Electric truck market is expected to attain a market size of 1,508.1 thousand units by 2025, according to P&S Intelligence.
Low maintenance cost incurred in electric trucks, supportive government regulations including additional incentives along with declining price of batteries are the major factors driving the growth of the market.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, technological advancements achieved in battery development over the past decade helped to bring down the price of battery packs. This leads to the growth of the electric truck market.
Insights into market segments
Based on range, the electric truck market is categorized into 0–150 miles, 151–250 miles, 251–500 miles, and above 500 miles. The market for electric trucks with a range of above 500 miles is projected to register the highest growth, with a growth rate of over 30% in terms of volume, during the forecast period, owing to the growing demand for long-haul trucks. Additionally, to accommodate this demand, the manufacturers are investing toward the development of electric trucks, especially the ones incorporated with the hydrogen fuel-cell technology, worldwide.
On the basis of vehicle type, electric truck market is categorised into light-duty truck (LDT), medium-duty truck (MDT), and heavy-duty truck (HDT). Sales volume for the trucks falling under the HDT category is expected to register the fastest growth, both in terms of volume and value, as compared to other categories, in the upcoming years. In developed economies, including the U.S. and European nations, the market for electric trucks in the HDT category is growing at a significant pace, owning to the increasing demand for long-haul HDTs running on alternate fuels by fleet owners. Additionally, the trucking companies continue to add HDTs to level with the rising freight demand and avail maximam gains under the government financial incentive schemes.
Browse report overview with 122 tables and 48 figures spread through 152 pages and detailed TOC on "Electric Truck Market by Propulsion (BEV, HEV, PHEV, FCEV), by Vehicle Type (LDT, MDT, HDT), by Range (0–150 Miles, 151–250 Miles, 251–500 Miles, Above 500 Miles), by Application (Logistics, Municipal), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Netherlands, Norway, China, Japan, South Korea, Brazil, U.A.E) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2025" at:https://www.psmarketresearch.com/market-analysis/electric-truck-market
Asia-Pacific (APAC) stands as the largest market for electric trucks
Geographically, the APAC electric truck market registered the largest share during the historical period, accounting for a sales volume of over 80% in 2017. Country wise, China continued to remain the market leader for these trucks in the world, owning to the favorable government subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase and largely depending on the government policies. Availability of less number of manufacturers, high upfront cost, and underdeveloped value chain have limited the growth of the electric truck market. However, the increasing investment by the manufacturers in these regions for the development of electric trucks is expected to boost the market growth during the forecast period.
Electric Truck Market Competitive Landscape
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry. The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.
GLOBAL ELECTRIC TRUCK MARKET SEGMENTATION
By Vehicle Type