Market Overview:
Electric trucks are deemed environment-friendly as they produce zero tailpipe emissions and help reduce noise pollution from combustion engines. They offer lower operating and maintenance costs compared to conventional diesel trucks.
Market key trends:
One of the major trends in the electric truck market is the increasing adoption of electric trucks for commercial purposes. Various governments across the world are promoting the adoption of electric commercial vehicles to curb greenhouse gas emissions from freight transport. For instance countries such as China and India have announced plans to electrify major portions of their commercial vehicle fleet in the coming years. Moreover several leading logistics and fleet operators are adding electric trucks to their fleet for local delivery services due to their lower total cost of ownership. This is expected to drive the demand for electric trucks for commercial applications over the forecast period.
Segment Analysis
The Global Electric Truck Market Share can be segmented by propulsion type vehicle type and battery capacity. Based on propulsion type battery electric vehicles dominate the market as they provide zero-emission transport and require no fuel. By vehicle type light commercial vehicles hold the largest share due to growing last-mile deliveries. Medium- and heavy-duty trucks are also gaining traction due to rising infrastructure projects and increasing demand for efficient freight transport. When segmented by battery capacity 301-500 kWh batteries are most widely used for light commercial vehicles. Batteries with over 500 kWh capacity are ideal for medium- and heavy-duty trucks due to their high energy storage capability.
Key Takeaways
The global electric truck market is expected to witness high growth exhibiting a CAGR of 18% over the forecast period due to increasing strict emission norms and supportive government policies promoting clean vehicles.
North America holds the major share in the electric truck market and is expected to maintain its dominance during the forecast period. This is attributed to the growing investments in charging infrastructure and presence of prominent electric truck manufacturers in the US and Canada. Europe and Asia Pacific are also emerging as lucrative markets due to rising electrification of commercial fleets.
Key players operating in the electric truck market are AB Volvo Workhorse BYD Company Ltd. Tesla Daimler AG Scania AB Tata Motors Rivian Dongfeng Motor Group Co. Ltd. Man SE. AB Volvo and BYD Company Ltd. have strong foothold in electric truck manufacturing. Startups like Workhorse and Rivian are also gaining significant attention due to their innovative product offerings. Strategic collaborations between automakers and battery manufacturers are shaping the competitive landscape.
Note:
- Source: Coherent Market Insights Public sources Desk research
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