Global Electric Truck Market was valued US$ xx Mn in 2019 and the total revenue is expected to grow at 40.32 % through 2020 to 2027, reaching US$ xx Mn.
Global Electric Truck Market
Global Electric Truck Market Overview:
Growing demand for the logistics, fall in the fuel & maintenance charges, & incentives for accepting zero-emission vehicles are some of the important factors driving the market development. Besides, strict emission norms forced on commercial vehicles will force companies to invest in electric truck manufacturing. Thus, huge investments from companies are expected to provide the growing demand & play an important role in motivating market development. Electric trucks are used across various sectors, like logistics, municipal, & other areas. The logistics sector is one of the important contributors to any country’s GDP growth. Development in the e-commerce industry need a logistics providers to supply commodities to remote locations. Logistics/supply chain firms are aggressively contributing in substituting internal combustion engine fleets with electric fleets.
The outbreak of the Corona Virus is anticipated to have a visible impact on market development. The lockdowns forced to arrest the spread of the disease have disordered the supply chains & engineering operations all over the world. The demand has decreased remarkably as the logistics companies were shut down due to the border closures. Nevertheless, the demand for electric trucks is projected to increase after the lockdown restrictions and its effects on the economy are normalized. The governments through some economies have forced the companies for controlling the carbon emission, which will rise the demand post-COVID-19.
The battery electric trucks segment accounted for the major revenue share of 84.76 % in 2019 & is expected to keep its dominance during the forecast period. The segment is projected to increase at high CAGR during the forecast period, thanks to the increasing life & energy density of batteries & a drop in battery values. Moreover, growing government regulations to command zero-emission vehicles will also support segment development. For example, the European Union has passed enactment to decrease emissions by at least 40 percent by 2030. The EU has also fixed a goal to decrease emissions by almost 60 percent by 2040.
China accounted for the major revenue share of over 78.85 percent in 2019 & is expected to endure its control during the forecast period. The region is expected to hold a maximum revenue share through the forecast period thanks to the occurrence of key companies like Dongfeng Motor Corporation, etc besides, the region has the maximum adoption of electric trucks as the central government in China removed upper weight restrictions on subsidies for trucks & LCVs in the year 2015. The volume sales for electric trucks in China are expected to rise owing to the increasing model range & a steady development in battery performance & cost reduction.
The electric truck market in the U.S. is expected to increase at the peak with CAGR of 59.59 percent from 2020 to 2027. Growing demand from the logistics segment is anticipated to witness the regional development. Besides, in June 2020, the California Air Resources Board sets electric truck sales goals for makers staring in 2024. The law is projected to bring around 0.3 Mn electric trucks to California’s highways by 2035..
Global Electric Truck Market1
The objective of the report is to present a comprehensive analysis of the Global Electric Truck Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes Market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Electric Truck Market dynamics, structure by analyzing the Market segments and project the Global Electric Truck Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Raw material portfolio, growth strategies, and regional presence in the Global Electric Truck Market make the report investor’s guide.
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Global Electric Truck Market, By Vehicle Type
• Battery Electric Trucks
• Hybrid Trucks
Global Electric Truck Market, by Region
• North America
• MEA & Africa
• Latin America
Global Electric Truck Market Key Players
• 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.
• Tevva Motors Limited
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