Electric Truck Market | The electric truck industry will gain momentum due to the growth of the logistics sector globally

Pune, India, August 01, 2022 (GLOBE NEWSWIRE) — electric truck market to generate significant revenue backed by stringent carbon emissions regulations imposed by multiple governments, reports Fortune Business Insights™. Factors such as increasing contamination and ecological perils, harsh unofficial laws and fierce opposition have compelled automotive OEMs to make environmentally friendly and climate friendly. help the electric truck market.

Vehicles. The decrease in harmful gas emissions from vehicles is seen as interest in green vehicles grows around the world, especially in the freight transport industry, which is a major contributor to carbon dioxide emissions. Due to the innovative progress and creation of EV batteries on a large scale, the cost of EV batteries has been decreasing over the past 10 years. This has led to a reduction in the cost of electric trucks, as EV batteries are one of the most expensive parts of an electric truck.

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Market factors-

Substantial growth in the logistics sector is accelerating the growth of the electric truck market. The logistics industry is booming with the growth of various online retail industries that require the support of a well-established logistics network. For example, in 2020, CEVA Logistics acquired electric trucks for trial purposes to deliver goods in central London. Additionally, strict carbon emission regulations are imposed by several developed countries, increasing the demand for the product.

Rising adoption of electric vehicles for shipping is expected to propel the market growth. The growing demand for shipments across the world has boosted vehicle production across the globe. However, low energy efficiency in long-distance transport results in a heavy investment sector. These factors are contributing significantly to the growth of electric vehicles.

In addition, several developed countries impose strict regulations on carbon emissions. These countries require certain standards to be maintained in their vehicles to run on the roads. In such a scenario, electric vehicles are favored for their respect for the environment.

Demand for products remains stable despite the pandemic thanks to essential services

The pandemic has created a gap between demand and supply in several sectors throughout the confinement period. The same was true for the electric truck sector. Travel restrictions have caused logistical problems and delays. Despite this, demand for the product remained stable with various end users falling into the essential category. The food and drink and healthcare industries accounted for the highest demand for the product throughout the lockdown as they operated at full capacity. Even after the easing of containment measures, demand is expected to continue to increase due to various development projects that have been halted during the pandemic.

Report Highlights-

The report contains details of all the latest technologies available in the market. The technological advancements being made in the industry were highlighted and the potential opportunities associated with it. The report establishes the market challenges and offers different solutions. It also mentions the growth-enhancing factors, restraints, consumption pattern, distribution channels, and all other vital information associated with the market.

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Regional segmentation-

Favorable government policies in Asia-Pacific to generate revenue

Asia-Pacific is expected to hold the largest electric truck market share for the foreseeable future. This is attributed to favorable government policies and encouragement towards alternative fuel vehicles. Moreover, the government authority of the region is also striving to reduce carbon emissions.

Europe is expected to show substantial growth in the coming years. This is attributed to the carbon emissions regulations imposed in the region. For example, the European Union has imposed a law aimed at reducing carbon emissions by at least 40% by 2030.

Competitive landscape-

Market players are focusing on manufacturing fuel cell electric trucks that have better long-term range. There are several product launches and upgrades in existing trucks to meet customer requirements. Besides, the products can also be customized by the manufacturers according to the requirement of the customers to meet the utility requirement of the customer. The market is capital intensive and requires intensive research and development to keep up with market trends.

The list of players operating in the electric truck market are as follows:

  • Tesla, Inc.
  • Dongfeng Motor Corporation
  • Daimler S.A.
  • BYD Company Limited
  • AB Volvo
  • Hino Motors Ltd.
  • Navistar International Corporation
  • PACCAR inc.
  • Rivian

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Electric Truck Market Segmentation:

By type of truck

  • light trucks
  • medium trucks
  • Heavy trucks

By type of electric vehicle

  • battery-electric
  • Hybrid Electric
  • Plug-in hybrid

By app

Contents:

1. Introduction

1.1. Search scope

1.2. Market segmentation

1.3. Research Methodology

1.4. Definitions and assumptions

2. Executive Summary

3. Market dynamics

3.1. Market factors

3.2. Market constraints

3.3. Market opportunities

4. Key information

4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships

4.2. Porter’s Five Forces Analysis

4.3. SWOT analysis

4.4. Technological development

4.5. Value chain analysis

4.6. Impact of COVID-19 on the Electric Truck Market

5. Global Electric Truck Market Analysis, Outlook and Forecast, 2017-2028

5.1. Main results/summary

Continued…

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