Electric Trucks market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- December 10, 2021
- AUTOMOTIVE, NEWS
- Electric Trucks market, Electric Trucks market growth, Electric Trucks market share, Electric Trucks market size, Electric Trucks market trends
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Electric Trucks market is estimated that globally demand for electric trucks in terms of volume is expected to witness CAGR growth of more than 70% during the forecast period 2021-2027. owing to government carbon emission norms, demand for fuel-efficient vehicles has grown, which in turn is driving electrification of commercial vehicles including buses and trucks. Nearly 80% of heavy-duty trucks sold in 2020 were bought in markets where fuel economy standards or vehicle efficiency regulations covered at least some vehicle categories, compared with nearly 90% for light-duty vehicles (cars and light commercial vehicles). While 82% of LDVs were already covered by vehicle efficiency standards in 2016, only 61% of heavy-duty trucks were sold in regions with coverage.
Governments globally, have recognize the potentially appalling consequences of climate change and the harmful impact of pollutant emissions in urban environments on human health are taking significant decision, which is expected to drive automotive OEMs to adopt zero on-road exhaust emission powertrain solutions for their upcoming vehicles including commercial vehicles, which is the largest emitter of CO2. In the United States, the federal aim is for EVs to make up 50% of new passenger cars and light trucks sold by 2030. Furthermore, California government in September 2020 declared “a goal of the State that 100 percent of in-state sales of new passenger cars and trucks to be zero-emission by 2035,” for medium- and heavy-duty trucks (2040), drayage trucks (2035), and off-road vehicles and equipment (2035).
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Based on Propulsion Type, the Electric Trucks Market is segmented into Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks. Plug-in Hybrid Electric Trucks is expected to witness significant growth during the forecast period. Based on Truck Type, the market is bifurcated into Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks. Currently, Light Duty Trucks dominates the market, owing to its major use for last mile delivery service. However, Heavy Duty Trucks segment is expected to witness significant growth during the analyzed period. It is also predicted that commercial vehicles and heavy-duty trucks contribute to more than 39% of greenhouse gas emissions, although account for only 5% of fleet on the roads.
Based on Range, the global electric truck market is bifurcated into Up to 300 miles, More than 300 miles. Current, electric vehicle is major used for short distance travel, however, with advancement in battery technology, these vehicles would be used for long distance travel purpose as well. In March 2020, Kenworth collaborated with Toyota Motor for the development of 10 zero-emission Kenworth T680s. Based on Application, the global Electric Trucks Market is segmented into Logistic & Delivery Service, Long Haul Transportation, Construction, Mining, Other Applications. Electric trucks hold huge potential in the mining sectors. Various companies in the mining industry have announced the shift of fleet to electric in the next few years.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Rest of North America); Europe (Germany, Norway, Netherlands, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific); and Rest of World. In 2020, Asia-Pacific dominated the market. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally. Some of the major players operating in the market include Tata Motors, BYD, Daimler AG, AB Volvo, Nikola Motor, Rivian, Ford Motor Company, General Motors, Honda Motor Company, Tesla Inc. etc.
Electric Trucks Market Segmentation
Market Insight, by Propulsion Type
- Battery Electric Trucks
- Plug-in Hybrid Electric Trucks
- Fuel Cell Electric Trucks
Market Insight, by Truck Type
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
Market Insight, by Range
- Up to 300 miles
- More than 300 miles
Market Insight, by Application
- Logistic & Delivery Service
- Long Haul Transportation
- Other Applications
Market Insight, by Region
- North America Electric Trucks Market
- Rest of North America
- Europe Electric Trucks Market
- Rest of Europe
- Asia-Pacific Electric Trucks Market
- Rest of Asia-Pacific
- Rest of World Electric Trucks Market
Top Company Profiles
- Tata Motors
- Daimler AG
- AB Volvo
- Nikola Motor
- Ford Motor Company
- General Motors
- Honda Motor Company
- Tesla Inc.