Electric Trucks Market

Electric Trucks Market is predicted to generate a revenue of USD 58 billion by 2028, rising at a CAGR of 14.7% during the forecast period (2021-2028), owing to the decreasing cost of electric vehicle batteries.

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Electric Trucks Market Overview

The electric trucks market is projected to witness a smooth growth curve over the forecast period. The factors propelling the market includes expansion of logistics industries and increasing incentives for adoption of zero-emission vehicles. The development of self-driving electric truck technology is forecast to expand the electric trucks market size. In addition, the significant improvement in electronic charging infrastructure and the incorporation of magnetic resonance for wireless vehicle charging have bolstered the market share. Besides this, rising investments by leading players in research and development (R&D) activities to introduce advanced electric trucks with compact battery size, improved fuel efficiency, and enhanced mileage are anticipated to propel the market growth. Other factors including intensified government initiatives to encourage the adoption of e-mobility, strict emission norms enforced on fossil-fuel driven commercial vehicles, are stimulating the growth of the electric truck market. However, the lack of charging infrastructure and huge cost of electric trucks are expected to restrain the global electric trucks market size.

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Propulsion – Segment Analysis

Battery-electric truck is estimated to expand at a higher CAGR over the forecast period, primarily because of the reduction in battery prices and rising life and energy density of batteries. Moreover, stringent government norms in order to mandate zero-emission vehicles will bolster the market growth. For instance, the European Union (EU) implemented enactment to minimize emissions by at least 40% by 2030. The EU has decided to minimize emissions by nearly 60% by 2040.

Vehicle Type – Segment Analysis

Heavy-duty electric truck is anticipated to hold a larger share over the upcoming years, owing to the rigorous norms to decarbonize public transport. For instance, the government enforced an order that the U.S. Environmental Protection Agency and the U.S. Department of Transportation considering new emissions and fuel economy standards associated with heavy-duty trucks and light and medium-duty vehicles. Moreover, as per the International Energy Agency, in 2020, nearly 31,000 electric heavy-duty trucks were on the road.

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Regional – Segment Analysis:

Europe is predicted to witness a faster CAGR during the forecast period, owing to the intensified initiatives to encourage electric vehicles. For example, the European Union (EU) has decided to attain a reduction in 20% greenhouse gas in 2020 for the second phase of the Kyoto Protocol. The EU has also set the target to achieve a 40% greenhouse gas reduction by 2040 compared to 1990. Moreover, the European region is home to electric truck producers including Volvo, Daimler and others, which further adds to the market growth. The governments across several countries in Europe have subsidized electric infrastructure, thus, augmenting the adoption of electric vehicles, driving the market growth.

Top Market Players

Various notable players operating in the market, include, BYD Motors Inc., Daimler AG, Scania, AB Volvo, Tata Motors Limited, Dongfeng Motor Company, China FAW Group Co.,Ltd., ISUZU Motors Limited, Tevva Motors Limited, Foton Motor Inc., among others.

Key Developments:

• • In 2021, A.B. Volvo truck had received an order for 100 Volvo FM Electric trucks from DFDS, Nothern Europe’s largest   shipping and logistics company.
  •  In 2021, the leading European commercial vehicle manufacturer, the Traton Group, with its brand Scania and MAN, Daimler AG Trucks, and Volvo Group, signed a non-binding agreement to install and operate a public charging network battery-electric, heavy-duty, long-haul trucks, and coaches across Europe.
  • In 2020, Daimler Trucks introduced the Electric Freightliner Customer Experience Fleet in North America, including two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia.
  • In 2020, Hino Motors Ltd collaborated with Toyota Motor Corporation to develop a heavy-duty fuel cell truck and achieve its initiatives toward its practical use through verification tests and other means.
  • In 2020, Scania stated the use of its first two battery-electric trucks for a pilot program with Norwegian wholesaler, ASKO, in Oslo. These city distribution trucks (27 metric ton GVW) with a range of up to 120 km (75 miles), equipped with 165 kWh battery packs. 

Segments covered in the Report:

The global electric trucks market has been segmented on the basis of propulsion, vehicle type, range, and region. Based on propulsion, the market is segmented into battery electric truck, hybrid electric truck and plug-in hybrid electric truck and fuel cell electric truck. Based on vehicle type, the market is segmented into light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck. Based on range, the market is segmented into Below 150 miles, 150-300 miles and Above 300 miles.

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Market Segmentation

Global Electric Trucks Market by Propulsion

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

Global Electric Trucks Market by Vehicle Type

• • • Light-duty Electric Truck
    • Medium-duty Electric Truck
    • Heavy-duty Electric Truck

Global Electric Trucks Market by Range

• • • Below 150 miles
    • 150-300 miles
    • Above 300 miles

Global Electric Trucks Market by Region

• • North America Electric Trucks Market (Option 1: As a part of the free 25% customization)

    • By Propulsion
    • By Vehicle Type
    • By Range
    • US Market All-Up
    • Canada Market All-Up

  • Europe Electric Trucks Market (Option 2: As a part of the free 25% customization)

    • By Propulsion
    • By Vehicle Type
    • By Range
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Electric Trucks Market (Option 3: As a part of the free 25% customization)

    • By Propulsion
    • By Vehicle Type
    • By Range
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Electric Trucks Market (Option 4: As a part of the free 25% customization)

    • By Propulsion
    • By Vehicle Type
    • By Range
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Electric Trucks (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • • BYD Motors Inc.
    • Daimler AG
    • Scania
    • AB Volvo
    • Tata Motors Limited
    • Dongfeng Motor Company
    • China FAW Group Co.,Ltd.
    • ISUZU Motors Limited
    • Tevva Motors Limited
    • Foton Motor Inc.