As per the latest report by IMARC Group, titled, “Electric Truck Market Size : Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027“, The global electric truck market 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.
Electric trucks are electronic vehicles that run on batteries powered by the power grid. They are considered an efficient and cost-effective alternative to conventional fossil fuel trucks as they emit low CO2 emissions from vehicles, contributing to a greener environment. These trucks are extensively used in the commercial sector to deliver cargo due to their increased battery storage capacity.
Electric Truck Market Trends:
The global electric truck market is primarily driven by various government initiatives and regulations that promote the adoption of zero-emission vehicles. The low maintenance cost of the electric trucks has also escalated their demand across several sectors such as logistics, municipal, construction, and mining. Besides this, the improvement in the electronic charging infrastructure and the utilization of magnetic resonance for wireless vehicle charging also acts as other growth-inducing factors. Furthermore, with the growing e-commerce sector, electric trucks are widely used to deliver products to remote locations. These factors are providing a positive thrust to the market growth.
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Global Electric Truck 2022-2027 Analysis and 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., 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 based on region, 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 State,Canada)
- Asia-Pacific:(China, Japan,India, South Korea,Australia, Indonesia,Others)
- Europe: (Germany,France,United Kingdom,Italy,Spain,Russia,Others
- Latin America: (Brazi,Mexico,Others)
- Middle East and Africa
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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.
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