Pune, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business insights, the global electric trucks market size is expected to grow USD 7,146.4 million by 2029 from its valuation USD 631.3 million in 2022, at a CAGR of 41.43%. According to our analyst, increasing adoption of autonomous driving technology and increasing fuel prices is boosting the electric truck market growth.
Key Industry Development:
May 2022: 800 Freightliner eCascadia electric trucks will be purchased by Daimler and Sysco; the first lot delivery is planned for the end of the year. By 2026, all 800 trucks will have been deployed. The corporation will electrify 35% of the fleet as a result of this agreement.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/electric-trucks-market-102512
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 41.43% |
| 2029 Value Projection | USD 7,146.4 million |
| Base Year | 2021 |
| Market Size in 2022 | USD 631.3 million |
| Historical Data for | 2018-2020 |
| No. of Pages | 158 |
| Segments covered | By Mode of Propulsion, By Vehicle Type, By Range |
| Growth Drivers | Increase in Prices of Fuels will Create Demand for Electric Trucks |
| Asia Pacific to Lead Backed by Rise in Sales and Demand for E-trucks |
Drivers & Restraints-
Increase in Prices of Fuels will Create Demand for Electric Trucks
Global fuel costs are highly erratic and growing. Costs for refueling options will also vary by area and rise over time. Electric vehicles appear increasingly alluring to consumers as gas costs rise. For the average American, the annual cost of fueling a light commercial truck is projected to be roughly USD 3500. An equivalent car with a suitable electric propulsion system is anticipated to cost around USD 850 to fuel, which is roughly three times cheaper. As electric motors are more efficient than gasoline engines, EVs offer much lower operating expenses than conventional cars.
Report Coverage
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/electric-trucks-market-102512
Segments-
Battery Electric Vehicle (BEV) to Dominate Market Owing to Benefits Such as Producing No Exhaust Gases and Deliveries in Zero-Emission Zones
By propulsion, the market is segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). The BEV segment held the largest market share attributed to its benefits and adoption in serval countries, such as China and the U.S., and European countries.
Light Duty Truck Held Largest Share of Market Owing to its Low Maintenance and High Performance
Based on application, the market is divided into light duty trucks, medium duty trucks, and heavy duty trucks. The light duty trucks segment held the largest market share in 2021.
151-300 Miles Dominates Market Due to Increasing Development in Electric Truck
Based on range, the market is segmented into 150 miles, 151-300 miles, and above 300 miles.
The 151-300 miles segment held the largest electric truck market share in 2021. This segment's growth is attributed to increasing electric truck sales (151-300 range) in Asia Pacific.
| Segmentation | By Mode of Propulsion
|
By Vehicle Type
| |
By Range
|
Regional Insights-
Asia Pacific to Lead Backed by Rise in Sales and Demand for E-trucks
With China accounting for the majority of the market share, the Asia Pacific region dominated the market, which reached USD 224.5 million in 2021. The factors include an increase in the number of commercial electric vehicle sales and registrations.
The industry is expected to increase significantly in Europe as there is such a strong demand for e-trucks that emit no emissions and have lower transportation costs. The lightest commercial vehicle will be offered in Europe in 2021.
The market is anticipated to increase in North America as well. Demand for e-truck brands has steadily grown in the U.S. In the U.S., there are 18 electric LDVs for every public charging station.
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/electric-trucks-market-102512
Competitive Landscape
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the electric truck market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
A list of prominent Third-party Logistics manufacturers operating in the global market:
-
- Daimler AG (Germany)
- BYD Company Ltd. (China)
- Tata Motors (India)
- AB Volvo (Sweden)
- Scania AB (Sweden)
- Paccar Inc. (U.S.)
- Workhorse (U.S.)
- Navistar International Corp. (U.S.)
- Hino Motors Ltd. (Japan)
Quick Buy - Third-party Logistics Market Size Research Report: https://www.fortunebusinessinsights.com/checkout-page/102512
ELECTRIC TRUCK MARKET TABLE OF CONTENT:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- PESTEL Analysis
- Technological Developments
- Impact of COVID-19
- Global Electric Truck Market Analysis, Insights and Forecast, 2018-2029
- Definition / Key Findings
- Market Analysis, Insights and Forecast – By Propulsion
- BEV
- PHEV
- FCEV
- Market Analysis, Insights and Forecast – By Vehicle Type
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
- Market Analysis, Insights and Forecast – By Range
- 150 Miles
- 150 - 300 Miles
- Above 300 Miles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- North America Electric Truck Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Propulsion
- BEV
- PHEV
- FCEV
- Market Analysis, Insights and Forecast – By Vehicle Type
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
- Market Analysis, Insights and Forecast – By Range
- 150 Miles
- 150 - 300 Miles
- Above 300 Miles
- Market Analysis – By Country
- The U.S.
- Canada
- Market Analysis, Insights and Forecast – By Propulsion
Continued...
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/electric-trucks-market-102512
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Phone:
U.S.:+1 424 253 0390
U.K.: +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
