Pune, India, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Electric Trucks Market to Generate Significant Revenue Backed by Stringent Carbon Emission Regulations Imposed by Several Government, reports Fortune Business Insights™. Factors like ascent in contamination and ecological perils, severe unofficial laws, and fierce opposition have constrained car OEMs to make eco-friendly and climate cordial Furthermore, substitution of business diesel vehicles by electric vehicle and steady government drives for reception of electric trucks are expected to help the electric truck market.
vehicles. Decrease in emanation of hurtful gases from the vehicles is seen as interest for green vehicle is expanding around the world, particularly in the cargo transportation industry, which contributes profoundly to carbon dioxide discharges. Because of innovative headways and creation of EV batteries on a mass scale, the expense of EV batteries has been diminishing over the course of the last 10 years. This has prompted a reduction in cost of the electric trucks as EV batteries are one of the costliest pieces of an electric truck.
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Market Drivers-
The substantial growth of the logistics sector is augmenting the electric trucks market growth. The logistics sector is gaining rapid momentum 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 to supply goods in Central London. Moreover, stringent regulations on carbon emissions are being imposed by several developed nations, thereby augmenting the demand for the product.
The increasing adoption of electrical vehicles for shipment is anticipated to propel the market growth. The increasing demand for shipments across the world has boosted vehicle production across the globe. However, low fuel efficiency in long haul transportation results in a heavy investment sector. These factors are contributing significantly to the growth of electric vehicles.
In addition, several developed countries are imposing stringent regulations on carbon emissions. These countries require certain standards to be maintained in their vehicles to run on roads. In such a scenario, electrical vehicles are preferred for eco-friendliness.
Product Demand Remains Stable Despite Pandemic Owing to Essential Services
The pandemic created a demand and supply gap across multiple industries throughout the lockdown period. The same was the case with the electric trucks sector. Travel restrictions resulted in logistics issues and delays. In spite of this, the demand for the product remained stable as various end-users fell into the essential category. The food & beverage and healthcare industries accounted for the highest demand for the product throughout the lockdown as they were functioning at full capacity. Even after the lockdowns were eased, it is expected that the demand shall continue to increase due to various developmental projects that were halted during the pandemic.
Highlights of the Report-
The report has details on all the latest technology available in the market. The technological advances made in the industry have been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating 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 anticipated to hold the largest electric trucks market share in the foreseeable future. This is attributed to favorable government policies and encouragement toward alternative fuel vehicles. Moreover, the government authority in the region is also making efforts to curb carbon emissions.
Europe is projected to showcase substantial growth in the forthcoming years. This is attributed to carbon emission regulations imposed in the region. For example, the European Union imposed an enactment to reduce at least 40% carbon emissions by 2030.
Competitive Landscape-
The market players are concentrating on manufacturing fuel cell electric trucks that have a better range for the long run. There are several product launches and upgrades in the existing trucks to keep up with customer requirements. In addition, the products can also be customized by the manufacturers as per the requirement of the clients to cater to the requirement of client utility. The market is capital-intensive and requires intensive research & development to keep up with the market trends.
List of Players Operating in the Electric Trucks Market are as follows:
- Tesla, Inc.
- Dongfeng Motor Corporation
- Daimler AG
- BYD Company Limited
- AB Volvo
- Hino Motors Ltd.
- Navistar International Corporation
- PACCAR Inc.
- Rivian
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Electric Trucks Market Segmentation:
By Truck Type
- Light-duty Trucks
- Medium-duty Trucks
- Heavy-duty Trucks
By Electric Vehicle Type
- Battery-Electric
- Hybrid Electric
- Plug-in Hybrid
By Application
- Logistics
- Municipal
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Electric Trucks Market
5. Global Electric Trucks Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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