Electric Truck Market to Register 1,154,996 Unit Sales by 2030
- Published: January 2023
The electric truck market size is expected to advance at a CAGR of 38.2% during 2022–2030, to reach 1,154,996 units by 2030.
Some of the major reasons influencing the industry growth include demand in the logistics industry, decline in fuel and maintenance costs, and incentives for the adoption of zero-emission cars. In addition, strict emission standards for commercial vehicles will compel manufacturers to spend money on the production of electric trucks. As a result, manufacturers will augment their expenditures to meet the rising demand.
Several industries, including logistics, municipal, and other domains, use electric trucks. Any nation's GDP growth is largely attributed to the logistics sector. Delivery to remote areas is necessary for a logistics provider as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are actively taking part in the transition from internal combustion engines to electric fleets.
Growing Demand for Longer Electric Truck Range
The major trend observed in the market is the growing demand for longer electric truck range. With the mileage of the truck being the main concern, longer range is one of the key factors for the adoption of electric trucks among truck users. For overcoming the range issues during inter-city travel, OEMs need to offer electric trucks with improved range. Therefore, with growing competition, the electric truck OEMs are mainly emphasizing on boosting the range of their models for increasing the sales of the trucks.
For example, Atlis Motor Vehicles Inc., based in Arizona, introduced a range of its fully electric pickup truck Atlis XT. It is launched in three variants, with ranges of 300 mi, 400 mi, and 500 mi. The batteries are fast charging and use conventional lithium-ion nickel-manganese-cobalt-oxide (NMC) chemistry. Also, AB Volvo, a Swedish company, introduced its first all-electric truck under the Volvo FL Electric line for commercial use with a range up to 300 km.
European Market for Electric Trucks to Be the Fastest Growing
The European market for electric trucks will be the fastest growing market during the forecasted period, owing to stringent government regulations pertaining to the increasing carbon emissions, increasing number of electric truck manufacturers in the region, and entry of conventional diesel-based truck manufacturers to the market. Many regional companies have also launched their models because of the growing demand for electric trucks in the region. The pilot e-truck projects by electric truck manufacturers have also helped to boost the adoption of these vehicles in the region.
The most-significant electric truck market players are Hino Motors Ltd., Volvo Group, Daimler AG, Dongfeng Motor Corporation, BYD Company Limited, Iveco S.p.A., Isuzu Motors Limited, Workhorse Group Incorporated, Nikola Motor Company, Cummins Inc., and E-Force One AG.