WASHINGTON, June 07, 2022 (GLOBE NEWSWIRE) -- The global crude oil prices are on an increasing trend. Recently, owing to geopolitical instability and an on-going pandemic, the cost of raw materials and crude oil has increased rapidly. The major factors driving the market growth is the lower operating cost and concerns regarding environmental sustainability. Additionally, government organizations are providing subsidized offers to consumers investing in electric trucks, thus, ultimately anticipated to propel the growth in the market.
The Global Electric Truck Market revenue is expected to reach a value USD 1686.6 Million in the year 2028.
The Global Market revenue stood at a value USD 419.5 Million in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period; states Vantage Market Research, in a report, titled “Electric Truck Market Size, Share & Trends Analysis Report by Propulsion Type (BEV, PHEV, FCEV), by Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks), by End User (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services), by Range (Up To 200 Miles, Above 200 Miles), by Battery Capacity (Less Than 50 KWH, 50-250 KWH, Above 250 KWH), by Payload Capacity (Up To 10,000 LBS, 10,001-26,000 LBS, Above 26,001 LBS), by Level of Automation (Semi-Autonomous, Autonomous), by Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers: Rising Acceptability of Electric Trucks to Boost the Market Demand
The prices of crude oil have been increasing swiftly over the past few years. Additionally, depletion of fossil fuel is also one of the factors responsible for aiding the increase in prices of crude oils. Thus, people are getting more attracted towards electric vehicles, ultimately leading to an increasing adoption of electric vehicles such as cars and trucks. According to several studies, crude oil prices will increase up to USD 65 by 2030. The purchase cost of these trucks is expected to be lower as the majority of consumers are interested in investing in electric trucks. In India, the government is encouraging consumers to shift from IC engine trucks to electric trucks, and also providing subsidised offers such as loans, toll exemption and others.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Electric Truck market is predicted to grow at a CAGR of roughly 26.1% during the forecast period.
- The Electric Truck market was estimated to be worth roughly USD 419.5 Million in 2021 and is expected to reach USD 1686.6 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Truck market.
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Segmentation of the Global Electric Truck Market:
- Propulsion Type
- BEV
- PHEV
- FCEV
- Type
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
- End User
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Field Services
- Distribution Services
- Range
- Up To 200 Miles
- Above 200 Miles
- Battery Capacity
- Less Than 50 KWH
- 50-250 KWH
- Above 250 KWH
- Payload Capacity
- Up To 10,000 LBS
- 10,001-26,000 LBS
- Above 26,001 LBS
- Level of Automation
- Semi-Autonomous
- Autonomous
- Battery Type
- Lithium-Nickel-Manganese-Cobalt Oxide
- Lithium-Iron-Phosphate
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restrain: Higher Cost & Lower Availability of Spare Parts
The cost of electric trucks is higher owing to the higher cost of a li-ion battery. The raw material required for manufacturing batteries is quite high and, similarly, the manufacturing is also complicated. All these scenarios make the final truck expensive. Thus, the major population still prefers gasoline engines over electric EV. This factor is restraining the growth of the market. Also, spare part availability and EV charging stations are minimal for electric trucks, which are thus slowing down the market demand.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out from the manufacturing companies. Small and medium-scale companies are the backbone of these technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Electric Truck Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Electric Truck Market in 2021. Majority of the manufacturing companies have their headquarters in North America, and most of the companies generate their revenues through APAC and European countries.
The Asia Pacific region is estimated to command the largest share of the Electric Truck Market in 2020, followed by Europe, North America, Latin America, and the Middle East & Africa. The economic growth of the region, growing per capita income, rising per capita consumption with large population base, high economic growth rate, and investment opportunities owing to favourable government policies is attracting several global automotive players to expand their presence in the APAC region. This, in turn, is supporting the technological transition of automobile manufacturing and services industry in this region; consequently, supporting the growth of the Electric Truck Market in this region.
List of Prominent Players in the Electric Truck Market:
- BYD (China)
- Daimler AG (Germany)
- AB Volvo (Sweden)
- Paccar (U.S.)
- Scania AB (Sweden)
- Change (China)
- Nikola Motors (US)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Electric Truck Market Size, Share & Trends Analysis Report by Propulsion Type (BEV, PHEV, FCEV), by Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks), by End User (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services), by Range (Up To 200 Miles, Above 200 Miles), by Battery Capacity (Less Than 50 KWH, 50-250 KWH, Above 250 KWH), by Payload Capacity (Up To 10,000 LBS, 10,001-26,000 LBS, Above 26,001 LBS), by Level of Automation (Semi-Autonomous, Autonomous), by Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-truck-market-762222
Recent Developments
In March 2021, Volvo showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its XC60 model.
In December 2020, Nissan announced 2021 Leaf model in US. The vehicle comes with a choice of battery between 40 KWH and 62 KWH. The mileage ranges between 149 miles and 226 miles per charge.
In July 2020, BYD launched its Han which comes with blade battery and is available in BEV and PHEV versions. It comes with two battery options, 65 KWH option for 314 miles and 77 KWH option for 342 miles range. Its PHEV comes with a 13 KWH battery and a 2.0 L gasoline engine and 180 KWH electric motor.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Electric Truck Market?
- How will the Electric Truck Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Electric Truck Market?
- What is the Electric Truck market drivers and restrictions?
- What will be the CAGR and size of the Electric Truck Market throughout the forecast period?
This market titled “Electric Truck Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
|
| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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