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Electric Trucks Market is expected to grow from USD 2.60 billion in 2021 to USD 43.85 billion by 2029, at a CAGR of 42.7% during the forecast period 2022-2029 : GreyViews

·11 min read
GreyViews
GreyViews

Electric Trucks market are 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., Scania, and others. To achieve a substantial market share in the worldwide Electric Trucks market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, AB Volvo is one of the most significant manufacturers and distributors present in the global Electric Trucks market.

Pune India, June 27, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Electric Trucks market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Electric Trucks market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the propulsion type, type, end user, battery capacity, payload capacity, level of automation, battery type, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Electric Trucks market are 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., Scania, and others. To achieve a substantial market share in the worldwide Electric Trucks market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, AB Volvo is one of the most significant manufacturers and distributors present in the global Electric Trucks market.

Electric trucks are commercial battery electric vehicles that are powered by batteries and helps in carrying the heavy payloads as well as the transportation of cargo. The fully electric powered electric trucks operates on an electric motor instead of an internal combustion (IC) engine. These vehicles does not require fuel, which is one of the leading advantages. Moreover, in past few years, electric mobility has become answer to issues about environmental protection, urban air quality and noise, and efforts to decrease global warming.

The electric trucks are environmental friendly as they do not emit pollutants. In addition, these vehicles are energy efficient and needs lower maintenance owing to an efficient electric motor.  This has led to the significant rise in demand for zero-emissions trucks; while, leading manufacturers such as Ford, Tesla, GM, Peterbilt, and Volvo are actively investing in all-electric trucks. On the other hand, Hyundai, Daimler, and Toyota are working on fuel-cell-powered vehicles. Hence, demand for trucks with low emissions has boosted the global electric trucks market growth.

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Scope of Electric Trucks Market Report

Report Metric

Information

Study Period

2018-2029

Base Year             

2021

Forecast Period

2022-2029

Market Share Unit

USD Billion

Segments Covered

Propulsion type, type, end user, battery capacity, payload capacity, level of automation, battery type, and regions

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle-East and Africa

Major 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., and Scania

Segmentation Analysis

PHEV segment is expected to be the fastest growing segment in 2021.

The propulsion type segment includes BEV, PHEV, and FCEV. PHEV segment is expected to witness highest growth rate during the forecast period. The demand for plug-in hybrid (PHEV) is mainly attributed to the introduction of government regulations associated with the greenhouse gas emissions. In addition, the electric trucks manufacturers are significantly focused on development of PHEV trucks that are suitable for urban distribution traffic. For instance, in November 2020, Scania, the leading truck manufacturer introduced its plug-in hybrid electric truck which is intended for urban distribution traffic. This PHEV truck can cover about 60 kilometers on pure electric power.

Light duty trucks segment is expected to be the fastest growing segment in 2021.

The type segment includes light duty trucks, medium duty trucks, and heavy duty trucks. Light duty trucks segment is anticipated to witness highest CAGR during the forecast period. The light duty trucks include pickup trucks, vans, and minivans. Growth of this segment is driven by increasing population which is fueling demand for light duty trucks to handle consumer goods. In addition, the demand for light duty trucks in retail and e-commerce sector is further contributing growth of this segment. For instance, May 2022, Tata Motors, the India’s leading commercial vehicle manufacturer launched the Ace EV, the small electric truck version. As per Tata Motors, this truck is the India’s most advanced four-wheel small commercial vehicle (SCV). In addition, the company has partnered with e-commerce giants such as BigBasket, Amazon, and Flipkart to deliver 39,000 Ace light duty trucks.

Autonomous segment is expected to be the fastest growing segment in 2021.

The level of automation segment includes semi-autonomous and autonomous. Autonomous segment is expected to witness highest growth rate during the forecast period. Ongoing research and development in the field of autonomous electric trucks is expected to create lucrative growth opportunities for this segment. For instance, in May 2022, Solo Advanced Vehicle Technologies (Solo AVT), the California start-up launched SD1, a battery-electric Class 8 truck which is mainly designed for autonomous driving.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Electric Trucks include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

North America region has registered highest value for the year 2021. Growth of this region is mainly driven by presence of key market players such as Rivian, Tesla Inc., and Nikola Motors; easy availability of convenient financing options; and the significant emphasis by the governments to ensure in-house automotive production. However, Europe is expected to witness considerable growth rate during the forecast period. The stringent emission regulation standards in the region has primarily promoted usage of electric trucks.

Country Analysis                                                                               

Germany

Germany Electric Trucks market size was valued at USD 0.29 billion in 2021 and is expected to reach USD 4.69 billion by 2029, at a CAGR of 42.2% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries.  In May 2019, Germany has launched the first electric highway to recharge hybrid trucks. This ehighway is about 6 miles long and is located on the A5 motorway south of Frankfurt, a central German city.  Such innovations in this country are primarily fueling growth of the electric truck market.
In addition, the government in this country has announced plans to double the amount of purchase incentives already in place for battery Electric Truckss (BEVs) as part of its EUR 130 billion stimulus package intended to shore up the country’s post-coronavirus economy. Hence, promotion of electric vehicle industry in this country is anticipated to create lucrative growth opportunities for the market.

China                                     

China Electric Trucks market size was valued at USD 0.56 billion in 2021 and is expected to reach USD 8.96 billion by 2029, at a CAGR of 41.8% from 2022 to 2029. China is the world’s largest light vehicle manufacturer. This country is leading automotive producer, consumer and exporter. The key players including Dongfeng Motor Corporation, Daimler AG, BYD Auto Co. Ltd., and FAW Group Co., Ltd. in the China electric trucks market are seeing huge growth in production. This is mainly attributed to the zero emissions vehicle mandate imposed by Chinese government each vehicle manufacturer and importer in the country which requires them to make or import at least 10% electric vehicles. Such initiatives are anticipated to create lucrative growth opportunities for China electric trucks market.

India

India Electric Trucks market size was valued at USD 0.18 billion in 2021 and is expected to reach USD 3.14 billion by 2029, at a CAGR of 43.1% from 2022 to 2029. India is one of the strongest growing economies in Asia. The transportation sector is accountable for over 14% of total greenhouse gas emissions in India. Hence, need to reduce greenhouse gas emissions is mainly fueling growth of the electric trucks in the country.
In addition, the emerging popularity and expansion of electric trucks sector is expected to create lucrative growth opportunities for the market.  For instance, Olectra Greentech Ltd, a leader in electric bus manufacturing in India, has begun trials of a 6x4 heavy-duty electric tipper under its strategy to expand into the electric truck sector.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, automobile, semiconductors, etc. The demand for electric trucks has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of electric trucks were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Electric Trucks significantly decreased.

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