Electric Truck Market Report 2023-2028 | Industry Trends, Market Share, Size, Growth and Opportunities

The latest research study "Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group offers a comprehensive analysis of the industry, which comprises insights on the investment casting industry

Is the global electric truck market good for investment or future trends?

The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.

What is an electric truck ?

An electric truck is a heavy-duty electric vehicle (EV) with a power converter, energy storage system, and propulsion motor and controllers powered by rechargeable batteries. It comprises containers, ambulances, utility terrain vehicles (UTVs), city or municipal buses, local delivery vans, and dump, fire, food, garbage, forklift, mail, mining, pickup, and tow trucks. It relies on various ways to generate electricity, such as onboard regenerative braking, solar panels, and wind and water energy. It is designed with advanced technologies to ensure better performance and longer shelf life, such as enhanced electric drive systems, battery technologies, and sensor-optimized performance tracking.

It does not pollute the environment with spilled fuel or toxic residues while reducing greenhouse gas and carbon emissions. An electric truck incurs lower operating and maintenance costs compared to internal combustion engines (ICEs). Apart from this, it offers several benefits, such as long battery life, fast battery charging, robust performance, and high durability. It also assists in reducing noise pollution due to quiet operations while helping drivers to hear passenger compartment noises better and focus on the road. As a result, it is used to transport cargo or passengers in crowded tourist areas, busy shipping ports, transit centers, warehouses, hospitals, sports arenas, college and corporate campuses, mines, and tunnels.

Impact of Covid-19: 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What is the drivers of change in trends for the electric truck market:

At present, there is a rise in the demand for electric trucks due to increasing levels of greenhouse gases and carbon emissions across the globe. This, along with the growing awareness among the masses about the advantages associated with the usage of electric trucks, represents one of the key factors driving the market. Besides this, governments of several countries are undertaking initiatives to promote the usage of electric trucks due to depleting fossil fuel reserves. They are also implementing stringent emission regulations on fossil fuel-powered commercial vehicles, which is contributing to the growth of the market.

In addition, reducing costs of electric vehicle (EV) batteries due to the substitution of cobalt with cheaper nickel and the utilization of low-cost lithium iron phosphate as the cathode material are offering lucrative growth opportunities to industry investors. Apart from this, there is an increase in the employment of electric trucks in the logistics industry for freight transportation and parcel delivery due to low operational and maintenance costs, high maneuverability, and efficient delivery services in compact city centers and urban spaces. This, coupled with the burgeoning automotive industry, is propelling the growth of the market. Moreover, the growing development of self-driving electric truck technology around the world is positively influencing the market.

Electric Truck Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited.

The report has segmented the market on the based on region, vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

Light-duty Truck
Medium-duty Truck
Heavy-duty Truck

Breakup by Propulsion:

Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck

Breakup by Range:

0-150 Miles
151-300 Miles
Above 300 Miles

Breakup by Application:

Logistics
Municipal
Construction
Mining
Others

Breakup by Region:

North America:(United State,Canada)
Asia-Pacific:(China, Japan,India, South Korea,Australia, Indonesia,Others)
Europe: (Germany,France, United Kingdom, Italy,Spain, Russia,Others
Latin America: (Brazi, Mexico,Others)
Middle East and Africa

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