Electric Trucks Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Propulsion type (Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks); Truck type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks); Range (300 miles, More than 300 miles); Application (Logistic & Delivery Service, Long Haul Transportation, Construction, Mining, Other Applications); Regions and Country
Globally demand for energy efficient electric trucks is expected to witness CAGR growth of more than 70% in volume terms during the forecast period 2021-2027. Market for medium and heavy-duty truck have witnessed a steady growth along with other vehicle markets. 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. Regardless of medium and heavy-duty trucks representing only 9% of the global vehicle stock, majority of the inefficient diesel truck along with high average annual mileage, indicates that truck sector contributes 39% of the total greenhouse gas emissions from the transport sector, or equivalent to around 5% of global fossil fuel derived CO2 emission. Hence, with global community planning to meet targets to reduce greenhouse gas emissions and reduce the impact of climate change, rapid decarbonization of global truck sector would be one of the important priorities.
Vehicle Electrification or ICE ban targets, by Country
Insights Presented in the Report
“Amongst Propulsion Type, Plug-in Hybrid Electric Trucks is expected to witness significant growth”
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. Majority of the truck manufacturers in the United Kingdom find hybrid electric trucks better option as it uses hybrid electric vehicle (HEV) technology, compared to their combustion engines counterpart.
“Amongst Truck Type, Light Duty Trucks dominates the market in 2020”
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. In the U.S., LTDs accounted for more than 85% of the sales of commercial vehicles.
“Amongst Range, Electric trucks with range of Up to 300 miles dominates the market”
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.
“Amongst Application, Logistic & Delivery Service segment dominated the market”
Based on Application, the global Electric Trucks Market is segmented into Logistic & Delivery Service, Long Haul Transportation, Construction, Mining, Other Applications. Currently, Logistic & Delivery Service dominates the market. However, 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.
“Asia-Pacific is expected to dominate the market during the forecast period”
For a better understanding of the demand of Electric Trucks, the market is analyzed for major 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. Currently, Asia-Pacific dominates the market. China is considered as the largest market for electric trucks. According to the Technology Roadmap for Energy Saving and New Energy Vehicles issued by the Society of Automotive Engineers of China, energy-efficient vehicles are expected to hold a 50% market share by 2030. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
The Electric Trucks Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
You can also purchase parts of this report. Do you want to check out a section wise
|1.1. Market Definitions|
|1.3. Stake Holders|
|1.4. Currency used in Report|
|2.1. Research Process of the Electric Trucks Market|
|2.2. Research Methodology of the Electric Trucks Market|
|2.3. Forecasting Method|
|2.4. Respondent Profile|
|2.5. Main Objective of the Electric Trucks Market Study|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. ELECTRIC TRUCKS MARKET COVID-19 IMPACT|
|6. ELECTRIC TRUCKS MARKET REVENUE (USD BN), 2019-2027F|
|7.1. Battery Electric Trucks|
|7.2. Plug-in Hybrid Electric Trucks|
|7.3. Fuel Cell Electric Trucks|
|8.1. Light Duty Trucks|
|8.2. Medium Duty Trucks|
|8.3. Heavy Duty Trucks|
|9.1. Up to 300 miles|
|9.2. More than 300 miles|
|10.1. Logistic & Delivery Service|
|10.2. Long Haul Transportation|
|10.5. Other Applications|
|11.1. North America|
|11.1.2. Rest of North America|
|11.2.4. Rest of Europe|
|11.3.4. Rest of Asia-Pacific|
|11.4. Rest of World|
|12.1. Market Drivers|
|12.2. Market Challenges|
|12.3. Impact Analysis|
|13. ELECTRIC TRUCKS MARKET OPPORTUNITIES|
|14. ELECTRIC TRUCKS MARKET TRENDS|
|15. LEGAL & REGULATORY FRAMEWORK|
|16.1. Demand Side Analysis|
|16.2. Supply Side Analysis|
|16.2.1. Top Product Launches|
|16.2.2. Top Business Partnerships|
|16.2.3. Top Business Expansions|
|16.2.4. Top Merger and Acquisitions|
|17. VALUE CHAIN ANALYSIS|
|18.1. Competitive Landscape|
|18.1.1. Company Shares, By Revenue|
|19.1. Tata Motors|
|19.3. Daimler AG|
|19.4. AB Volvo|
|19.5. Nikola Motor|
|19.7. Ford Motor Company|
|19.8. General Motors|
|19.9. Honda Motor Company|
|19.10. Tesla Inc.|
Analyzing the historical market, estimation of the current market, and forecasting the future of the Electric Trucks were the three major steps undertaken to create and analyze the demand and sales of electric trucks globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Electric Trucks through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Electric Trucks, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are Propulsion type, Truck type, Range, Application. Further regional level analyses were conducted to evaluate the overall demand of Electric Trucks in global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for energy efficient trucks paired with technological advancement in the automotive sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the demand of Electric Trucks across the major regions globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Electric Trucks Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Electric Trucks market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Propulsion type, Truck type, Range, Application and region.
The main objective of the Electric Trucks Market Study
The current & future market trends of the Electric Trucks Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Electric Trucks in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
- Segments in the study include Propulsion Type, Truck Type, Range, Application, and Region
- Defined analysis of the regulatory framework for the Electric Trucks industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
- Major regions analyzed in the report include 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. Define and analyze the competitive landscape of the Electric Trucks sector and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry