According to the latest report by IMARC Group, titled, “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.
Electric trucks are electric vehicles powered by batteries to transport cargo, carry heavy payloads, and provide high-performance actions. They have fewer moving parts than an internal combustion vehicle and therefore require low maintenance costs. They aid in reducing carbon footprint due to zero tailpipe emissions. Moreover, their registration fees and road tax are lesser than petrol and diesel variants. Electric trucks are currently widely used in logistics, municipal, construction, and mining industries across the globe.
Electric Truck Market Trends:
At present, government authorities of various countries are implementing stringent regulations to minimize fossil fuel consumption and reduce the emission of greenhouse gases. This represents one of the key factors catalyzing the demand for electric trucks across the globe. In addition, the growing traction of electric trucks on account of their lower operational cost is offering lucrative growth opportunities to key market players to introduce more product variants. Apart from this, logistics companies are upgrading their fleet with electric powertrains, which is creating a favorable market outlook worldwide. Furthermore, increasing investments in research and development (R&D) activities to reduce costs and improve the performance of electric drive devices, components, and systems is fueling the market growth. In line with this, highly uncertain fuel prices across the globe are projected to stimulate the growth of the market.
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Global Electric Truck 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- AB Volvo
- BYD Company Ltd.
- Daimler AG
- FAW Group Co. Ltd.
- Navistar Inc.
- PACCAR Inc.
- Rivian Automotive Inc.
- Scania AB (Volkswagen AG)
- Tata Motors Limited
- Tesla Inc. and Tevva Motors Limited.
The report has segmented the market on the based on region, vehicle type, propulsion, range and application.
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Breakup by Vehicle Type:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Breakup by Propulsion:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Breakup by Range:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Breakup by Application:
- Logistics
- Municipal
- Construction
- Mining
- Others
Breakup by Region:
- North America:(United State,Canada)
- Asia-Pacific:(China, Japan,India, South Korea,Australia, Indonesia,Others)
- Europe: (Germany,France,United Kingdom,Italy,Spain,Russia,Others
- Latin America: (Brazi,Mexico,Others)
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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