Global Electric Truck Market 2024 – 2033

Reports Description

The rising demand for self-driven electric trucks is boosting the market’s growth

According to Custom Market Insights (CMI), the Global Electric Truck Market size was estimated at USD 4.5 Billion in 2021 and is expected to reach USD 6.6 billion in 2022 and is expected to hit around USD 27.5 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030. The report examines the Electric Truck market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Truck market.

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Electric Truck Market Overview

The most recent model of fuel- and gasoline-free vehicles are electric trucks. Fuel shortages have led to a significant increase in the market acceptance of electric vehicles. The global electric truck market is anticipated to increase in the near future as a result of strict rules and norms linked to pollution, global warming, and greenhouse gas emissions.

Electric Truck Market: COVID–19 Impact Analysis

When vehicle sales substantially decreased as a result of lockdowns in the early months of the epidemic, the whole automobile market incurred losses. However, in the second half of 2020, sales rose, and, in most cases, the losses from those earlier months were reduced. Due to the global trend toward increasing vehicle electrification in 2020 and 2021, there was an increase in the sales of electric vehicles. Thus, the pandemic had a smaller impact on this industry. Similarly, the demand for electric trucks fell in the first half of 2020 before rising later.

Component production was also stopped during the COVID-19 epidemic because small Tier II and Tier III manufacturers were cash-strapped. As a result, production stopped during the epidemic, which was followed by a decline in demand. This could have a significant effect on Electric Truck firms. The second wave in India also had an impact on auto sales, which slowed the expansion of the Electric Truck sector.

Electric Truck Market: Growth Drivers

Rising demand for self-driven electric trucks

Self-driving cars are a recent trend that is expanding on a global scale. The self-driving electric trucks assist drivers in operating vehicles safely and easily. The major market participants are widely introducing self-driving electric trucks. The market for electric trucks is expanding as a result of consumer desire for self-driving vehicles with cutting-edge capabilities. As a result, throughout the projected period, the worldwide electric truck market will rise due to the rising demand for self-driving electric trucks.

Need for sustainable mobility

The introduction of electric trucks (such as longer-range battery-electric and fuel-cell electric trucks) and other electric vehicles for demanding and heavy long-haul operations are being encouraged by the increased adoption of sustainable transportation. Between 2022 and 2030, hydrogen fuel cell-powered electric trucks are anticipated to be commercially available. It is necessary to switch from fossil fuels to alternatives like electricity quickly in order to mitigate the effects of climate change on transportation. As a result, most transportation companies will probably switch to electric vehicles gradually. Several of these will have a mixed fleet of trucks that are powered by various fuels during the transition.

Governments will be able to accomplish the Sustainable Development Goals (SDGs) set forth by the United Nations thanks to energy savings made possible by cleaner, more efficient transportation. Like other electric cars, electric trucks will help reduce tailpipe pollution and dependence on fossil fuels, while boosting community health, providing energy security, and enhancing employment & skill-upgrading opportunities. Goals for renewable energy and electric mobility can be combined to further reduce carbon emissions in the transportation sector. By providing EV charging infrastructure and switching fleet vehicles to electric trucks, businesses and government organizations in Europe and developing countries may play a significant role in reducing global greenhouse gas emissions and fostering the use of electric trucks.

Electric Truck Market Segmentation Analysis

In our research scope, the global Electric Truck market is segmented into propulsion, vehicle type, range, and automation level. Based on propulsion, in 2021, the battery electric truck segment led the market for electric trucks. Battery electric trucks are defined as electric vehicles that use batteries to power their engines. The lithium-ion, lead-acid, nickel-metal hydride, and ultracapacitor batteries are utilized in electric trucks. The government is encouraging the use of electric vehicles that operate on batteries due to the growing relevance of renewable energy. This results in significant fuel savings. Battery-electric vehicle development is also being facilitated by technological advancements. As a result, during the time of the forecast, this will fuel the segment's expansion.

Report Scope

Key Insights:

• As per the analysis shared by our research analyst, the Electric Truck market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
• In terms of revenue, the Electric Truck market size was valued at around USD 4.5 billion in 2021 and is projected to reach USD 27.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The Electric Truck market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
• The study includes data on the major market drivers, challenges, and opportunities, as well as their effects.
• The study elaborates on the SWOT analysis and Porter's Five Forces model.
• The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.

Recent Development

• August 2021: A heavy-duty vehicle production plant owned by Jiangling Motors Co., Ltd.'s Chinese subsidiary JMC Heavy Duty Vehicle Co., Ltd., was purchased by Volvo Trucks. A manufacturing facility in Taiyuan, Shanxi Province, China, is also part of the deal. By the end of 2022, Taiyuan hopes to start producing brand-new heavy-duty Volvo FH, FM, and FMX trucks for Chinese consumers.
• September 2021: At the ACT Expo in California, BYD revealed two cutting-edge battery-electric heavy-duty trucks. ADAS are standard equipment on vehicles, which makes driving simpler and safer.

Regional Landscape

In 2021, the global electric truck market was dominated by Asia-Pacific. In the Asia-Pacific area, China is the market leader for electric trucks. The market for electric trucks is expanding quickly as a result of the quick industrialization and urbanization processes. The market for electric trucks is expanding in the Asia-Pacific area due to additional factors such as stringent government regulations and legislation against pollution and global warming, significant government and industry spending on R&D, and rising public awareness. The government also gives market participants subsidies and incentives.

Competitive Landscape

The market is defined by its fierce competition and the presence of both big and small firms. Dongfeng Motor Corporation, Daimler AG, BYD Auto Co. Ltd., PACCAR Inc., and Scania are some of the major companies that controlled the market. These companies serve the municipal, transportation, and logistics industries and provide a wide selection of electric trucks. The manufacturers of fuel cell electric trucks with superior long-distance range are also the focus of the market players. The main strategy of these players has continued to be the introduction of new products and upgrades to the current trucks.

Prominent Players:

• AB Volvo
• Daimler AG
• BYD Company Ltd
• FAW Group Co. Ltd.
• Navistar Inc.
• Proterra Inc.
• Tesla Inc.
• PACCAR Inc.
• Rivian
• Scania

The global Electric Truck market is segmented as follows:

By Propulsion

• Battery Electric Vehicle
• Fuel Cell Electric Vehicle
• Plug-in Hybrid Electric Vehicle

By Vehicle Type

• Medium & HCV
• LCV

By Range

• Less than 200 Miles
• More than 200 Miles

By Automation Level

• Semi-Autonomous
• Fully Autonomous

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America