Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "Electric Trucks Market by Propulsion (BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (up to 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The electric trucks market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030.
Due to the rising emissions levels and increasing prices of petroleum, along with petroleum's limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV's in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV's and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM's like BYD, Daimler AG, AB Volvo, PACCAR Inc, Scania AB, and other players like Renault, Tata Motors, Tesla Inc, Rivian and others have been working for development of electric trucks.
The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others. Key strategies adopted by these companies to sustain their positions are new launches, expansions, collaborations, and joint ventures. These strategies have been analyzed to understand the positions of these companies in the market. For instance, in March 2021, The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. Also, in November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group.
Light duty trucks to ensure dominant position of the segment
The electric truck market by vehicle type comprises majorly of light-duty trucks, medium-duty and heavy-duty trucks. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks would grow with increase in adoption of light duty-trucks in e-commerce and distribution services.
NMC Battery segment expected to lead to market growth
The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities In The Electric Trucks Market
4.2 Electric Trucks Market, By Region
4.3 Electric Trucks Market, By Battery Type
4.4 Electric Trucks Market, By Range
4.5 Electric Trucks Market, By Propulsion
4.6 Electric Trucks Market, By Level Of Automation
4.7 Electric Trucks Market, By Battery Capacity
4.8 Electric Trucks Market, By End user
4.9 Electric Trucks Market, By Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Reducing The Cost Of EV Batteries
5.2.1.2 Lower Operating Costs
5.2.1.3 Upcoming EV Truck Models Being Developed With Higher Vehicle Range
5.2.1.4 Rising Demand For Electric Trucks In The Logistics And Other Industries
5.2.2 Restraints
5.2.2.1 High Initial Investment Required In Electric Truck Production
5.2.2.2 Lack Of EV Charging Infrastructure
5.2.2.3 Long Charging Time Compared To Other Fuels
5.2.2.4 Limited Vehicle Range
5.2.3 Opportunities
5.2.3.1 Development Of Self-Driving Truck Technology
5.2.3.2 Government Initiatives Pertaining To EVs
5.2.3.3 Development Of Wireless EV Charging Technology For Easy Truck Charging
5.2.4 Challenges
5.2.4.1 High Cost Of Existing Range Of Electric Trucks
5.2.4.2 Insufficient Standardization Of EV Charging Infrastructure
5.3 Porter's Five Forces
5.4 Electric Trucks Market Ecosystem
5.5 Value Chain Analysis
5.6 Revenue Shift For Electric Trucks Manufacturer
5.7 Electric Truck Pricing Analysis
5.8 Technology Analysis
5.8.1 Smart Charging System In E-Truck Stations
5.8.2 Solid-State Battery (SSB)
5.8.3 Iot In Electric Vehicles
5.9 Patent Analysis
5.10 Case Study
5.11 Regulatory Overview
5.12 Covid-19 Impact Analysis
5.13 Electric Truck Market, Scenarios (2021-2030)
6 Electric Trucks Market, By Battery Capacity
6.1 Introduction
6.2 Operational Data
6.2.1 Assumptions
6.2.2 Research Methodology
6.3 <50 Kwh
6.3.1 High Adoption Rate Of Electric Pick-Up Trucks Is Expected To Boost The <50 Kwh Segment
