-electric trucks, hybrid electric trucks, plug-in hybrid, electric trucks, and fuel cell electric trucks. On the basis of the range, it is segmented into 0-150 miles, 151-300 miles, and above 300 miles.


By Application



  • Based on the application, the market is segmented into logistics, municipal, and others.


By end-users



  • Based on the propulsion types, the market is segmented into the battery-electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck


Regional Analysis


On the basis of the region, the electric truck market analysis, the market is segmented into Asia-pacific, North America, Europe, and the rest of the world. The Asia Pacific, in the year 2017, held the maximum share accounting for over 85% sales volume in the market shares during the forecast period.


China is the largest market due to the demand for these trucks in China for domestic use is driving the growth of the market. The factors boosting the demand for these trucks in this region are municipal air quality, non-fuel-based vehicles, replacement sales targets, and favorable government subsidies.


Competitive landscape


The global electric truck market outlook is influenced by the Chinese players. The growth in industrialization and urbanization, the growth of the economy with the support of the government for the uses of eco-friendly vehicles over fuel-based vehicles are major key factors.


The leading player in the market, Dongfeng was holding 25% of the market share in the year 2017. Another player in the market was BYD Company, this company is one of the largest manufacturers of electric trucks and it also has a global presence.


Major Key players



  • AB Volvo

  • Daimler AG

  • PACCAR Inc.

  • Volkswagen AG

  • BYD Company Limited

  • Tesla are a few of the key players operating in the global market.


Report Overview
The following report comprises of –



  • Market overview

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview

  • By Application

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent developments



  • Daimler AG introduced two fully electric-powered commercial trucks, in the year 2018, which is likely to assist the comparing in maintaining a competitive position in the global electric truck market


  • In March 2020, Daimler Trucks will begin the Electric Freightliner Customer Experience Fleet in North America. The fleet includes two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia. 




Key Market Segments


By Propulsion



  • Battery electric truck

  • Hybrid electric truck

  • Plug-in hybrid electric truck

  • Fuel cell electric truck


By Vehicle Type



  • Light duty electric truck

  • Medium duty electric truck

  • Heavy-duty electric truck


By Range



  • 0-150 miles

  • 151-300 miles

  • 300 miles above


By Region


North America



  • S.

  • Canada

  • Mexico


Europe



  • UK

  • Germany

  • France

  • Russia

  • Rest of Europe


Asia-Pacific



  • China

  • Japan

  • India

  • South Korea

  • Rest of Asia-Pacific


LAMEA



  • Latin America

  • Middle East

  • Africa



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 21.68 billion
  • 2030 : Significant value
  •   CAGR   28.1% CAGR (2020-2030)
      Base Year   2019
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Technology, By Application, By Vehicle type, By Charge Type,
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, BYD Company Limited,
      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


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    Frequently Asked Questions (FAQ) :


    The major market competitors in the electric truck market are PACCAR Inc. (US), Isuzu Motors Ltd (Japan), Navistar, Inc. (US), FAW Group Co., Ltd. (China), and China National Heavy Duty Truck Group Co Ltd., (China).