NEW YORK, Feb. 15, 2024 /PRNewswire/ — The electric trucks market is estimated to grow by 562.44 thousand units from 2022 to 2027, growing at a CAGR of 28.82%. While initial expenses may surpass those of diesel trucks, electric alternatives offer long-term value for clients. Heightened environmental consciousness among consumers propels their integration into the automotive sector. Electric trucks yield substantial savings in fuel and maintenance expenditures, pivotal for fleet operators. Advancements in drive unit technology by leading electric truck manufacturers enhance durability, bolstering global market traction. Additionally, reduced fuel and maintenance costs translate to lower operating expenses, appealing to prominent logistics enterprises worldwide. This favorable buyer sentiment is poised to propel market expansion throughout the projected timeframe.
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 28.82% |
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Market growth 2023-2027 |
562.44 th units |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
26.54 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, Norway, and UK |
The electric truck market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer electric trucks market are AB Volvo, BOLLINGER MOTORS LLC, BYD Electronic Co. Ltd., Daimler AG, E Force One AG, General Motors Co, Hino Motors Ltd., Isuzu Motors Ltd., Lordstown Motors Corp., Navistar International Corp., PACCAR Inc., Proterra Inc., Rivian Automotive LLC, Scania AB, Sinotruk Hong Kong Ltd., Tesla Inc., VDL Groep BV, Renault SAS, Nissan Motor Co. Ltd., and Ford Motor Co. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
During the projected period, APAC is poised to drive 52% of global growth. Analysts at Technavio detail regional trends and drivers, attributing the surge to heightened freight demand in emerging markets such as India, Thailand, and Indonesia, especially in the trucking sector. Increased truck usage, particularly in e-commerce, fuels this growth. Domestic manufacturers see a rise in electric truck adoption in China and Japan, while India benefits from international brand presence. This insight underscores the significant opportunities for B2B players in the APAC region’s burgeoning transportation sector. Download a free sample report to get more insights on the share of various regions and the contribution of the segments.
- Growing demand for fuel-efficient and low-emission vehicles is one of the key drivers
- Prominent truck manufacturers venturing into the electric trucks industry is one of the key trend
The growth by both hybrid electric trucks and battery electric trucks will be significant during the forecast period. In a hybrid electric truck, the electric motor is propelled by a battery that is either charged externally or by regenerative braking. Due to their long driving range and low operating and maintenance costs, hybrid trucks are experiencing continuous growth. Truck manufacturers are being compelled to create hybrid electric trucks by raising environmental consciousness and legal standards to reduce emissions. All these factors are responsible for growth during the forecast period. Technavio Research experts has provided more insights on the share of segments – View a Free Sample Report
The Electric Truck Market is experiencing significant growth, particularly in the realm of commercial vehicle sales. Medium-duty trucks and heavy trucks are witnessing a surge in demand, fueled by the need for sustainable transportation solutions in various sectors, including construction projects and logistics usage. As the focus shifts towards reducing emissions and enhancing efficiency, fuel type – HEV and battery electric vehicles are gaining prominence. These vehicles offer enhanced performance while aligning with environmental regulations, making them increasingly attractive to industries such as trading and logistics. With advancements in technology and infrastructure, the industry is poised for further expansion, revolutionizing the transportation landscape.
The Electric Trucks Market is rapidly evolving, fueled by initiatives like carbon neutrality and partnerships such as the Commercial Japan Partnership Technologies Corporation. Heavy-duty commercial vehicles are at the forefront, with manufacturers like Scania leading the charge in electrified transport. Hydrogen engines are emerging as a promising alternative, offering cleaner energy solutions. Internal combustion engines are gradually being phased out in favor of sustainable options. This shift reflects a broader transformation in the electrified transport landscape, driven by environmental concerns and technological advancements. Companies are investing in fuel-efficient technologies, including maintenance scheduling and fuel management, to optimize operations while reducing carbon emissions. As the industry continues to expand, electric trucks are poised to revolutionize the commercial transport industry.
TOC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by Propulsion
7 Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
