With reference to the report published, the global electric truck market was prized by USD 1.48 billion in 2019. It is estimated to witness a 43.3% CAGR from 2020 to 2027.
Decrease in the maintenance as well as fuel expenditures, a growing requirement in the logistics division, plus the inducement for implementing zero-emission motor vehicles, are a few essential factors, powering the enlargement of the market for electric trucks. Likewise, strict rules regarding the discharge of greenhouse gases, obligatory on the business-related motor vehicle, will push the manufacturing companies to spend on the production of electric trucks.
Therefore, huge funds from the manufacturing companies are expected to accommodate the escalating demand and perform an important function, in the inspiring expansion of the market.
These trucks are utilized through a number of subdivisions, like metropolitan, logistics, plus additional sections. The logistics division is single of the significant providers to the enlargement of some country’s GDP.
The augmentation in the e-commerce business may possibly necessitate a logistics source to distribute toward distant places. The supply chain/logistics provider companies are vigorously taking part in substituting fleets of internal combustion engine-powered trucks with electric trucks.
The shortage of infrastructure for charging the vehicles is expected to be an important aspect, hindering the expansion of the electric truck market. Elevated overheads, powered by a building set of laws, authorization, as well as controlling formalities, might hold back the requirement of the charging stations, which is very much essential for the electric trucks. Moreover, owing to small funds as against industrialized nations, the acceptance of these trucks is near to the ground in the rising nations.
The eruption of the COVID-19 pandemic is anticipated to contain an obvious effect on the development of the market. To restrict the increase of the ailment, the lockdown policy is adopted. But it has interrupted the global supply chain along with the industrialized activities. Since the logistics services provider companies have stopped their operations, due to the shutting down of the borders, the demand for the material has significantly decreased. However, as soon as the lockdown limitations are relaxed, the order for electric trucks is anticipated to increase grip.
Restrictions on the release of greenhouse gases are imposed, globally, by the governments of various nations. This is expected to increase the demand for the electric truck, after the Covid-19 pandemic.
In 2019, the sector of battery-electric trucks held the biggest, more than 85%, the income share of the electric truck market. It is projected to uphold its supremacy, during the forecast period. Because of the rising density as well as the life of the batteries plus decreasing battery prices, the division is expected to develop by the maximum CAGR, throughout the forecast period.
Rising government policy to authorize zero-emission vehicles will, furthermore, maintain the progress of the sector. Such as the European Union (EU) has passed endorsement to decrease discharge by not less than 40%, by 2030. The EU has, moreover, placed a goal to trim down the discharge, by roughly 60%, not later than 2040.
In 2019, the hybrid trucks sector held the negligible income part of the electric truck market and is expected to turn down during the forecast period. As a result of rising government rules, regarding the discharge of greenhouse gases, the acceptance of hybrid trucks is likely to decline.
Besides, the electric truck manufacturing companies of the market are concentrating on the development of fuel-cell electric trucks, intended for extended travel. On the basis of pay for each use, Hyundai Hydrogen Mobility let out 10 XCIENT Fuel Cell trucks to transport and logistics companies, in July 2020.
The electric trucks market in the U.S. is expected to increase by the maximum 59.5% CAGR in the forecast period. The growing demand from the logistics segment is projected to observe provincial enlargement. In addition, the California Air Resources Board placed sales targets, in June 2020, for the truck manufacturing companies, initiating from 2024. The regulation is likely to induce 0.3 million electric trucks of all types, i.e. heavy-duty, light-duty, along with medium-duty category, on the roads of California, on or before 2035.
In 2019, China held the portion of the major profits of more than 80% and is expected to carry on its supremacy, during the forecast period. The area is anticipated to seize a leading revenue share, all through the forecast period, due to the existence of major companies like FAW Group Co., Ltd., BYD Auto Co. Ltd., Daimler AG, and Dongfeng Motor Corporation. Since the Chinese central government abolished restrictions on higher weights for financial assistance, used for LCV and trucks in 2015, the province has the maximum acceptance of electric trucks. In China, the retailing quantity for electric trucks is expected to boost, owing to the increasing variety of the models along with a stable enhancement in battery functioning plus a decrease in prices.
In nature, the market for electric trucks is very much aggressive. It is distinguished by the existence of small and large size companies. The important companies, that ruled the market in 2019 comprise Scania, Daimler AG, Dongfeng Motor Corporation, PACCAR Inc., and BYD Auto Co. Ltd.
These companies present an extensive variety of electric trucks and provide to the metropolitan, transport, and logistics divisions. Besides, the companies are concentrating on the production of fuel cell electric trucks by an enhanced reach for extended travel. The up-gradation of the on-hand trucks and presentation of the new products is the important adopted policy of these companies.
• Navistar, Inc.
• Foton Motor Inc.
• Dongfeng Motor Corporation
• BYD Auto Co. Ltd
• Tevva Motors Limited
• PACCAR Inc.
• Isuzu Motors Ltd
• FAW Group Co., Ltd.
• Daimler AG
• AB Volvo
The market size value in 2020
USD 1.15 billion
The revenue forecast in 2027
USD 14.19 billion
CAGR of 43.3% from 2020 to 2027
The base year for estimation
2016 - 2018
2020 - 2027
Revenue in USD million and CAGR from 2020 to 2027
Revenue forecast, company share, competitive landscape, growth factors, and trends
Vehicle type, region
U.S.; Europe; China
Germany; Italy; France; Netherlands
Key companies profiled
AB Volvo; BYD Auto Co. Ltd; Daimler AG; Dongfeng Motor Corporation; FAW Group Co., Ltd.; Foton Motor Inc.; Isuzu Motors Ltd; Navistar, Inc.; PACCAR Inc.; Scania; Tevva Motors Limited
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail of customized purchase options to meet your exact research needs.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global electric trucks market report based on vehicle type and region:
• Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)
• Battery Electric Trucks
• Hybrid Trucks
• Regional Outlook (Revenue, USD Million, 2016 - 2027)
• The U.S.
Research Support Specialist, USA
FREE sample contains market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...