Electric Truck Market by Size (LCV, HCV), by Vehicle Type (HEV, PHEV, BEV, Fuel Cell), By Battery (Li-ion, NiMH, Lead Acid), By Components (12v Battery, High Voltage Battery, DC/AC Inverter, DC/DC Converter, DC/DC Boost Converter, AC/DC Charger, Motor Con

The global electric truck market is expected to observe extensive growth in the coming years because of stringent emission norms and growing government support in the form of subsidies, grants, and tax rebates for electric vehicles. In addition, falling battery pack costs, improving charging infrastructure, and increasing electric vehicle range have fueled the global demand for electric trucks.

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On the basis of vehicle type, electric truck market is categorized into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). During the forecast period, the BEV category is expected to hold the major share in the electric truck market, owing to the government support in the form of subsidies.

Based on the market size, the light commercial vehicle (LCV) category is expected to dominate the industry during the forecast period, owing to the higher production and sales and lower upfront cost of LCVs as compared to heavy commercial vehicles (HCVs). In the latter half of the forecast period, electric LCVs are expected to reach cost parity with diesel LCVs, which will further benefit their market growth.

During the forecast period, Asia-Pacific, led by China, is expected to be the largest electric truck market, globally. The Chinese government support for new energy vehicles as well as the government plans to end the sale of new conventional vehicles in the coming years is anticipated to fuel the demand for these trucks in the region.

The electric truck market is primarily driven by the regulatory environment of countries, which includes country-level emission regulations and local access policies and stringent motor vehicle fuel efficiency norms.

Although the fuel cost and the total cost of ownership for electric trucks are generally lower than those for conventional, fuel-powered trucks, the initial purchase price is significantly higher, which has slowed down their mass adoption, especially in the emerging markets.

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The global electric truck market is competitive and is characterized by the presence of a considerable number of established electric truck manufacturers. The established players are expected to offer several alternative powertrain vehicles for niche application during the forecast period. Some of the major players in the industry are Daimler AG, BYD Co Ltd., Iveco S.p.A., E-Force One AG, Scania AB, Hino Motors Ltd., Allison Transmission Inc., Isuzu Motors Limited, Nissan Motor Company Ltd, and Dongfeng Motor Corporation.

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