Press release
Electric Truck Market Size, Share, Growth Report and Forecast 2024-2032
Electric trucks, which encompass a range of light, medium, and heavy-duty vehicles powered entirely or partially by electricity, are emerging as a pivotal solution in reducing transportation-related carbon emissions. These trucks are increasingly being adopted for commercial purposes, from local deliveries to long-haul transportation, due to their efficiency and lower operating costs compared to traditional diesel trucks.
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The global electric truck market growth is primarily driven by stringent environmental regulations, the decreasing cost of battery technology, and the increasing awareness of the need for sustainable transport solutions. Additionally, government incentives and subsidies for electric vehicle adoption are playing a crucial role in accelerating market growth.
Technological advancements are at the centre of the market's expansion. Innovations in battery technology, electric drivetrains, and charging infrastructure are making electric trucks more practical and cost-effective for a wider range of applications.
The Asia-Pacific region, led by China, holds a significant share of the electric truck market size, driven by aggressive environmental policies and rapid technological advancements. North America and Europe are also key markets, with increasing adoption fuelled by stringent emission norms and growing environmental consciousness among businesses and consumers.
The shift to electric trucks is expected to have a profound positive impact on the environment by significantly reducing greenhouse gas emissions and air pollution from the transportation sector. This shift is crucial in meeting global climate goals and transitioning to a low-carbon economy.
The global electric truck market is characterised by a mix of established automotive giants and emerging electric vehicle startups. Intense competition is driving companies to invest heavily in research and development to produce more efficient, longer-range, and cost-effective electric trucks.
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As per the electric truck market analysis, the market is expected to witness continued robust growth. Key trends shaping the future of the market include the development of autonomous electric trucks, improvements in battery technology leading to longer ranges, and the expansion of electric truck applications in various industries.
Electric Truck Market Segmentation
The market can be divided based on propulsion, vehicle type, range, and region.
Market Breakup by Propulsion
Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck
Market Breakup by Vehicle Type
Light Duty
Medium Duty
Heavy Duty
Market Breakup by Range
0-150 Miles
151-300 Miles
Above 300 Miles
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric truck market. Some of the major players explored in the report by Expert Market Research are as follows:
AB Volvo
Daimler AG
Dongfeng Motor Corporation
Scania CV AB
Paccar Company
Others
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