New York, March 06, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Electric Trucks Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 Miles and More than 200 Miles), Level of Automation (Semi-Autonomous and Fully Autonomous), and Geography "; the global electric trucks market size is expected to grow from USD 4.59 billion in 2021 to USD 26.54 billion by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.
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Global Electric Trucks Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 4.59 billion in 2021 |
| Market Size Value by | USD 26.54 billion by 2028 |
| Growth rate | CAGR of 29.4% from 2021-2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 180 |
| No. of Tables | 115 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Propulsion, Vehicle Type, Range, Level of Automation |
Global Electric Trucks Market: Competitive Landscape and Key Developments
AB Volvo; BYD Company Ltd; Daimler AG; FAW Group Co.,Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. are a few key players operating in the global electric trucks market. Several essential market players were analyzed to get a holistic view of the market and its ecosystem.
In November 2021: Volvo Trucks introduced a whole heavy-duty range with electric drivelines in Europe. Volvo Vehicles will sell a full range of battery-electric trucks in the region starting in 2021 for distribution, garbage, regional transit, and urban construction. Sales and mass production are likely to begin in 2022.
In September 2021: BYD unveiled two next-generation battery-electric heavy-duty vehicles for the North American market. The first, i.e., the BYD 8TT is the third-generation Class 8 vehicle capable of drayage, regional hauling, and distribution duties. On the other hand, 6F is the Class 6 box truck, which is designed for regional hauling and distribution; it can also be equipped with a garbage collection body.
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The commercial vehicle industry has grown rapidly in the past few years, despite high gasoline prices and rising interest rates on auto loans. The growth of this industry is attributed to increased demand amid increasing economic activity. Trends such as a decline in connectivity and data, and the growing availability of value-added services, alternative-fuel cars, and electrified trucks would continue to dominate the automotive sector in the coming years. In addition, a surge in electrification and stringent regulations on vehicle emissions are influencing the growth of the electric trucks market. However, the availability of charging infrastructure is one of the most prominent challenges in the market.
Global Electric Trucks Market: Propulsion Segment Overview
Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment accounted for the largest share of the market.
North America is one of the largest regions of commercial vehicle production and consumption. The growing requirement for logistics and transportation has resulted in a huge demand for commercial heavy-duty vehicles in the region. The logistics market in North America generated ~US$ 1 trillion in economic value in 2020. The region is also characterized by a fast rate of adoption of electric vehicles owing to the growing environmental concerns worldwide and well-established infrastructure in countries in this region. In contrast to the passenger electric vehicle and electric bus markets, the electric truck market is still in the nascent stage in North America. However, medium and heavy-duty vehicles (MDV/HDV) contribute the second-largest share of US transportation emissions, which underlines the necessity for electrification of these vehicles.
In Europe, Germany, Italy, and the UK are home to a few of the world’s pioneering automobile manufacturers, such as Daimler AG, AB Volvo, and Volkswagen. These manufacturers are investing heavily in research and development for improving the performance and efficiency of electric vehicles, including electric trucks. The rate of adoption of electric vehicles is accelerating across Europe owing to the imposition of regulations restricting carbon dioxide emissions, higher efficiency of batteries, and reduced cost of purchase.
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The electric trucks market is anticipated to expand due to rising demand for emission-free commercial vehicles, increasing stringency of pollution-related regulations in many countries, and growing use of electric vehicles in the logistics industry. South Korea and Japan are expected to make significant investments in EV infrastructure, including charging stations. The ongoing electrification of public transportation fleets, severe regulations by governments, and breakthroughs in battery pack technologies and electric power trains are all driving the electric trucks market.
Key Findings of Study:
The services offered by key electric truck automakers or automobile brands offering electric trucks include inbound logistics, operations, outbound logistics, sales and marketing, and after-sales services. The inbound logistics services supply raw materials such as software, hardware, lithium, and cobalt. BYD, Daimler AG, AB Volvo, PACCAR, Tesla, Ford, and Scania are among the giant manufacturers having production plants and operations scattered worldwide, from Asia to Europe and America. This allows them to reduce manufacturing and shipping expenses in different regions. Moreover, regulators and organizations are collaborating to strengthen supply chains while maintaining commerce flow. Several electric truck manufacturers have their showrooms, while others rely on franchisees.
The primary goal of electric truck brands and manufcaturers is to increase revenues and profits. To cope with competition, electric truck manufacturers spend a lot on promoting and selling their brands through traditional and internet means. They also ensure customer retention through support efforts. The efficiency of support service is directly reflected in customer retention. DongFeng Motor corporation, BYD, Daimler AG, AB Volvo, PACCAR, Tesla, Ford, and Scania are among the major electric truck providers in the world.
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