Global Electric Truck Market Expected To Grow At A CAGR


Pune, India, December 22, 2021 (GLOBE NEWSWIRE) – The global electric truck market was estimated to be worth USD 670 million in 2021 and is expected to grow at a CAGR of 23.5% during the forecast period 2021 to 2030, according to a recent comprehensive market research carried out by Quince market overview.

Electric trucks are used commercially and are battery powered, these trucks are mainly used to transport goods. Additionally, electric trucks have rare moving parts and do not need multi-speed gearboxes, reducing vehicle maintenance costs and increasing consistency with minimal noise.

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Growing demand in the logistics segment, declining fuel and maintenance prices, and incentives for adoption of zero emission vehicles are some of the major factors propelling the market growth.

Thus, massive capitalization of manufacturers to meet growing demand will play a vital role in propelling market growth. Electric trucks are used in many segments, such as logistics, municipal and other parts.

The logistics segment is a major contributor to economies. The development of the e-commerce industry may require a logistics employee to deliver to remote locations. Logistics / supply chain companies are making a strong contribution to replacing internal combustion engine fleets with electric fleets.

On the other hand, the lack of charging infrastructure is expected to hamper the development of the electric truck market. Additionally, the high price, driven by licensing, building code and regulatory paperwork, could hamper the charging stations needed to power electric trucks.

Market segmentation

By type

Based on type, the electric trucks market is categorized into light trucks, medium trucks, and heavy trucks.

Light trucks are expected to hold the fastest growing market segment during the forecast period. This is due to the high demand for utility vehicles such as pickup trucks and minivans among fleet operators.

By Propulsion

The electric truck market is classified according to propulsion into BEV, PHEV and FCEV. The plug-in hybrid electric vehicle (PHEV) is the fastest growing segment. This is because of the management support in India for battery electric vehicles in its FAME-II (Hybrid and Electric Vehicle Adoption and Manufacturing) system in the form of government incentives and subsidies.

By range

The electric truck market is categorized based on range from 0 to 200 miles and above 200 miles. The 200 mile segment is expected to be the fastest growing segment during the forecast period. This is due to the high demand for heavy logistics above 200 miles in the electric truck.

By application

Electric Truck Market is categorized based on application as municipal, construction, logistics, mining, and others.

The municipal segment is expected to hold the fastest growing segment during the forecast period. This is due to rapid urbanization and use in facilities such as vans and garbage collection vehicles. These factors are expected to drive the market growth during the forecast period.

By battery type

The electric truck market is classified based on the type of battery, such as lithium-iron-phosphate, lithium-nickel-manganese-cobalt oxide, and others. The lithium iron phosphate segment is expected to be the fastest growing segment during the forecast period. This is due to the low cost and high demand from end users.

By length

The electric truck market is classified according to the length of 0-9 meters, 10-14 meters, and more than 14 meters.

Above 14 meters in length is expected to be the fastest growing segment during the forecast period. This is due to high demand, rapid urbanization, and use in facilities such as vans.

By payload

The electric truck market is categorized based on payload 0-10,000 LBS, 10,0001-26,000 LBS, and over 26,000 LBS.

The 10,001 to 26,000 LBS payload segment is expected to be the fastest growing segment during the forecast period. This is due to the better performance of this payload segment.

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By region

In the electric truck market, there are five major regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

North America is expected to become the fastest growing segment during the forecast period. This is due to the early acceptance of this technology, the extensive availability of charging infrastructure and the presence of large Original Equipment Manufacturers (OEMs) and the presence of large OEMs capitalizing heavily on the advancement of this market.

Impact of the COVID-19 pandemic

Lockdowns imposed to stop the spread of COVID-19 have disrupted manufacturing operations and supply chains across the world. Demand has dropped significantly as logistics industries have been closed due to border closures.

However, demand for electric trucks is expected to gain ground following the easing of lockdown limits. Governments in many countries have imposed targets for reducing carbon emissions, which will increase demand in the post-pandemic period.

Recent developments in the market

  • In March 2021, the Volvo Group (Germany) acquired 50% of the association’s stake in the remainder of Daimler Truck Fuel Cell GmbH & Co. The desire is to make the new joint project the world’s leading producer of fuel cells, and thus supporting the world is taking a key step towards sustainable and climate-neutral transport by 2050.
  • In November 2020, Scania AB (Sweden) obtained the authorization to manufacture trucks in China.

Some of the key findings of the Global Electric Truck Market include:

  • The profiles of the major market players operating in the global electric trucks market include Tevva (UK), Volta Trucks (Sweden), StreetScooter (Germany), E-Trucks Europe (Netherlands) and Einride (Sweden).
  • Impact of COVID-19 on the Global Electric Truck Market.

For more information, see the report on the Quince Market Insights website titled, Global Electric Truck Market, by type (light trucks, medium trucks and heavy trucks), propulsion (BEV, PHEV and FCEV), range (0-200 miles and over 200 miles), application (municipal, construction, Logistics, mining and others), battery type (lithium-iron-phosphate, lithium-nickel-manganese-cobalt oxide and others), length (0-9 meters, 10-14 meters, above 14 meters), payload (0 -10,000 LBS, 10,001- 26,000 LBS and over 26,000 LBS), Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) ”

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