According to the latest report by IMARC Group, titled “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global electric truck market size reached a value of US$ 426.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027.
An electric truck refers to a customized goods vehicle that operates on rechargeable batteries to transport specialized cargo and payloads. It consists of an electric motor, automatic start and stops features, and a regenerative braking system. Electric truck models reduce vehicular noise and carbon emissions. They are more lightweight, reliable, and cost-effective when compared to fuel-based models. Consequently, electric trucks find widespread application across numerous sectors, including logistics, municipal, construction, mining, etc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Electric Truck Market Trends:
The shifting preferences among consumers towards electric and hybrid vehicles across countries is primarily driving the electric truck market. Besides this, the implementation of stringent regulations by the government bodies aimed at reducing the dependency on fossil fuels and limiting the greenhouse gas (GHG) emissions is acting as another significant growth-inducing factor. Additionally, the increasing petrol and diesel prices and the development of reliable electronic charging infrastructures across the globe are further catalyzing the market growth. In line with this, the launch of self-driving electric trucks with integrated magnetic resonance for wireless vehicle charging is also positively influencing the global market. Furthermore, the elevating product demand in the freight sector, owing to the expanding e-commerce industry and the introduction of new models with compact battery size, is anticipated to propel the electric truck market in the coming years
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Electric Truck Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited.
The report has segmented the market on the basis on vehicle type, propulsion, range and application.
Breakup by Vehicle Type:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Breakup by Propulsion:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Breakup by Range:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Breakup by Application:
- Logistics
- Municipal
- Construction
- Mining
- Others
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,Others)
- Middle East and Africa
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