6.4 50-250 Kwh
6.4.1 Affordable Electric Trucks And Pick-Up Trucks Drive 50-250 Kwh Segment In Asia Pacific
6.5 Above 250 Kwh
6.5.1 Trucks With A Battery Capacity Of More Than 250 Kwh Is Preferred To Transport Heavy Logistics
6.6 Key Industry Insights
7 Electric Trucks Market, By Battery Type
7.1 Introduction
7.2 Operational Data
7.2.1 Assumptions
7.2.2 Research Methodology
7.3 Lithium-Nickel-Manganese-Cobalt Oxide
7.3.1 Advancements In Battery Technology To Boost Nmc Segment
7.4 Lithium-Iron-Phosphate
7.4.1 Low Prices Of LFP Batteries Drive Market
7.5 Others
7.5.1 OEMs Focus On R&D To Boost The Market For Other Batteries
7.6 Key Industry Insights
8 Electric Trucks Market, By End user
8.1 Introduction
8.2 Operational Data
8.2.1 Assumptions
8.2.2 Research Methodology
8.3 Last Mile Delivery
8.4 Field Services
8.5 Distribution Services
8.6 Long Haul Transportation
8.7 Refuse Services
8.8 Key Industry Insights
9 Electric Trucks Market, Level Of Automation
9.1 Introduction
9.2 Electric Trucks Market, By Level Of Automation
9.3 Operational Data
9.3.1 Assumptions
9.3.2 Research Methodology
9.4 Level 1
9.5 Level 2 & 3
9.6 Level 4
9.7 Level 5
9.8 Key Industry Insights
10 Electric Trucks Market, By Payload Capacity
10.1 Introduction
10.2 Operational Data
10.3 Upto 10,000 Lbs
10.4 10,001- 26,000 Lbs
10.5 Above 26,000 Lbs
11 Electric Truck Market, By Propulsion Type
11.1 Introduction
11.2 Operational Data
11.2.1 Assumptions
11.2.2 Upcoming Electric Trucks And Electric Pick-Up Truck Models
11.2.3 Research Methodology
11.3 Bev
11.3.1 Asia Pacific Is Expected To Dominate The Bev Market
11.4 Fcev
11.4.1 Ongoing Developments By Oems To Drive Fcev Market
11.5 Phev
11.5.1 Asia Pacific Is Projected To Be The Largest Phev Market
11.6 Key Industry Insights
12 Electric Truck Market, By Range
12.1 Introduction
12.2 Operational Data
12.2.1 Assumptions
12.2.2 Research Methodology
12.3 Upto 200 Miles
12.3.1 Affordable Electric Trucks Have A Range Of Upto 200 Miles
12.4 Above 200 Miles
12.4.1 Advancements In Battery Technologies Will Drive The Demand For Vehicles Having A Range Of Above 200 Miles
12.5 Key Industry Insights
13 Electric Trucks Market, By Type
13.1 Introduction
13.2 Operational Data
13.2.1 Assumptions
13.2.2 Research Methodology
13.3 Light-Duty Trucks
13.3.1 Growing Emission Norms And Last Mile Delivery For Commercial use Will Boost The Demand For These Trucks
13.4 Medium-Duty Trucks
13.4.1 The Adoption Of Electric Trucks In E-Commerce And Intra-State Logistics Will Boost The Demand For These Trucks
13.5 Heavy-Duty Trucks
13.5.1 Adoption Of Electric Trucks For Inter-State Logistics And Specialised Trucks Will Increase The Demand For These Trucks
13.6 Key Primary Insights
14 Electric Trucks Market, By Region
15 Competitive Landscape
16 Company Profiles
16.1 Key Players
16.1.1 BYD
16.1.2 AB Volvo
16.1.3 Daimler AG
16.1.4 Paccar Inc
16.1.5 Scania Ab
16.1.6 Rivian
16.1.7 Tesla, Inc
16.1.8 Navistar Inc
16.1.9 Dongfeng Motor Corporation
16.1.10 FAW Group Corporation
16.1.11 Proterra
16.1.12 VDL Groep
16.2 Other Key Players
16.2.1 Tata Motors
16.2.2 Workhorse
16.2.3 Nikola Corporation
16.2.4 Ford Motor Company
16.2.5 Ashok Leyland
16.2.6 Isuzu Motors Ltd
16.2.7 Yinlong Energy Co, Ltd
16.2.8 Irizar Group
16.2.9 Iveco S.P.A
16.2.10 Triton
16.2.11 Bollinger Motors
16.2.12 XOS Trucks Inc
16.2.13 Atlis Motor Vehicles
16.2.14 Emoss Mobile Systems BV
16.2.15 Kaiyun Motors
17 Recommendations
18 Appendix
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