PUNE, India, Oct. 17, 2022 /PRNewswire/ — The New Report “Electric Pickup Truck Market Size, Statistics, Trend Analysis, and Forecast Report, 2022 – 2032″ shows insights and data published by Market Decipher. Global Electric Pickup Truck Market is expected grow at a CAGR of 21.8% during 202-2032. The rising demand for zero-emission vehicles coupled with favorable government initiatives has propelled the market for Electric Pickup Trucks. The European region controls the global electric pickup truck market with major OEMs. The market in North America is also expanding steadily due to the high demand for electric trucks for logistics transport fleets.
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“Market Decipher has revealed that government initiatives to reduce fuel consumption and increased incentives for the adoption of electric vehicles have propelled the demand for electric pickup trucks and prompted OEMs to increase R&D. The expansion of the logistics sector owing to the notable growth in e-commerce is significantly driving the growth of the electric pickup truck market.”
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Electric Pickup Trucks or Gas-Powered Trucks?
While the conventional pickup trucks were known for durability, the new electric pickup trucks provide a range of hi-tech features including additional cargo space for drivers in the front trunk, removable roofs, other in-truck storage locations, on-board kitchens, diagonal driving, and fold-out workstations. Despite both having similar torque and towing capacity, the electric pickup trucks require very less maintenance and are indeed fuel efficient. However, they are quite expensive ranging from $40,000 to $125,000.
Stringent Emission Norms to Facilitate Electric Pickup Trucks Market
The enactment of stringent emission norms has prompted vehicle manufacturers, especially commercial vehicle manufacturers to make innovations and bring electric variants into the market. The European Union (EU) is aiming to achieve a 40% reduction in greenhouse gases by 2040 and a net zero by 2050. The US Environmental Protection Agency (EPA) is establishing new regulations to decrease Nitrogen Oxide (NOx) emissions from heavy trucks.
Increased E-mobility Promotions by Government to Boost Demand
Governments are providing incentives for manufacturing electric pickup trucks and supporting the sale of EVs through tax credits, which is boosting the market for Electric Pickup Trucks. In many countries, electric vehicles have been provided exemption from highway toll tax. The Indian government plans to lower the Goods and Services Tax (GST) on EVs from 12% to 5% and tax exemptions on loans for the purchase of EVs. In South Korea, the government is providing $900 million tax exemption and subsidies for the development and purchase of EVs.
Expansion of the Logistics Sector to Offer Lucrative Opportunities
The increasing demand for zero-emission transportation especially in the freight transportation industry which releases maximum carbon dioxide emissions and favorable government initiatives, coupled with the expanding logistics sector owing to notable growth of e-commerce and third-party logistics are propelling logistics companies to purchase eco-friendly, green vehicles. The logistics companies based in the UK have started strategic implementation to enhance their fleet with electric trucks. In March 2019, Yamato Transport Co., Ltd. and StreetScooter GmbH announced undergo strategic partnership to develop an electric truck for home delivery. Manufacturing cost of an electric truck is much higher currently compared to diesel or petrol trucks, but by 2030, it will be around 40% – 50% cheaper compared to diesel and petrol variants with falling battery prices.
Recent Developments by Companies
In March 2021, the Volvo Group acquired a 50 percent partnership in the existing Daimler Truck Fuel Cell GmbH & Co. with the ambition to make the new joint venture a leading global manufacturer of fuel cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.
In December 2020, Paccar offered electric trucks equipped with 141 kWh and 282 kWh battery packs enabling 100 and a 200-mile range. Customers will get an option to choose between motors rated at 355 hp and 469 hp.
In October 2020, the Volvo Group and Isuzu Motors LTD entered into a non-binding Memorandum of Understanding with the intent to form a strategic alliance in commercial vehicles to capture the opportunities in the ongoing transformation of the industry. The agreements include Isuzu Motors LTD Motor’s acquisition of UD Trucks from the Volvo Group.
In February 2019, DEX Heavy Duty Parts LLC, a subsidiary of AB Volvo and a leading supplier of recycled, renovated, and surplus medium- and heavy-duty truck parts, opened a second facility in Oklahoma City, US. DEX, which also has a location in Advance, North Carolina, offers new life to trucks by offering recycled and renovated parts to second and third-generation truck owners and transforming them into electric trucks.
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Report Details:
Number of Pages: 180
Number of Tables: 60
Number of Charts and Graphs: 50
Key Companies Covered
AB Volvo
ARRIVAL LTD.
BYD North America
Chevrolet
Daimler Truck AG
Ford Motor Company
General Motors
Nikola Corporation
Rivian
Tesla
Workhorse
Paccar Inc.
Stania
Key Report Takeaways:
Estimation/projections/forecast for revenue (2022 – 2032)
Data breakdown for every Industry segment (2022 – 2032)
Gross margin and profitability analysis of companies
Impact Of COVID-19 On Electric Pickup Trucks
Business trend and expansion analysis
Competition analysis/market share
Product Innovation Listing
Client list and case studies
Market entry strategy
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SOURCE MarketDecipher.com