Electric Truck Market is Expected to Exceed USD 27.7 Billion by 2028 at a CAGR of 14.8% – Market Research Future (MRFR) Report

New York, United States, June 20, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “electric truck market Analysis by Truck Type (Medium and Heavy Duty Trucks), by Load Type (Battery, Plug-in Hybrid, Hybrid and Hydrogen Fuel Cell), by Application (Logistics, Municipal and Others) and Region – Assessing Forecasts to 2030 is about to reach USD 27.7 billion by 2028, registering a CAGR of 21% throughout the forecast period (2021-2030).

Electric Truck Market Overview

The electric truck market is expected to grow rapidly over the next few years. The strong push of New Energy Vehicles (NEV) to control the increasing levels of pollution in urban areas is driving the growth of the market.

Scope of the Electric Trucks Market Report:

Report metric Details
Market size $27.7 billion
CAGR 14.8%
base year 2020
Forecast period 2021-2030
Historical data 2019
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered Truck type, fee type and region
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Main suppliers Foton Motor Inc. (China), Dongfeng Motor Corporation (China), FAW Group Co., Ltd. (China), Daimler AG (China), AB Volvo (Sweden), PACCAR Inc. (USA), China National Heavy Duty Truck Group Co., Ltd., (China), Navistar, Inc. (USA) , Isuzu Motors Ltd (Japan) and BYD Auto Co., Ltd. (China)
Key market opportunities Use of renewable energy sources
Key Market Drivers The ban on diesel in several cities

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Electric trucks have arrived and are criss-crossing the roads of major developed countries. Battery-powered trucks are finally moving from testing to real-world deployments for shorter trips. Electric trucks are hitting the cost and range targets that put them in the running to meet growing freight transportation needs. The market is seeing a significant demand for heavy-duty trucks or all-electric Class 8 trucks.

Although they are economical and less polluting, electric trucks have not yet had the success they deserve. Likewise, although the global electric truck market is operating successfully, it has yet to receive the desired boost. However, in the coming years, the electric truck market is expected to witness a tremendous increase in size. Innovative technologies are being developed to provide battery-electric long-haul trucks with a range of over 800 km.

Segments of the electric truck market

The analysis is segmented into types, materials, applications, and regions. The type segment is sub-segmented into middleweight and heavyweight. Among these, the medium-duty truck segment accounts for the largest market share. The segment is further expected to register the highest CAGR during the evaluation period.

The materials segment is sub-segmented into batteries, plug-in hybrids, hybrids, hydrogen fuel cells and others. Among these, the battery segment accounts for the largest market share. The segment is further expected to register the highest CAGR during the evaluation period.

The application segment is sub-segmented into logistics, municipal and others. Among these, the logistics segment accounts for the largest market share. The segment is further expected to register the highest CAGR during the evaluation period. By regions, the market is divided into Asia-Pacific, Americas, Europe, MEA and Rest of the World.

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Electric Truck Market Regional Analysis

North America dominates the global electric truck market owing to the growing demand for trucks with low operating costs and the development of sustainable electric trucks in the region. Continued rise in fuel prices and increase in transportation activities would further drive the growth of the electric truck market. Simultaneously, the steadily falling prices of batteries used in electric trucks are attracting consumers to electric mobility, further increasing the size of the electric truck market.

The electric truck market has a smaller footprint in Europe; however, it is experiencing an extremely rapid growth rate, especially in northern European countries like Germany and the Netherlands. New entrants are increasingly trying to beat established manufacturers in the race for electric van dominance in Europe. Battery electric vehicles are growing as the majority of new unit volume in the region with the scale needed to make it happen.

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Industry trends

The global electric truck industry is rapidly returning to normal as the COVID 19 crises gradually ease. Demand for electric trucks is gradually picking up with the addition of hybrid BEVs for urban distribution. Manufacturers are striving to offer their customers a durable and versatile portfolio of zero-emission solutions.

Government support for the purchase of smart automobiles and the use of charging infrastructure, along with the growing demand for smart transportation, is driving the growth of the market. Moreover, growing concern for environmental pollution due to internal combustion engine will play a vital role in the development of the global electric truck market.

Citing the big leap towards electrification, there are a bunch of manufacturers vying to become the biggest player. On the other hand, high prices of electric trucks are hampering the growth of the market. Battery manufacturers operating in the global electric truck market strive to offer extensive IT expertise that can deal with not only rechargeable batteries but also solar farming, energy storage, and LED technologies.

Electric Truck Market Competitive Analysis

The Dominant Key Players in the Covered Electric Trucks Market are:

  • Foton Motor Inc. (China)
  • Dongfeng Motor Corporation (China)
  • FAW Group Co.Ltd. (China)
  • Daimler AG (China)
  • AB Volvo (Sweden)
  • PACCAR Inc. (USA)
  • China National Heavy Duty Truck Group Co.Ltd. (China)
  • Navistar Inc. (USA)
  • Isuzu Motors Ltd (Japan)
  • BYD Auto Co.Ltd. (China)

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The electric truck market will witness several strategic initiatives, such as collaborations, mergers and acquisitions, expansions, and product launches. Mature industry players are also strategically investing in research and development activities and driving their expansion plans.

Recently, on June 15, 2022, Einride, a Swedish specialist in automated electric vehicle technology and Oatly, the food company, announced the extension of their partnership to electrify Oatly’s fleet in North America. Einride has managed and operated electric trucks for Oatly in Sweden since 2020. Five Einride connected electric trucks, with charging infrastructure and connectivity services, will run between Oatly’s factories in Ogden, Utah, and Millville, New Jersey , over the next year. .

In Sweden, the two companies are collaborating for four electric trucks running on various regional routes, providing live transport 24/7 between Oatly’s production facilities and partner warehouses. In March 2022, Einride partnered with Maersk in the United States to supply Maersk with 300 electric trucks between 2023 and 2025.

In another case, on June 13, 2022, Scania, a Swedish commercial vehicle manufacturer, launched its long-haul electric truck in Europe. The all-new electric truck will be available as a rigid truck and semi-trailer across the region. The company says its new truck can travel up to 350 km (217 miles) of range and a full charge in less than 90 minutes.

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