According to Market Research Future (MRFR), the global electric truck market is expected to rise at a CAGR of 15% from 2018 to 2023 (forecast period). The report provides an in-depth evaluation of the effect of COVID-19 on current / future market situations. The report highlights some of the key market factors that will affect industry growth, such as market share, the main region, and major players.
The electric truck is a commercial vehicle powered by electricity. Electric trucks are a widely preferred alternative to fuel-based commercial vehicles because they are cost-effective and less polluting compared to fuel-based commercial vehicles. Electric trucks are usually used in logistics services, municipal authorities, and others.
Market Dynamics
Increased government policies to regulate vehicle emissions and incentive policies to buy electric trucks in different countries, such as China, the US, Germany, and Japan, are main drivers for the global market for electric trucks. The increase in per capita disposable income, the continuous rise in fuel prices, and the continuous increase in transport activities will further improve the growth of the market for electric trucks. The constantly decreasing price of the battery would draw the consumers to electric mobility, which will further boost the market demand for electric trucks. In addition, due to low operating costs associated with electric mobility and increased efforts on the part of manufacturing companies, such as discounts on additional features or packages in an electric truck, sales of electric trucks will increase during the forecast period. Governments in various regions, such as Europe and North America, have started to impose stricter emission targets. Governments of different countries are planning to find ways to encourage fleets owners in electric trucks, which results in lower vehicle emissions and opportunities for new entrants on the global market for electric trucks.
Increasing demand for smart transport, government funding for the purchase of smart vehicles, and increased charging infrastructure across various parts of the world will further fuel market growth for electric trucks and create new opportunities for new players in the market. However, it is projected that the high costs of electric trucks impede the revenue of the electric truck industry.
Market Segmentation
The global market for electric truck has been segmented on the basis of truck type, charge type, and application.
On the basis of truck type, the global market for electric truck has been segmented into medium duty and heavy duty.
On the basis of charge type, the global market for electric truck has been segmented into battery, hybrid, plug-in hybrid, and hydrogen fuel cell.
On the basis of application, the global market for electric truck has been segmented into logistic, municipal, and others.
Regional Analysis
Geographically, the global market for electric truck has been divided into the four major regions of Asia Pacific, North America, Europe, and the Rest of the World.
It is estimated that China, Europe, and North America will account for more than 70% of global sales of electric trucks. Moreover, the increasing concerns for environmental pollution by internal combustion engine vehicles will play a vital role in the development of the market size for the global electric trucks market.
Key Players
The prominent participants identified MRFR operating in the electric truck market include Dongfeng Motor Corporation (China), Foton Motor Inc. (China), Daimler AG (China), AB Volvo (Sweden), FAW Group Co., Ltd. (China), and China National Heavy Duty Truck Group Co., Ltd., (China). PACCAR Inc. (US), Navistar, Inc. (US), Isuzu Motors Ltd (Japan), and BYD Auto Co., Ltd. (China) are among others.
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