![Global Electric Truck Market](https://res.cloudinary.com/devmoveo/image/upload/v1684753537/skyquest/gallery/Global-Electric-Truck-Market.jpg)
Report ID: SQMIG20V2008
Report ID:
SQMIG20V2008 |
Region:
Global |
Published Date: August, 2024
Pages:
202
|
Tables:
35 |
Figures:
74
Global Electric Truck Market size was valued at around 4.36 billion in 2022 and is expected to rise from USD 6.25 billion in 2023 to reach a value of USD 111.10 Billion by 2031, at a CAGR of 43.3% during the forecast period (2024–2031).
Increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are working hard to replace fleets of internal combustion engines with electric vehicles.
For instance, CEVA Logistics, a U.K.-based logistics company, began testing the use of electric trucks to deliver goods in Central London in February 2020. Two Tevva electric lorries will make daily deliveries from Dartford to St Thomas' NHS Foundation Trust and Guys during the course of the following six months. The market for electric trucks is expected to be negatively impacted by a lack of charging infrastructure. The necessity for the charging station to power electric trucks may be hampered by high expenses caused by red tape in the permitting, building code, and regulatory processes. In addition, compared to wealthy nations, adoption of electric trucks is low in emerging economies because of low investments.
The COVID-19 pandemic outbreak is anticipated to have a significant effect on market expansion. The worldwide supply chains and production operations have been interrupted by the lockdowns implemented to stop the disease's spread. Because of the border closures, which caused the logistics firms to close, the demand has significantly decreased. However, once the lockout restrictions are lifted, it is anticipated that the market for electric trucks would pick up. The governments of many economies have set emission reduction goals, which will increase demand after COVID-19.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONElectric Truck Market size was valued at around USD 4.36 billion in 2022 and is expected to rise from USD 6.25 billion in 2023 to reach a value of USD 111.10 billion by 2031, at a CAGR of 43.3% during the forecast period (2024–2031).
The electric truck market is highly competitive, with a large number of players operating in the market. The market is dominated by established players in the automotive industry, such as Daimler AG, Volvo Group, and PACCAR Inc. However, there are also several new entrants in the market, such as Tesla, Nikola Corporation, and Rivian Automotive LLC, that are disrupting the industry with innovative electric truck designs. 'Daimler AG', 'Volvo Group', 'Tesla', 'PACCAR Inc.', 'Navistar International Corporation', 'BYD Company Limited', 'Nikola Corporation', 'Rivian Automotive LLC', 'Chanje Energy Inc.', 'Proterra Inc.', 'Lion Electric Company', 'Foton Motor Group', 'Dongfeng Motor Corporation', 'Hino Motors Ltd.', 'Isuzu Motors Limited', 'Scania AB', 'Mitsubishi Fuso Truck and Bus Corporation', 'Ashok Leyland Limited', 'Mahindra & Mahindra Ltd.', 'Tata Motors Limited'
One of the primary drivers of the electric truck market is the increasing pressure on companies to reduce their carbon emissions and comply with environmental regulations. Electric trucks produce zero tailpipe emissions, making them an attractive option for companies looking to reduce their carbon footprint.
Increasing Adoption: The electric truck market is seeing increasing adoption, driven by factors such as government regulations, environmental concerns, and technological advancements. This trend is expected to continue as the cost of electric vehicles decreases and the charging infrastructure expands.
Asia Pacific dominated the market and is further projected to continue dominating the market during the forecast period. China generated more than 80% of all GDP and is further predicted to have a sizable revenue share during the projection period. This is due to the presence of prominent companies like Dongfeng Motor Corporation, BYD Auto Co. Ltd., Daimler AG, and FAW Group Co., Ltd. Additionally, the region has the highest adoption of electric trucks as a result of the central government of China lifting heavier weight restrictions on truck and LCV subsidies. Higher volume sales of electric trucks are anticipated in China as a result of the expanding model selection, continuing improvements in battery performance, and falling battery prices.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG20V2008