A study on the Electric Truck Market has been conducted to understand the landscape in 2022.
March 18-30, 2023
We conducted a survey of 545 market players of all sizes.
Number of valid answers:
Field survey 226, Internet survey 319
The survey was conducted among companies based on revenue.
Question: How big is the electric truck market?
The global electric truck market size is estimated to reach around US$71.3 billion by the end of 2035, growing at a CAGR of around 42.70% during the forecast period of 2023-2035. In addition to this, in 2022, the market size of the global electric truck market was approximately USD 1 billion. Market growth can be attributed to growing concerns related to environmental issues. Conventional trucks rely on fossil fuels such as gasoline, which increases their carbon footprint. Therefore, the growth of the global electric truck market is expected to accelerate. By 2020, delivery trucks and tractor-trailers are estimated to account for about 6% of U.S. greenhouse gas emissions. Question: What are the key factors driving the growth of the electric truck market?
The key factors driving the growth of the electric truck market are: Growing adoption of electric trucks in the logistics sector— Data show that more than 70% of domestic freight demand is now carried by road transport. Road transport plays an important role in connecting last-mile deliveries. Additionally, the truck bridges the gap between retailers and manufacturers. As a result, the growth of the global electric truck market is expected to accelerate in the coming years.
Self-driving electric truck development progresses
Increased growth of the e-commerce industry
Increased investment in EV infrastructure
Growing popularity of electric vehicles
Strict government emission regulations
Question: What are the challenges associated with the electric truck market? Some of the challenges associated with the electric truck market are: Lack of electric vehicle charging infrastructure
– Developing countries such as India still have problems setting up charging infrastructure for electric vehicles. Additionally, charging stations should be placed after some places that are still a concern for electric vehicles, such as petrol pumps. Therefore, it is expected to dampen the growth of the global electric truck market in the coming years.
limited driving range
high cost of electric trucks
Question: How is the electric truck market segmented?
The electric truck market is segmented on the basis of the following segments: By type
o large trucks
o Up to 200 miles
o Over 200 miles
By propulsion type
o battery electric truck
o Plug-in hybrid electric trucks
o hybrid electric trucks
o Fuel cell electric truck
Q: Based on type, which segment has the greatest growth?
Based on type, the heavy truck segment is projected to hold a large share over the forecast period. This may be attributed to increased sales worldwide of heavy trucks, which are more commonly used for long-distance transport. In addition, it is also adopted by the industry for transportation of raw materials such as automobiles and cement. According to data reported by the International Energy Agency, there were 66,000 electric heavy-duty trucks in stock worldwide in 2021. In addition, heavy trucks are highly durable and offer superior performance compared to other electric truck types, which is expected to boost the growth of the segment in the market.
Q: Which segment has the greatest growth based on drive type? Based on propulsion type, the battery electric truck segment is expected to hold the largest share with a 60% share by the end of 2035. This may have been due to falling battery prices, followed by government efforts to make batteries affordable for different classes of people. . Additionally, there are government restrictions related to zero-emission vehicles, which are expected to further boost the growth of the segment in the market.
Q: Who are the key players in the Electric Truck market? What are the recent developments in the market?
Major players in the market are BYD Company Ltd, Tata Motors Ltd, Ford Motor Company, PACCAR Inc, Mercedes-Benz Group AG, Rivian, LLC, Dongfeng Motor Corporation, ISUZU Motors Limited, Workhorse Group Incorporated, AB Volvo, and others.
Some of the recent developments in the market are:
Workhorse Group Incorporated announces the launch of a new Authorized Dealer Program. This is an initiative to create an official network of verified dealers who have passed the protocols required to safely repair and maintain our vehicles. In addition, the Kingsburg Truck Center in California has been appointed Workhorse’s first authorized electric vehicle (“EV”) dealership in California.
BYD Company Ltd has announced the first delivery of its battery electric 8TT truck to the Port of Auckland. Additionally, trucks belonging to Class 8 were funded by CARB and used in a three-year feasibility study to detect whether zero-emission trucks could replace diesel trucks.
Q: Which regions are expected to offer lucrative growth opportunities for the electric truck market?
The market share of electric trucks in the Asia-Pacific region is the largest among all other regional markets and is projected to be around 41% by the end of 2035. The market growth can be mainly attributed to government initiatives for manufacturers to produce electric trucks at low cost. Moreover, increasing sales volume of electric vehicles such as trucks in countries such as China is expected to further accelerate the market growth in the region. In 2021, China will register over 75,000 battery electric trucks and Europe will register over 50,000 battery electric trucks.
The North American electric truck market is estimated to be the second largest, recording a share of around 20% by the end of 2035. Additionally, countries such as the United States and Canada are becoming more concerned about the environment, which is expected to further boost the growth of the electric truck market in the region. Moreover, these are countries with advanced infrastructure for electric vehicles, which is one of the major factors expected to contribute to the growth of the market in the region.
About the company:
Research Nester (LAMORI PRIVATE LIMITED) goal is to help clients achieve their goals by providing efficient business solutions. Through our diverse network of research analysts and consultants, we help our clients understand all the key aspects of business valuation, including budgeting, to deliver strategic business solutions around the world. RNPL has earned trust and a customer base in over 30 countries, with an even greater focus on expansion into other economies. We are committed to providing our clients with the best possible service and helping them expand their scope of business. Details about this release: