As per the published report, the global electric truck market size is estimated to arrive at USD 14.19 billion by 2027. It is projected to develop by 43.3% CAGR from 2020 to 2027.
Strict policy regarding the release of the harmful green house gases, along with the decreasing battery prices plus the lesser maintenance overheads of the electric truck are the factors estimated to impel the enlargement of the market. Electric trucks are power-driven, by means of an electric motor, in place of an internal combustion engine, which runs on the traditional fossil fuels and generates green house gases. These trucks are the substitute for the conventional fuel powered trucks.
The electric trucks are sorted into hybrid and battery-electric trucks. The policy of raising the acceptance of these trucks, in logistics, transport as well as in metropolitan divisions, to decrease the release of harmful gases, will power the expansion of the electric truck market, during the forecast period. Amid the increasing concerns about the environment, the government organizations are enforcing strict standards and rules about the discharge. May perhaps, it pushes manufacturing companies of the commercial automobiles, to spend on building up the electric trucks.
The regional and national rules facilitate a helpful situation in the structure of stringent objectives regarding the discharge as well as barring the usage of diesel. Such as, the European Union (EU) has passed ratification to decrease the discharge by not less than 40% on or before 2030. This is estimated to power the expansion of the market for these trucks, during the forecast period.
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Further key findings from the report suggest:
• As a result of growing demand from the transport and logistics division, within the province, the U.S. market is anticipated to increase by the maximum CAGR, during the forecast period
• In 2019, the battery-electric trucks sector retained the major share. It is expected to carry on its domination, throughout the forecast period
• Due to the existence of a number of top companies, within the nation, China held the principal share, in 2019
Million Insights segmented the global electric truck market based on Vehicle Type, and Region.
Electric Trucks Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)
• Battery electric Trucks
• Hybrid Trucks
Electric Trucks Regional Outlook (Revenue, USD Million, 2016 - 2027)
• The U.S.
Various companies for electric truck market are:
• Navistar, Inc.
• Foton Motor Inc.
• Dong feng Motor Corporation
• BYD Auto Co. Ltd
• Tevva Motors Limited
• PACCAR Inc.
• Isuzu Motors Ltd
• FAW Group Co., Ltd.
• Daimler AG
• AB Volvo